Aromatic C9 hydrocarbon resin (C9 HCR), Market is Projected to Reach USD Billion by 2027, Growing at a CAGR of around 5.5% During 2021-2027
Published | 15 January 2021
According to BlueWeave Consulting, the global C9 HCR resin market worth USD 1.2 billion in 2020 and is further projected to reach USD billion by 2027, growing at a CAGR of around 5.4% during 2021-2027 (forecast period). C9 hydrocarbon resin (C9 HCR), an aromatic resin, is manufactured via various polymerization and chemical processes. The composition of the resin depends upon the feedstock used. C9 resins are used to produce adhesives, paints, and coatings, printing inks, rubber compounding, pressure sensitive tapes, and labels, etc.
Adhesives and paints market will be leading the charge in the forecast period and will dominate the market for C9 HCR.
C9 resins are used to produce adhesives, hot melts, paints, and coatings, rubber, plastic modifiers, glutting agents, etc. C9 resins are used when there are concerns over thermal and color stability. The rubber industry extensively uses C9 resins due to the mutual solubility of natural rubber particles in C9 resins. When used with paints, C9 resins enhance their adhesiveness, color stability, thermal stability, and provide resistivity against acids, water, and alkali.
Rise of rosin resin as an alternative and the high cost of the product is likely to hamper the market growth.
The cost of production associated with the manufacturing of C9 resin is high. This increases the price of the product, which negatively affects the market growth. With the growing need for bio-friendly products, natural resins, such as Rosin resins, are an alternative for C9 resin. Rosin resin, obtained from a pine tree and similar plants, has antibacterial properties. It is increasingly being used in the food and beverages industry.
Adhesives and sealants sector were leading the market and are likely to again drive the market in the forecast period.
C9 resin has a wide range of usages. C9 aromatic hydrocarbon resin is used extensively to produce adhesives and hot melts. C9 aromatic resins have an excellent adhesive property and are highly stable even at high temperatures. C9 aromatic resins are highly compatible with a range of solvents, paints, coatings, and polymers. C9 resins have excellent color stability and are used in large quantities in the paints industry. C9 resins also provide good resistance against water, acid, and alkali.
Global C9 Resin Market: Regional insights
The global market of C9 resin is divided into Asia Pacific, North America, Europe, South America, and the Middle East. Asia Pacific region is likely to witness the highest growth rate thanks to its rapidly developing countries, high demand for end-user industry products, and the presence of several automotive and construction businesses in the region.
North America is projected to witness average market growth due to economic developments coupled with high consumer disposable income, and demand for C9 resins in various industries present in the region.
Global C9 Resin Market: Competitive Landscape
The leading players in the global C9 resin market are Brasken, Cymetech (Owned by Sojitz), Reliance Industries, Henghe Petrochemical Co., Ltd, Shandong ShenxianRuisen Petroleum Resins Co., Ltd, Cepsa, Mitsui Chemicals, Ineos Phenol, ExxonMobil, Rain carbon, Zeon Corporation, Idemitsu, Puyang Changyu Petroleum Resins, Lesco, Kolon Hydrocarbon, PuyangTiancheng Chemical Co., Ltd. Arakawa Chemical Industries, Eastman Chemical Company, BASF, Dow Chemicals, and other prominent players.
Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global C9 Resin market size & forecast. The report promises to provide recent technology trends of the C9 Resin market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Global C9 HCR Market, By Application (Paints and Coatings, Adhesives and sealants, printing inks, rubber and tires, plastic modifiers, glutting agents, other applications), By Region (North America, Europe, Asia Pacific, and Rest of the World); Trend Analysis, Competitive Market Share & Forecast, 2020-2027.
Publish Date: January 2021
The global C9 HCR market is growing at a potential growth rate Year-over-Year (YoY) and has reached USD 1.2 billion in 2020. The market is further expected to touch USD billion by 2027, growing at a CAGR of almost 5.5% during 2021-2027 (forecast period).
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