Hydrogenation Petroleum Resins Market Size, Share, Growth, and Industry Analysis, (Hydrogenated C9 Petroleum Resin, Hydrogenated C5 Petroleum Resin, Hydrogenated DCPD Petroleum Resin and Others), By Application (Adhesive, Coating, Packaging Materials and Others) and Regional Insights and Forecast to 2031

Updated On: 08 April 2024

HYDROGENATION PETROLEUM RESINS MARKET REPORT OVERVIEW

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The global hydrogenation petroleum resins market size was USD 1598.4 million in 2019 and will touch USD 2190.2 million by 2026, exhibiting a CAGR of 4.6% during the forecast period.

A number of reasons, including as the expanding need for adhesives and sealants, the expansion of the packaging sector, and the growing emphasis on renewable energy sources, are contributing to the considerable rise of the hydrogenation petroleum resin market. Petroleum resins that have been hydrogenated are adaptable substances that are often utilized in coatings, adhesives, inks, and other applications. Petroleum resins that have undergone hydrogenation are very compatible with different polymers and provide good adhesion, tackiness, and heat stability. These resins are widely utilized in the electronics, automotive, packaging, and construction sectors.

COVID-19 Impact: Pandemic Caused Temporary Halt and the Installation Disruptions Shackled Up Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In the wake of the COVID-19 pandemic, lockdowns and other limitations implemented by various regulatory authorities have caused many companies to either temporarily suspend operations or operate with a reduced staff. This has affected the market for hydrogenated hydrocarbon resin. This also applies to the worldwide market for hydrogenated hydrocarbon resin, and it is predicted that this aspect will have a negative effect on the industry's revenue growth. Furthermore, during the course of this projection period, the high expenses connected with the installation and upkeep of these machines might potentially impede the revenue growth of the worldwide hydrogenated hydrocarbon resin market.

LATEST TRENDS

"Development of Bio-Based and Renewable Energy Sources to Propel the Market Growth"

Hydrogenation petroleum resins are in high demand because of the world's move to renewable energy sources like solar and wind power for the production of photovoltaic modules and wind turbine blades. The exceptional bonding qualities of these resins improve the resilience and overall efficiency of renewable energy systems. The development of bio-based and renewable hydrogenation petroleum resins presents a considerable potential in light of the rising environmental concerns and the demand for sustainable solutions. In an effort to lessen reliance on fossil fuels and provide ecologically friendly alternatives, manufacturers are spending money on research and development to produce resins made from renewable feedstocks.

HYDROGENATION PETROLEUM RESINS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into hydrogenated c9 petroleum resin, hydrogenated c5 petroleum resin, hydrogenated DCPD petroleum resin and others.

Hydrogenated C9 Petroleum Resin: A resin formed from the polymerization of aromatic chemicals taken from the petroleum's C9 component. Improved thermal stability, light color, good compatibility with diverse polymers, and increased oxidation resistance.

Hydrogenated C5 Petroleum Resin: Made by polymerizing aliphatic (C5) olefins derived from naphtha cracking. The color is light and transparent. Elastomers and other polymers are quite compatible with it. Heat and oxidation resistance has been improved.

Hydrogenated DCPD Petroleum Resin: Produced by polymerizing dicyclopentadiene (DCPD), a cyclic olefin derived from naphtha cracking. It has a good thermal stability. In general, it is compatible with a wide range of polymers. Excellent adhesion qualities are provided.

• By Application

Based on application the global market can be categorized into adhesive, coating, packaging materials and others.

Adhesives: Hot melt adhesives are frequently made with hydrogenated petroleum polymers. They contribute to the tackiness, stickiness, and cohesion qualities of the glue. The resins improve hot melt adhesives' overall performance and stability, making them appropriate for applications such as packaging, bookbinding, and product assembly. Hydrogenated petroleum resins increase tack and peel strength in pressure-sensitive adhesives. These adhesives are utilized in labels, tapes, and other applications that need a minimal pressure to form an adhesive connection.

Coatings: Hydrogenated petroleum resins are used to increase the adherence, hardness, and durability of paints and coatings. They can operate as binders and tackifiers, improving coating performance and increasing resistance to weathering, chemicals, and abrasion.

Packaging Materials: Hydrogenated petroleum resins are used in packaging adhesives to provide secure bonding for boxes, cartons, and flexible packaging. They are used to promote adhesion and cohesion in packaging films and tapes, maintaining the integrity and longevity of the packaging materials.

Others: Hydrogenated petroleum resins are used in the rubber industry as tackifiers and reinforcing agents in rubber compounding. They promote rubber adhesion to diverse surfaces and improve the overall performance of rubber goods.

DRIVING FACTORS

"Ripening Demand for High-Quality Sealants and Adhesives to boost the Market"

The increasing need for high-performance sealants and adhesives in industries like as automotive, construction, and packaging is a major driver of the hydrogenation petroleum resin market. These resins are useful for connecting various substrates due to their high adherence, tackiness, and durability.

"Growth in the Packaging Industry Advance Up the Market Share"

Hydrogenation petroleum resins are widely used in the packaging sector. Flexible packaging solutions are becoming more popular due to their lightweight, low cost, and ease of use. Petroleum resins derived from hydrogenation are frequently utilized in flexible packaging applications such as laminates, labels, tapes, and hot melt adhesives.

RESTRAINING FACTOR

"Volatility in Raw Material Pricing and Environmental Regulations to Hamper the Market Growth"

The prices of raw materials required in hydrogenation petroleum resin production, such as crude oil and natural gas, fluctuate. Uncertainty in raw material pricing can be difficult for businesses to handle in terms of cost and profitability. Environmental restrictions governing emissions, waste management, and the use of hazardous chemicals can all have an influence on the production and use of hydrogenation petroleum resins. To achieve regulatory requirements, businesses must comply with sustainability standards and produce eco-friendly alternatives. Hence, such factors are expected to hinder the hydrogenation petroleum resins market growth during the forecast period.

HYDROGENATION PETROLEUM RESINS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market due to Increased Infrastructural Investments "

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Over the course of the forecast period, the Asia Pacific is expected to grow at one of the fastest rates and dominate the hydrogenation petroleum resins market share. Because of increased infrastructure investment, Asia Pacific is predicted to expand rapidly. China, for example, has committed to a multibillion-dollar investment in the Belt and Road Initiative. Similar statements have been made by India, which has stated that it will invest more than USD 1.4 trillion. The rising investment in infrastructure and key application of hydrocarbon resin in road asphalt provides a potential possibility for growth for firms in the global hydrocarbon resin market. Aside from construction, the need for electric cars remains a significant growth prospect for the worldwide hydrocarbon resin market. Hydrocarbon resins, which are used to make rubber and other adhesives, can help autos operate more effectively and perform better. The race to manufacture more fuel-efficient electric cars, as well as the vital role of adhesives, paints, and coatings in vehicle manufacturing, are both expected to fuel robust new growth categories.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to hydrogenation petroleum resins  to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• ExxonMobil (U.S.)
• Kolon (U.S.)
• Eastman (U.S.)
• Formosan Union (China)
• Arakawa (Japan)
• IDEMITSU (Japan)
• China Petroleum Lanzhou Chemical (China)
• Heyun Group (China)
• Hebei Qiming (China)
• Zhejiang Henghe (China)
• Puyang Shenghong Chemical (China)

INDUSTRIAL DEVELOPMENT

• January 2022: In 2022, ExxonMobil established its Product Solutions business, merging its formerly independent Downstream and Chemical divisions into a one organization.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.