Hydrogenation Petroleum Resin Market Size & Share to Surpass $2.0 Billion by 2028
WASHINGTON, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Global Hydrogenation Petroleum Resin Market is valued at USD 1.4 Billion in 2021 and is projected to reach a value of USD 2.0 Billion by 2028 at a CAGR…
WASHINGTON, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Global Hydrogenation Petroleum Resin Market is valued at USD 1.4 Billion in 2021 and is projected to reach a value of USD 2.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.5% over the forecast period 2022-2028.
According to Vantage Market Research, some of the key factors anticipated accelerating the hydrogenation petroleum resin market growth over the forecast period. The primary growth catalyst in the global market during the anticipated period will be the rising use of hot-melt adhesives made with petroleum resin. There are several prospects for market expansion due to the rising need for a commodity used in rubber compounding, which is driving up demand for petroleum resin.
We forecast that the hydrogenated C5 petroleum resin category in the hydrogenation petroleum resin market sales will account for more than 29% of total sales by 2028. The use of C5 petroleum resins as a conditioning system is expanding, which is why more of them are being used to make hot melt and pressure-sensitive adhesives.
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Rising Construction Activities in Developing Nations to Boost Market GrowthIn the architectural and construction sector, coatings made of hydrocarbon resins are applied on elastic weatherproof membranes modified with mortar, waterproofing membranes for pool decks, diagonal stonework, and top coats for commercial roofs. In light of development, rapid urbanization, and infrastructure investment plans, growing construction spending is anticipated to accelerate market growth.
Growing Utilisation in Various Applications to Drive the Market GrowthDue to their remarkable qualities, petroleum resins are being used more frequently across various industries, causing the market to grow. The resins can also be found in powder, powder, crushed nuggets, beads, solid blocks, molten, dispersions, and solutions, among other forms. Because the product is commonly used in paints, sealants, and adhesive applications, the government's measures to promote rapid construction projects and the burgeoning construction industry fueling market expansion for petroleum resins.
Top Players in the Global Hydrogenation Petroleum Resin Market
Formosan Union, (Taiwan)
China Petroleum Lanzhou Chemical, (China)
Heyun Group, (China)
Hebei Qiming, (China)
Zhejiang Henghe, (China)
Puyang Shenghong Chemical, (China)
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Top Trends in Global Hydrogenation Petroleum Resin Market
One trend Vantage Market Research (VMR) expects to see in the hydrogenation petroleum resin industry is the increased consumer awareness. In developing countries like China and India, rising consumer awareness of newborn baby care products is anticipated to be a major development driver for petroleum resin throughout the forecast period.
Another trend that VMR predicts will continue in the hydrogenation petroleum resin industry is its increased application in paint & coating sector. Petroleum resin will increasingly be used in paints and coatings because it provides a high gloss, which is anticipated to propel market expansion over the course of the projected period.
Top Report Findings
Based on type, most of the hydrogenation petroleum resin market's revenue is controlled by the hydrogenated C5 petroleum resins category. As hot-melt road marking paints, hydrogenated C5 petroleum resins are also employed. To guarantee the stable properties of thermoplastic paint, they increase the flexibility of the acrylic material and provide features like waterproofing, Polarized sunglasses, and chemical stability. They also have great heat resistance and can be found in many molecular weights and melting points.
Based on application, most of the hydrogenation petroleum resin market's revenue is controlled by the coating category. Manufacturers of coatings typically utilize high softening point C9 hydrocarbon resins. Coatings made with hydrocarbon resins have tougher surfaces and are more resistant to acid and alkaline elements. They also stick to painting films better. This market is therefore anticipated to rise during the forecasting period due to increased use of hydrocarbon resins in coatings.
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Recent Developments in the Global Hydrogenation Petroleum Resin Market
In 2017, Zeon Corporation made the decision to construct a new facility at their Mizushima Plant in Japan for the hydrogenation of their Quintone petroleum resin. This was done in order to meet the demand for a variety of different products, including insulation tape for automobiles and sanitary products.
The Eastman Chemical Company has a primary emphasis on enhancing its specialty business in order to hasten the pace of innovation across its entire product portfolio. The Eastman Chemical Company raised its investments by US$ 50 million in 2018, which includes the starting of 10 new plants and the development of existing facilities, in order to meet the growing demand for specialized chemicals.
Coating Category in Hydrogenation Petroleum Resin Market to Generate Over 32% Revenue
Hydrogenation Petroleum Resin are an expensive investment. Vantage Market Research has analyzed the market for hydrogenation petroleum resin to understand its current state and potential future growth factors. For better understanding, based on the application, the hydrogenation petroleum resin market is divided into adhesive, coating, packaging materials and others.
During the forecast period, the market for hydrogenation petroleum resin is anticipated to experience the highest CAGR for the coating category. The coating is a thermoplastic intensifier that is an essential ingredient in the production of coatings and paint. Reactions like resin concentrations, polymorphism, adhesion, and confederation can be changed for successful utilization because conditions like locality, supporting structure, coating purpose, etc., do not totally dictate the procedure for applying the coating sap.
On the other hand, the adhesives category is estimated to grow significantly over the forecast period. The adhesive is often used to enhance composite retention and composite adhesion, which are also utilized to stop microbiological microleakage. The market for adhesive resins is expanding due to various factors, including rising consumer desire for green and natural adhesive resins, road infrastructure, and increased consumer demand for environmentally friendly products.
Asia Pacific Region in Hydrogenation Petroleum Resin Market to Generate More 44% Revenue
Asia Pacific region dominates the market for hydrogenation petroleum resin throughout the projection period. Due to the strong manufacturing base for chemicals, rubber compounds, and tapes in Malaysia, Singapore, and India. Over the next years, it is projected that further industrialization and rising foreign assets in the wrapping, acrylics & coatings sectors would increase the industry's size.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Hydrogenation Petroleum Resin Market Forecast Report (2022-2028).
Global Hydrogenation Petroleum Resin Market Segmentation
Hydrogenated C9 Petroleum Resin
Hydrogenated C5 Petroleum Resin
Hydrogenated DCPD Petroleum Resin
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of MEA
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Market Size in 2021
USD 1.4 Billion
Revenue Forecast by 2028
USD 2.0 Billion
6.5% from 2022 to 2028
2022 to 2028
ExxonMobil, Kolon Industries, Eastman Chemical Company, Formosan Union Chemical Corp, Arakawa Chemical Industries Ltd., Idemitsu Kosan, China Petroleum Lanzhou Chemical, Heyun Group, Hebei Qiming, Zhejiang Henghe, Puyang Shenghong Chemical
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