Printing Inks is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028

According to a new market research study on “Asia Pacific Hydrocarbon Resins Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 1298.29 million by 2028 from US$ 895.04 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific hydrocarbon resins market along with the drivers and restraints pertaining to the market growth. Fostering demand for synthetic rubber in automotive industry, prospering new development in hydrocarbon resins applications and increasing expansion of hydrocarbon resins plants, and raising use of hydrocarbon resins in printing inks and rubber compounding are the major factor driving the growth of the Asia Pacific hydrocarbon resins market. However, access of substitute products hinders the growth of Asia Pacific hydrocarbon resins market.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The Asian economies have been hit hard due to the pandemic. The governments of various Asia Pacific economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. The various end-use sectors, such as adhesives, paints, coating, rubber compounding, etc., have been hit hard by the pandemic, impacting the consumption of hydrocarbon resins in the region. However, the demand from the paints & coatings sector is improving due to re-establishment of construction activities in the region. Many players are resuming pre-COVID investment plans as businesses gain confidence in stabilizing economies and anticipate increased demand.

The Asia Pacific hydrocarbon resins market is segmented on the basis of type, application and country. Based on type, the market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. In 2020, C5 petroleum resins segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and other application. In 2020, adhesives and sealants segment held the largest share in the market, and printing inks is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2020, China held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

Eastman Chemical Company; EXXON MOBIL CORPORATION; Kolon Industries Inc.; Shandong Landun Petroleum Resin Co., Ltd.; Puyang Tiancheng Chemical Co., Ltd.; Shanghai Jinsen Hydrocarbon Resins Co., Ltd; Lesco Chemical Limited; Henan Anglxxon Chemical Co., Ltd.; Arakawa Chemical Industries, Ltd.; and RESIN CHEMICALS CO., LTD are among the leading companies in the Asia Pacific hydrocarbon resins market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, ExxonMobil announced it started production at its new hydrogenated hydrocarbon resins plant in Singapore, which had the world's largest capacity of 90,000 tons per year.

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