Global HHCR Market Witnessing Consistent Growth: Likely to Grow at a CAGR of 8.4% by 2027
Published | 18 October 2021
Global HHCR market is growing at a high CAGR due to increasing applications in consumer goods as well as medical care. Its market growth can be attributed to its excellent thermal and oxidative resistance as well as its ability to resist acids, alkalis, and water.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global HHCR market was worth USD 971.1 million in 2020. The study further reveals that the HHCR (Hydrogenated Hydrocarbon Resin) market is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 1,704.2 million by the end of 2027. A growing number of consumer goods and medical care products are being produced using HHCR, which is driving the growth of the global HHCR market. HHCR is also used in the production of sanitary napkins and baby diapers. The increasing use of HHCR in other industries such as adhesives, rubber compounding, hot melt adhesives, paints, coatings, etc., is also propelling its market growth. However, the high investment, operating costs, and maintenance of HHCR may act as a restraining factor for the global HHCR market.
Increasing R&D Activities Is Projected to Drive the Global HHCR Market During the Forecast Period
The HHCR manufacturers significantly invest in the R&D activities to expand the application range of their products which help them further expand their market base and revenue. For instance, Rain Carbon, Inc., carbon-based products and derivative advanced materials producer, recently announced to have designed a new capacity for hydrogenated hydrocarbon resins. These resins are to be used in the adhesive and marine coatings industries and other industrial applications. Such developments help to push the global HHCR market growth.
Wide Range of HHCR Applications Plays Crucial Role in Driving the Global HHCR Market Growth
HHCR is used in a wide range of industries, which is the major driving factor for global HHCR market growth. HHCR is particularly useful as a tackifier because of its heat and cold resistance. The expanding manufacturing of hygiene products is also propelling the demand for HHCR. Furthermore, the extensive use of HHCR in manufacturing rubbers, coatings, printing inks, and adhesives are also boosting the growth of the global HHCR market.
Global HHCR Market - By End-Use
Based on end-users, the global HHCR market is segmented into paints and coating, tackifiers, hot melt adhesives, rubber compounding, UPR, baby diapers, lubricants, etc. Among these, the paints and coating segment accounts for the largest market share where these resins are prominently used in construction activities. The use of HHCR resins in paints and coatings provides enhanced thermal and oxidative resistance properties which protect the buildings from depreciative factors such as weather. The baby diapers segment is also gaining significant traction in the market because of the high birth rate, especially in highly populated countries like India and China.
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The Asia Pacific Holds the Largest Market Share
Geographically, the global HHCR market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region holds the largest market share because of the expanding manufacturing industry and construction activities in emerging economies like China, India, Japan, etc. These countries are also leading automotive production with the presence of leading automobile brands. As a result, the demand for HHCR in APAC countries is expanding at a high rate as it is prominently used in paintings and coatings. North America and Europe also cover a substantial share in the market as the companies significantly invest in the R&D activities in the hydro generation process.
Impact of COVID-19 on Global HHCR Market
The global HHCR market was negatively hit by the unprecedented outbreak of the COVID-19 pandemic. Manufacturers of paints and coatings, adhesives, and rubber compounding are the major end-user industries. However, as the countries imposed social distancing norms and lockdowns to stop the spread of the virus, these industries had to cease operations temporarily. This resulted in the subsequent decline in the demand for the HHCR. Furthermore, the HHCR market also suffered as the petroleum extraction activities were on hold due to a workforce shortage. However, as economic activities resume, the market is projected to recover from this setback in the post-COVID-19 period.
Global HHCR Market: Competitive Landscape
The leading players in the global HHCR market are Axis Chemicals Pty Ltd, Commonwealth Laminating & Coating Inc, Credrez, Dycon Chemicals, BASF, Dow Chemicals, Henghe Petrochemical Co., Ltd., Shandong Shenxian Ruisen Petroleum Resins Co., Ltd., Resin Chemicals Co. Ltd, SGL Carbon, Solutia Inc., Sumitomo Chemicals, Ineos Phenol, ExxonMobil, Rain Carbon, Zeon Corporation, Idemitsu, Puyang Changyu Petroleum, Resins, Lesco, Kolon Hydrocarbon, PuyangTiancheng Chemical Co. Ltd., Arakawa Chemical Industries, and other prominent players.
The market is highly fragmented, with several industry participants with regional players having stronger penetration in the market. To grow their consumer base and market presence, the companies offer a wide range of products at competitive prices. The global companies target improvements in distribution channels. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global HHCR market. Additionally, the report also highlights the factors driving forecasts of total market size. It also promises to provide recent technology trends of the global HHCR market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global HHCR Market, By Grade (C5-HHCR, C9-HHCR, DCPD-HHCR); By Application (Baby Diapers, Polyester Resins, Tackifiers, Packaging materials, Rubber Compounding Paints and coatings, Hot melt adhesives, etc.), By Region (North America, Europe, Asia Pacific, South America, and the Middle East); Trend Analysis, Competitive Market Share & Forecast, 2020-2027.
Publish Date: January 2021
The global HHCR market is growing at a potential growth rate Year-over-Year (YoY) and has reached USD 970 million in 2020. The market is further expected to touch USD million by 2027, growing at a CAGR of almost 8% during 2021-2027 (forecast period)
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