January 25, 2023 05:40 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Global Hydrogenation Petroleum Resin Market is valued at USD 1.4 Billion in 2021 and is projected to reach a value of USD 2.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.5% over the forecast period 2022-2028. Modified C5 Petroleum Resin
According to Vantage Market Research, some of the key factors anticipated accelerating the hydrogenation petroleum resin market growth over the forecast period. The primary growth catalyst in the global market during the anticipated period will be the rising use of hot-melt adhesives made with petroleum resin. There are several prospects for market expansion due to the rising need for a commodity used in rubber compounding, which is driving up demand for petroleum resin.
We forecast that the hydrogenated C5 petroleum resin category in the hydrogenation petroleum resin market sales will account for more than 29% of total sales by 2028. The use of C5 petroleum resins as a conditioning system is expanding, which is why more of them are being used to make hot melt and pressure-sensitive adhesives.
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Rising Construction Activities in Developing Nations to Boost Market Growth In the architectural and construction sector, coatings made of hydrocarbon resins are applied on elastic weatherproof membranes modified with mortar, waterproofing membranes for pool decks, diagonal stonework, and top coats for commercial roofs. In light of development, rapid urbanization, and infrastructure investment plans, growing construction spending is anticipated to accelerate market growth.
Growing Utilisation in Various Applications to Drive the Market Growth Due to their remarkable qualities, petroleum resins are being used more frequently across various industries, causing the market to grow. The resins can also be found in powder, powder, crushed nuggets, beads, solid blocks, molten, dispersions, and solutions, among other forms. Because the product is commonly used in paints, sealants, and adhesive applications, the government's measures to promote rapid construction projects and the burgeoning construction industry fueling market expansion for petroleum resins.
Top Players in the Global Hydrogenation Petroleum Resin Market
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Top Trends in Global Hydrogenation Petroleum Resin Market
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Recent Developments in the Global Hydrogenation Petroleum Resin Market
Coating Category in Hydrogenation Petroleum Resin Market to Generate Over 32% Revenue
Hydrogenation Petroleum Resin are an expensive investment. Vantage Market Research has analyzed the market for hydrogenation petroleum resin to understand its current state and potential future growth factors. For better understanding, based on the application, the hydrogenation petroleum resin market is divided into adhesive, coating, packaging materials and others.
During the forecast period, the market for hydrogenation petroleum resin is anticipated to experience the highest CAGR for the coating category. The coating is a thermoplastic intensifier that is an essential ingredient in the production of coatings and paint. Reactions like resin concentrations, polymorphism, adhesion, and confederation can be changed for successful utilization because conditions like locality, supporting structure, coating purpose, etc., do not totally dictate the procedure for applying the coating sap.
On the other hand, the adhesives category is estimated to grow significantly over the forecast period. The adhesive is often used to enhance composite retention and composite adhesion, which are also utilized to stop microbiological microleakage. The market for adhesive resins is expanding due to various factors, including rising consumer desire for green and natural adhesive resins, road infrastructure, and increased consumer demand for environmentally friendly products.
Asia Pacific Region in Hydrogenation Petroleum Resin Market to Generate More 44% Revenue
Asia Pacific region dominates the market for hydrogenation petroleum resin throughout the projection period. Due to the strong manufacturing base for chemicals, rubber compounds, and tapes in Malaysia, Singapore, and India. Over the next years, it is projected that further industrialization and rising foreign assets in the wrapping, acrylics & coatings sectors would increase the industry's size.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Hydrogenation Petroleum Resin Market Forecast Report (2022-2028).
Global Hydrogenation Petroleum Resin Market Segmentation
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