C5/C9 Petroleum Resins Segment to dominate North America Hydrocarbon Resins Market during 2020–2028

According to a new market research study on “North America Hydrocarbon Resins Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 597.25 million by 2028 from US$ 420.38 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. The report provides trends prevailing in the North America hydrocarbon resins market along with the drivers and restraints pertaining to the market growth. Increasing use of hydrocarbon resins in printing inks and rubber compounding, surging demand from paints & coatings industry, and growing demand for synthetic rubber in automotive industry are the major factor driving the growth of the North America hydrocarbon resins market. However, presence of substitute products hinders the growth of North America hydrocarbon resins market.

North America is one of the worst affected economies due to the COVID-19 pandemic. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets.  The significant disruption in manufacturing has had a negative impact on the demand for hydrocarbon resins in the region. The demand for adhesives, printing inks, paints & coatings, etc. has declined owing to the impact of COVID-19 pandemic. This has impacted the demand for hydrocarbon resins. The COVID-19 pandemic has also impacted tire and rubber industry, creating an impact on hydrocarbon resins demand. However, the market is reviving on account of the government's significant measures, such as vaccination drives. The various industries is also overcoming the challenges of supply chain disruptions of their raw materials. The demand for hydrocarbon resin is improving with increasing consumption of paint and coatings. This is expected to provide the impetus for market growth.

The North America 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 rubber compounding is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US 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 Neville Chemical Company.are among the leading companies in the North America 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, Kolon industries inc. had added another 15,000 tons of annual capacity in its hydrocarbon resin manufacturing. The addition gave Kolon a total capacity of 200,000 tons annually.

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