Hydrocarbon Resins Market Size

Hydrocarbon Resins Market size was valued at USD 2.19 Billion in 2023 and is likely to reach USD 5.09 Billion by 2036, registering around 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydrocarbon resins is assessed at USD 2.33 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.