Market Introduction
Europe includes Germany, France, Italy, the UK, Russia, and the Rest of Europe. The European region has a large number of paint & coatings, printing inks, and adhesives & sealants product manufacturers. A favorable regulatory environment is expected to increase the hydrocarbon resins market growth in the region. According to the European Chemicals Agency, hydrocarbon resins are registered under the REACH Regulation. They are manufactured in and/or imported to the European Economic Area at ≥ 1 to < 10 tons per annum. This substance is utilized by consumers, professional workers, in formulation or re-packing, and at industrial sites. Hydrocarbon resins are used in lubricants and greases, adhesives and sealants, polishes, and waxes.
In Europe, currently, France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The massive outbreak of the pandemic has created a temporary distortion in operation efficiencies of industrial bases in the European market. The market for hydrocarbon resins has been negatively impacted due to disruptions in the supply chain. The pandemic has impacted the demand for hydrocarbon resins from sectors such as adhesives, paint, coating, etc. However, the various industries are coming on track after supply constraints affecting these industries are resolving gradually. The demand for hydrocarbon resins from the downstream adhesive and paint sector is improving, as the construction sector of the region is gradually recovering from the pandemic devastation.
Market Overview and Dynamics
The hydrocarbon resins market in Europe is expected to grow US$ 488.63 million in 2021 to US$ 675.64 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Adhesives and sealants are one of the major application segments in the hydrocarbon resins market. As gluing has become a common method of joining materials in various industrial applications, adhesives are becoming more important. Hydrocarbon resins are used as a tackifier in adhesives. Hydrocarbon resins are extensively used in hot melts, pressure-sensitive adhesives, etc. Hence, the growing adhesives and sealants application will offer more opportunities for market growth. Additionally, players operating in the market are also focusing on capacity expansion to meet the growing demand in adhesive applications. For instance, Eastman - a global advanced materials and specialty additives company, is increasing its marketing capabilities for its Picco A-120 hydrocarbon resin, which offers resistance to acids and acts as a favorable solvent release. Further, In June 2021, Kolon Industries Inc. have added 15,000 tons of annual capacity in its hydrocarbon resin manufacturing. This addition gives the company a total capacity of 200,000 tons of hydrocarbon resin annually. The expanded facility will produce high reactive resins (HRRs), which is a type of hydrocarbon resin developed in-house by the company.
Key Market Segments
In term of type, C5 petroleum resins segment held a larger market share of the hydrocarbon resins market in 2020. In term of application, adhesives and sealants segment held a larger market share of the hydrocarbon resins market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the hydrocarbon resins market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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. among others.
Reasons to buy report
Europe Hydrocarbon Resins Market Segmentation
Europe Hydrocarbon Resins Market – By Type
Europe Hydrocarbon Resins Market – By Application
Europe Hydrocarbon Resins Market – By Country
Europe Hydrocarbon Resins Market – Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 488.63 Million |
| Market Size by 2028 | US$ 675.64 Million |
| CAGR (2021 - 2028) | 4.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Hydrocarbon Resins Market is valued at US$ 488.63 Million in 2021, it is projected to reach US$ 675.64 Million by 2028.
As per our report Europe Hydrocarbon Resins Market, the market size is valued at US$ 488.63 Million in 2021, projecting it to reach US$ 675.64 Million by 2028. This translates to a CAGR of approximately 4.7% during the forecast period.
The Europe Hydrocarbon Resins Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Hydrocarbon Resins Market report:
The Europe Hydrocarbon Resins Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Hydrocarbon Resins Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Hydrocarbon Resins Market value chain can benefit from the information contained in a comprehensive market report.
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