Global C9 Resin Market - Segmented by Application and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global C9 resin market is expected grow at a significant rate during the forecast period, majorly driven by the increasing demand from adhesives and paint & coatings applications from construction and automotive industry.
C9 Hydrocarbon Resin is a kind of Aromatic Hydrocarbon resin produced by C9 fraction, by products of petroleum cracking, through pretreatment, polymerization and distillation. It isn't a high polymer but a low polymer with the molecular weight between 300-3000. Owing to their properties, these resins are used in paints, printing inks, adhesives, and rubber compounding applications.
Growth in Construction Industry
C9 resins are used in paints & coatings to increase the final finish, adhesiveness and hardness of paints. The resins are also used in adhesives due to their very good adhesiveness, resistance to acid, alkaline, and water. Paints & Coatings and adhesives are used widely in construction industry. According to the European Construction Industry Federation (FIEC), construction activity in the whole EU grew by 2.48% in 2015. In 2016, the overall output of the European construction industry grew by 2.2%, when compared to 2015, reaching a total of EUR 1,278 billion. In China, the airport development (New Beijing Airport), roads (30,000 km of highways with bridges build or upgrade), 30,000 km of high-speed rail covering, which is expected to cover more than 80 cities and 60% of urbanization ratio with permanent residents. In the fiscal year 2016-17, India had a total FDI investment of USD 60.08 billion, which was 8% higher than the previous year, with large investments in the real estate and infrastructure sectors. The US overall construction market grew by 1.9% in the Q3 of 2017, over Q3 of 2016, owing to the rise in new single-family house constructions. The new residential construction in terms of annual rate for housing units started in the United States, recorded growth of 6.34% in 2016 over 2015. In the first 10 months of 2017, the new residential construction recorded a growth of 2.43% when compared to the same time period in 2016. This growth in construction activities across the globe will contribute to the consumption of paints & coatings and adhesives and in turn, will lead to the demand for C9 resins.
Adhesive & Sealants to Dominate the Market
C9 Resins are used in adhesives as these resins have very good adhesiveness; they can increase the adhesiveness of adhesives, resistance to acid, alkaline and water. These are widely used as tackifiers in the adhesives to increase the adhesion. These resins also reduces the production cost. These are majorly used in hot-melt adhesives and pressure-sensitive tapes and labels. The increase of hot melt adhesives in automotive, healthcare and paper, board & packaging is increasing rapidly in the Asia-Pacific, Europe, and North America region. The usage of pressure sensitive tapes and labels are also growing majorly in the packaging and medical industry, which is also contributing to the adhesives market which, in turn, is positively affecting the C9 resins market.
Asia-Pacific dominating the C9 Resin Market
In Asia-Pacific, China is the leading producer of paints & coatings across the globe. The country accounted to 18.99 million tons coatings production in 2016, which is close to 29.42% of the global coatings output, with a growth rate of 7.2%. In the first half of 2017, the total coatings output increased by 10.5% to 641 thousand metric ton. It currently produces more than half of the Asia-Pacific coatings, and is home to more than 10,000 paint companies, among which local producers occupies more than half of the domestic paint market share. Moreover, India has over 550 manufacturers currently engaging in the printing inks business. Huber Group, DIC India, Siegwerk, Sakata, and Flint and Toyo are among the leading players in the printing inks market, comprising around 75% of the total market share. The production of natural rubber in India has rapidly increased in the last two years. The natural rubber production registered a growth rate of 23% in 2016-17, with the production of 690 thousand tons. These factors will largely contribute to the demand for C9 resins in the region.
Major Players: Arakawa Chemical Industries, Eastman Chemical Company, Henan Anglxxon Chemical Co.,Ltd. Kolon Industries, Inc., Total Cray Valley, Seacon Corporation, and Neville Chemical Company, among others.
Reason to Purchase this Report
To understand the impact of various applications on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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Countries expected to witness the fastest growth during the forecast period
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