Top Companies in Hydrogenation Petroleum Resin Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research

Hydrogenation Petroleum Resin Market is projected to reach USD 2.04 billion by 2028 at a CAGR of 6.5% over the forecast period.

Top Companies in Hydrogenation Petroleum Resin Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
hydrogenation petroleum resin market

The Global Hydrogenation Petroleum Resin Market is valued at USD 1.4 billion in 2021 and is projected to reach USD 2.04 billion by 2028 at a CAGR of 6.5% over the forecast period. The main growth driver in the Hydrogenation Petroleum Resin market in the global market during the anticipated period will be the expanding use of hot-melt adhesives made from hydrogenated petroleum resin. In addition to this, the market is driven by the expanding demand for paints and coatings in the Hydrogenation Petroleum Resin market on a global scale because these materials are used to manufacture paints for roads as well as numerous other types of paints for the construction and automotive industries.

The Global Hydrogenation Petroleum Resin Market has several potential for expansion as a result of the rising need for a product used in rubber compounding, which is driving up demand for Hydrogenation Petroleum Resin. Additionally, the growing use of petroleum resin in various developing nations opens up a range of market expansion prospects.

The Hydrogenation Petroleum Resin Market is expanding quickly on the worldwide stage. Still, certain problems limit this growth, such as the rising costs of raw materials, which threaten this industry's expansion.

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Amidst Exponential Growth in Hydrogenation Petroleum Resin Adoption, What Trends Should We Look Forward to?

  1. Specialty tapes, wires & cables, and road asphalts drive the market for Hydrogenation Petroleum Resins. Businesses in the hydrocarbon resins market utilize this chance to create solutions that offer increased tack retention and good resistance to oxygen and UV (ultraviolet) light. They may be used with both reinforcing and non-reinforcing fillers.
  2. Hydrogenated petroleum resins are becoming more common in diaper-making adhesives. Manufacturers of odor- and color-free adhesives give high thermostability and are compatible with woodworking applications, supplying diaper firms with Hydrogenation Petroleum Resins.
  3. As end-use sectors, including the automotive, building & construction, personal hygiene, and tire, increase, so does the market for Hydrogenation Petroleum Resins. Petroleum resins provide chemical, adhesion, and pressure resistance qualities in these industries.
  4. The market is anticipated to grow due to the increased use of hydrogenated petroleum resins in hot-melt adhesives. Over the past few years, hot melt adhesives have become more and more popular all over the world due to their low production costs and favorable regulatory environment, as hot melt adhesives are solvent-free and have no environmental impact.

The Hydrogenation Petroleum Resin market is dominated by globally established players such as ExxonMobil, Kolon, Eastman, Formosan Union, Arakawa, IDEMITSU, China Petroleum Lanzhou Chemical, Heyun Group, Hebei Qiming, Zhejiang Henghe and PuyangShenghong Chemical.These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Hydrogenation Petroleum Resinmarket.

Let's Look at the Top 5 Companies That are Taking the Hydrogenation Petroleum Resin Market by Storm

The Hydrogenation Petroleum Resin market is expected to grow from USD 1.4billion in 2021 to USD 2.04 billion in 2028due to advancing innovative production techniques and technological advancement. The production of coatings, inks, adhesives, food-grade ester gum, electronic industrial solder flux, and many more products benefits from the hydrogenation of petroleum resin.

  1. ExxonMobil (US)

ExxonMobil develops and implements next-generation technologies to help safely and responsibly meet the world's expanding demand for energy and high-quality chemical products. ExxonMobil is one of the world's largest publicly traded energy providers and a manufacturer of chemicals like Hydrogenation Petroleum Resins.

  1. Kolon Industries (South Korea)

A manufacturer of chemicals and textiles in Korea is called Kolon Industries. Korea Nylon Inc. was established as a pioneer firm in the Korean nylon sector in 1957. Since then, it has grown to produce chemicals, other materials, and clothing. It is a significant manufacturer of hydrogenated petroleum resins.

  1. Formosan Union Chemical Corp (Taiwan)

The Formosan Union provide a steady supply of raw materials, increase production utilization, and enable all factories to operate at their highest levels of productivity and competitiveness. It To fulfil the goal of profit sharing in chemical production, such as the hydrogenation of petroleum resin, promote comprehensive quality management and customer-oriented marketing policies, and increase interactive management between upstream and downstream.

  1. Arakawa Chemical Industries Ltd. (Japan)

Arakawa provides materials focusing on the environment and added value, including those required for producing electronics and printing-related goods. They are produced using our fundamental technologies for hydrogenating petroleum resin or the chemistry of rosin.

  1. China Petroleum Lanzhou Chemical (China)

On the foundation of the old company's refining and hydrogenation petrochemical resin technology research centre, China Petroleum Lanzhou Chemical was established in June 2006 as a directly affiliated institute for chemical and refining research. It is the only research institution downstream of China National Petroleum Corporation with direct affiliation (hereinafter referred to as CNPC).

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