Hydrogenation Petroleum Resin Market to Reach Valuation of USD 2.0 Billion by 2028 – Growth in Demand for Hydrogenated Hydrocarbon Petroleum Resin Drives the Market

In terms of revenue, the Global Hydrogenation Petroleum Resin Market is expected to reach USD 2.0 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.40% from 2022 to 2028.

Over the years, hydrocarbon resins have observed a strong demand owing to their color and odor-free nature, and also they have no adverse effects on health.

Growth in the consumption of petroleum resins in tapes, synthetic rubber, paints & coatings, and labels drives the development of the Hydrogenation Petroleum Resin Market. Also, petroleum resins serve as the binder resin. They have numerous benefits, such as abrasion resistance, rapid drying, and resistance to alkalis. These are other factors driving the Global Hydrogenation Petroleum Resin Market.

The change in customer and regulatory needs is augmenting the requirement for hydrocarbon resins. As a result, fully hydrogenated resins are more common in pressure-sensitive adhesive compositions. These hydrocarbon resin-made adhesives are used in different industries, including carpentry, PSAs, food packaging, and diapers.

Key Highlights from Report

· Among Products, the Hydrogenated C5 Petroleum Resin market segment is anticipated to dominate the Hydrogenation Petroleum Resin Market with the largest market share during the forecast period. This can be attributable to the increasing use of C5 resins in the tire, building & construction, and automotive industries.

· By Applications, the Adhesive market segment accounted for the maximum CAGR during the forecast period. The need for hydrocarbon resins in adhesives is much elevated in the construction industry, as adhesives can be used in hot melt, pressure sensitive, floor and carpet backing, and construction applications.

· In terms of region, Asia Pacific held the most significant market growth and is expected to be the most gainful market during the forecast period. The hydrocarbon resins are used in adhesives for the construction of buildings, which is among the key factors that propel the demand for the Asia Pacific Hydrogenation Petroleum Resin Market.

Market Dynamics

The Global Hydrogenation Petroleum Resin Market demand can be attributable to its extensive usage in various applications such as hot melt adhesives, contact adhesives, rubber, and plastic modification, footwear, and leather, and wax modification, along with its lots of benefits, including excellent thermal stability, heat resistance, peeling strength, and tack ability. Moreover, the increased global investment in construction & building activities and government infrastructure plans are other vital factors that will fuel the Hydrogenation Petroleum Resin industry.

The Hydrogenation Petroleum Resin Market garners extensive increases from the rise in construction expenses because of the increased urbanization and high population expansion. In addition, the rising need for hot melt adhesive technology, growing e-commerce demand globally, and specialized applications of hydrocarbon resin in packaging are all projected to continue to be growth factors. Furthermore, the continued industrialization and increasing foreign investment in paints & coatings and packaging and sectors are anticipated to create growth opportunities for this market.

Asia Pacific Hydrogenation Petroleum Resin Market is expected to witness a noteworthy development with a significant growth rate over the analysis period. This surge is because of the strong manufacturing base of tapes, adhesives, and rubber compounding in China, India, and Singapore. Moreover, the region’s market growth can be attributable to the growing urbanization and construction activities, increasing household incomes, and favorable demographics. Furthermore, the development of the IT sector has propelled the building and construction industry in several developing countries and sub-regions such as ASEAN, China, India, and Southeast Asia, contributing to this regional market owing to the ever-increasing usage of Hydrogenation Petroleum Resin in the construction industry. Furthermore, the building and construction segment is considerably growing to progress from an unorganized sector to an organized industry, augmenting the market due to rising construction activities in this region.

The Global Hydrogenation Petroleum Resin Market is Segmented as follows

• Types
  • Hydrogenated C9 Petroleum Resin
  • Hydrogenated C5 Petroleum Resin
  • Hydrogenated DCPD Petroleum Resin
  • Other Types
• Applications
  • Adhesives
  • Coatings
  • Packaging Materials
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Hydrogenation Petroleum Resin Market is

ExxonMobil (US), Kolon Industries (South Korea), Eastman Chemical Company (US), Formosan Union Chemical Corp (Taiwan), Arakawa Chemical Industries Ltd. (Japan), Idemitsu Kosan (Japan), China Petroleum Lanzhou Chemical (China), Heyun Group (China), Hebei Qiming (China), Zhejiang Henghe (China), Puyang Shenghong Chemical (China)

The Global Hydrogenation Petroleum Resin Market Scope can be Tabulated as below