Hydrocarbon Resins Market Share

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.