Hydrocarbon Resins Market size was over USD 2.34 billion in 2024 and is poised to exceed USD 5.5 billion by 2037, growing at over 6.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hydrocarbon resins is evaluated at USD 2.6 billion.
The growth of the market can be attributed to the increasing applications of hydrocarbon resins in many end-user sectors including paints, adhesives, rubber, and many construction materials. The amount of architectural paint utilized in the United States as of 2021 was estimated to be 860 million gallons and the market value of paints and coatings in 2022 was worth USD 180 billion across the world and projected to increase to USD 220 billion by the end of 2027. The rising demand for tires in the automobile sector with an increasing population is estimated to propel market growth in the coming years.
Additionally, the increasing construction sector is estimated to rise the growth opportunities of the market as paints and adhesives are widely used in this sector. The market growth during the forecast period is attributed to the properties of hydrocarbon resins to act as a tackifier. The increasing use of printing inks in the packaging and manufacturing industry is anticipated to drive market growth in the coming years. The market value of printing inks as of 2022, worldwide, was estimated to be USD 28 billion and seemed to raise in 2023 to reach USD 31 billion by the end of 2023 as per the reports.
Growth Drivers
The construction sector in the United States is estimated to be worth USD 2 trillion in 2021 per the estimations and about 3% of the workforce in the U.S. works in the construction industry.
Challenges
Hydrocarbons are made from petroleum products and are not readily biodegradable. The hydrocarbons release fumes that harm the lungs and cause coughing, choking, and neurologic problems when inhaled. These also lead to environmental pollution and cause gastrointestinal irritation, and diarrhea when ingested. All these factors are estimated to hamper the market growth.
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.8% |
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Base Year Market Size (2024) |
USD 2.34 billion |
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Forecast Year Market Size (2037) |
USD 5.5 billion |
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Regional Scope |
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Type (C5 Resin, C9 Resin, Hydrogenated Hydrocarbon Resin)
The global hydrocarbon resins market is segmented and analyzed for demand and supply by type into C5 resin, C9 resin, hydrogenated hydrocarbon resin, and others. Out of these types, the hydrogenated hydrocarbon segment is estimated to gain the largest market share of about 39% in the year 2037. The growth of the segment can be attributed to the increasing application in the food packaging sector. The use of low-volatile organic compounds in the production of hydrogenated hydrocarbon resin is approved by the Food & Drug Administration and EU regulations. The rising utilization of hydrogenated hydrocarbon resins in adhesives of diapers is estimated to drive the market segment growth. The increasing popularity of adhesives that are odor-free, color-free, and rising popularity in PSAs (pressure sensitive adhesives) utilized and thereby estimated to hike the market segment growth. The hydrocarbon resins value is expected to be USD 3 billion by the end of 2030 as per the estimations.
End-user (Automotive, Construction)
The global hydrocarbon resins market is also segmented and analyzed for demand and supply by end-user in automotive, construction, and others. Amongst these three segments, the automotive segment is expected to garner a significant share of around 36% in the year 2037. The growth of the market is attributed to the increasing automotive sector across the world. The rising electric vehicles demand with increasing fuel efficiency and reduction in the use of fossil fuels is driving the market segment growth. The growing utilization of transport for the import and export of goods with increasing e-commerce sales around the globe is anticipated to improve the growth opportunities of the market segment. As per the market analysis, the growth of the market is attributed to the rising adhesives, paints, and coatings used in the automobile industry that is made of hydrocarbon resins.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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By End-User |
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North American Market Forecast
North America industry is predicted to dominate majority revenue share of 35% by 2037. The growth of the market can be attributed majorly to the increasing application of hydrocarbon resins in the automotive market for making tires and other parts of automobiles. Furthermore, the growing industrial development in the region, especially in the U.S., along with the presence of major market players are estimated to boost the regional market growth. The enhancement in the manufacturing of rubber and adhesives utilized in the automobile sector is driving market growth. The growing demand for packed food in the region with busy schedules to cook and work is also anticipated to have a positive impact on the growth of the market. The growing applications in the aerospace industry which use paints and coating for newly built aircraft and old aircraft during renovation are estimated to propel the market growth in the region. The increasing construction sector with a rising population owing to migration and job opportunities in the region is escalating the market demand in the region. The number of people traveled by airlines in the U.S. in 2022 as per the reports was over 745 million and estimated to generate a value of USD 200 billion.
APAC Market Statistics
The Asia Pacific hydrocarbon resins market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for petroleum-based resins in countries, such as China, backed by the growing construction and consumer electronics industries. In 2019, over 50 million people were involved in the construction industry in China, which witnessed a raise of 20 million within a decade. Moreover, economic development in various countries in the region, including Vietnam, India, Indonesia, and South Korea, is estimated to boost market growth in the region. The rising infrastructural development assisted by government policies to improve the damaged construction sectors is estimated to hike the market growth. The rising application of hydrocarbon resins in rubber and other adhesives is estimated to propel the market growth. Further, the use of road asphalt in growing road construction and rising traffic is estimated to drive the growth of the market.
Europe Market Forecast
Further, the hydrocarbon resins market in European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing rubber manufacturing in the region. The growing number of electric vehicles with rising disposable income of people is escalating the market growth in the region. The increasing adhesives, sealants, and tape consumption with rising diaper and other packed food utilization is expected to hike the growth of the market. Further, the rising development of new branches by the key players of the market is driving the market growth during the forecast period. The increasing use of paints and coatings for vehicles and the construction sector is also estimated to improve the growth opportunities of the market in the coming years. The rising economic standards of people and increasing footwear industries are also estimated to fuel market growth. The increasing use of synthetic rubbers in the belt manufacturing sector of the region is anticipated to have a positive impact on market growth.
Author Credits: Rajrani Baghel
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