Report : South America Hydrocarbon Resins Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (C5 Petroleum Resins, C9 Petroleum Resins, C5/C9 Petroleum Resins, and Others) and Application (Adhesives and Sealants, Printing Inks, Rubber Compounding, Paints and Coatings, Tapes, and Labels, and Others)
Rubber Compounding is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028
According to a new market research study on “South America Hydrocarbon Resins Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 53.42 million by 2028 from US$ 39.87 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the South America hydrocarbon resins market along with the drivers and restraints pertaining to the market growth. Thriving use of hydrocarbon resins in printing inks and rubber compounding, burgeoning demand from paints & coatings industry, and expanding demand for synthetic rubber in automotive industry are the major factor driving the growth of the South America hydrocarbon resins market. However, existence of substitute products hinders the growth of South America hydrocarbon resins market.
Brazil has been ranked to be the third-most affected economy due to the COVID-19 pandemic globally. In South America, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, Chile, among others. The governments in South America have taken an array of actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. This may have an impact on the growth of the hydrocarbon resins market. The hydrocarbon resins market has faced challenges due to reduced demand from various end-use industries. However, the business activities are expected to gradually recover in the coming months as the governments from the region continue to push forward their reopening plan to kick start the economy.
The South 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 Brazil, Argentina, and Rest of SAM. In 2020, Brazil 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.; and Arakawa Chemical Industries, Ltd. are among the leading companies in the South 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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