The market for global c9 resin is expected to grow at a CAGR of over 5% globally during the forecast period. Strong growth of the construction industry and rapid increase in demand for hot-melt adhesives from packaging industry are driving the market growth.
- Replacement of petroleum resins by rosin resins are expected to hinder the growth of the market.
- Asia-Pacific region is expected to dominate the market with most of the demand coming from China, followed by India
Key Market Trends
Growing Demand from Adhesives & Sealants Application
- 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 reduce 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 Region to Dominate the Market
- In Asia-Pacific, China is the leading producer of paints & coatings across the globe. 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 almost 20%, with the production of 690 thousand tons. These factors will largely contribute to the demand for C9 resins in the region.
- Additionally, growing construction industry in Asia-Pacific region, owing to major countries such as China, India and Japan are expected to drive the market for paints & coatings as well as adhesives & sealants in its applications.
- Thus, growing demand for C9 resins in various applications in Asia-Pacific region is expected to grow during the forecast period.
The global C9 resin market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in c9 resins market include Cray Valley, Eastman Chemical Company, Henan Anglxxon Chemical Co., Ltd., Kolon Industries, Inc., and Neville Chemical Company, among others.
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