C9 Resin Market - Forecast(2023 - 2028)

Report Code: CMR 56972 Report Format: PDF + Excel

C9 Resin Market Overview

C9 resin market size is forecast to reach US$ 865.8 million by 2026, after growing at a CAGR of 4.2% during 2021-2026, owing to the increasing usage of C9 resin (an aromatic hydrocarbon resin) for various applications such as printing ink, hot-melt adhesive, pressure-sensitive adhesive, and more. The C9 resin's high chemical resistance, miscibility, low odour, low molecular weight, low solution viscosity, inherently high solubility, and other properties have contributed to its development. These specific properties make it a valuable commodity that further drives the demand for C9 resins for the building & construction end-use industries. The rapid growth of the automotive industry has increased the demand for tires; thereby, fueling the market growth. Furthermore, the flourishing printing inks and packaging industry is also expected to drive the C9 resin industry substantially during the forecast period.

C9 Resin Market COVID-19 Impact

The COVID-19 pandemic outbreak is having a huge impact on the automotive and construction industry. There is a delay in imports and exports of C9 aromatic hydrocarbon resin items due to the import-export restriction by the governments in various regions. Moreover, car production has been disruptively halted, leading to a significant loss in the overall automotive market. Demand for new commercial vehicles in the EU remained low in June 2020 (-20.3 percent), according to the European Association of Automotive Manufacturers, though the rate of decline slowed compared to April and May. Double-digit percentage decreases were recorded last month by three of the four largest markets in the region: Germany (-30.5 percent), Spain (-24.2 percent), and Italy (-12.8 percent), while France recorded a small increase (+2.2 percent). With the decrease in automotive production, the demand for tires and adhesives has significantly fallen, which is having a major impact on the C9 resin market.

Report Coverage

The report: “C9 Resin Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the C9 resin Industry.
By Application: Paints and Coatings, Adhesives and Sealants, Printing Inks, Packaging Materials, Rubber and Tires, and Others.
By End-Use Industry: Building and Construction (Residential, Commercial, Infrastructure, and Industrial), Automotive (Passenger Vehicles, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)), Aerospace (Commercial, Military, and Others), Marine (Cargo, Passenger, and Others), and others.
By Geography: North America (U.S., Canada, and Mexico), Europe (U.K, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

  • Asia Pacific dominates the C9 resin market, owing to the increasing manufacturing & construction activities in APAC due to various government initiatives such as “100 smart cities” and “Housing for all by 2022”.
  • The properties such as less pollutant, chemical resistance, high adhesion strength, helped in driving the market for these resins in various applications such as paints & coatings, printing inks, rubber compounding, and hot-melt adhesive, pressure-sensitive adhesive, and more.
  • In the packaging and medical industries, the use of pressure-sensitive tapes and labels is also increasing, which also contributes to the adhesive market, which in turn has a positive effect on the market for C9 resins.


Figure: Asia-Pacific C9 Resin Market Revenue, 2020-2026 (US$ Million)

C9 Resin Market Revenue
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C9 Resin Market Segment Analysis – By Application

The adhesives and sealants segment held the largest share in the C9 resin market in 2020 and is growing at a CAGR of 5.8% during 2021-2026, owing to the increasing usage of C9 resin in the manufacturing of adhesives and sealants. As these resins have very strong adhesiveness, C9 resins are used in adhesives; they can improve adhesive adhesiveness, acid, alkaline, and water resistance. These are commonly used in adhesives as tackifiers to improve adhesion. These resins also reduce production costs. These are majorly used in hot-melt adhesives and pressure-sensitive adhesives tapes and labels. In the Asia-Pacific, Europe, and North America regions, the use of hot melt adhesives in the automotive, healthcare, and paper, sheet, and packaging industries is rapidly growing, which is driving the C9 resin demand in these regions during the forecast period.

C9 Resin Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the C9 resin market in 2020 up to 38% and is growing at a CAGR of 6.3% during 2021-2026, owing to the increasing demand for adhesives and sealants from the building and construction industry in the region. The building and construction industry is flourishing in countries such as India, China, and Singapore. Between 2019 and 2023, the Chinese construction industry is expected to expand at a real-terms annual rate of 5%, according to the International Trade Administration (ITA). The Indian construction industry is projected to grow at a CAGR of 15.7 percent to $ 738.5 billion by 2022, according to Invest India. According to the Singapore Building and Construction Authority (BCA), construction demand in Singapore is projected to range between S$27 billion and S$34 billion per year in 2021 and 2022, and between S$28 billion and S$35 billion per year in 2023 and 2024. To accommodate construction movements such as creep, thermal expansion, sway, settlement, differential slab edge deflections, modern constructions use to render, lightweight masonry walls, curtain wall systems, and rain screen, and these rely on sealant joints. For these joints, it is common to suffer from poor design or installation frequently. Adhesives and sealants are thus mainly used to protect and preserve the buildings. Hence, with the increase in construction activities across the Asia Pacific, the demand for adhesives and sealants will be foreseen to grow enormously during the forecast period, which will drive the market growth. 

C9 Resin Market – Drivers

Increasing Automotive Production

C9 aromatic hydrocarbon resin possesses properties such as good solubility, mutual solubility, water resistance, insulation, excellent chemical stability over acid and alkali, good adhesive strength, low heat conduction, and more, owing to which it is largely employed in manufacturing automotive tires. The Indian government has initiated the Automotive Mission Plan 2016-26 (AMP 2026) initiative in order to improve the country's automotive industry. The government's collective vision for the automotive sector's growth in terms of scale, contribution to national development, technological maturity, global competitiveness, and institutional structure is illustrated clearly. According to OICA, Africa produced 776,967 passenger cars in 2018, which increased to 787,287 in 2019, a 1.3 percent increase. Thus, increasing automation production will require more C9 resins for manufacturing automotive tires, which will act as a driver for the C9 resin market during the forecast period.

Expanding Building and Construction Sector

C9 resins are exceptionally used for applications such as adhesives and sealants, paints and coatings, in the building and construction industry. It finds an extensive range of applications as a modifier for paints and coatings, and as a tackifier for pressure-sensitive adhesive. According to the US Census Bureau, The seasonally adjusted annual pace of privately owned housing starts in November was 1,547,000. This is 1.2 percent (8.5%) higher than the updated October estimate of 1,528,000, and 12.8 percent (11.3%) higher than the November 2019 rate of 1,371,000. The government-wide Circular Economy Initiative, which aims to create a circular economy in the Netherlands by 2050, is boosting the country's construction industry. The total number of completed building construction in the Emirate of Dubai increased from 1,50,605 in 2018 to 1,60,128 in 2019, according to the Dubai Statistics Center (DSC), with 10,963 being rural and 1,49,165 being urban. Thus, the expanding building and construction sector acts as a driver for the market.

C9 Resin Market – Challenges

Fluctuating Raw Material Prices

Petroleum resins, such as C9 resin, are made up of a complex mixture of hydrocarbon molecules with a carbon atom count ranging from 5 to 12 (C5–12). It normally accounts for 15–30% of crude oil by weight. The raw materials often used for the production of C9 resins are the downstream products of crude oil. So, the price fluctuation of crude oils also hinders the price of C9 resins raw materials. There has been a rise in the price volatility of crude oil in the past year. For instance, the price of crude oil has decreased from US$98.95/bbl in 2014 to US$52.39/bbl in 2015 and increased from US$43.73/bbl in 2016 to US$71.31/bbl in 2018 and then decreased to US$64.21/bbl in 2019, according to the BP Statistical Review of World Energy. And because of this uncertainty in crude oil prices, the price of C9 resins also increases. Thus, the fluctuating raw material prices hinder the C9 resins market growth during the forecast period.

C9 Resin Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the C9 resin market. Major players in the C9 resin market are Cray Valley, Eastman Chemical Company, Henan Anglxxon Chemical Co., Ltd., Kolon Industries, Inc., and Neville Chemical Company.

Acquisitions/Technology Launches

  • In September 2019, Eastman Chemical Company opened a new tire additive division in Shanghai, China, at Eastman’s China headquarters to serve the product to tire manufacturers throughout Asia-Pacific enabling them to optimize the manufacturing process and enhance the performance of tires.

Relevant Reports

Report Code: CMR 31060

Report Code: CMR 29006

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1. C9 Resin Market- Market Overview
    1.1 Definitions and Scope
2. C9 Resin Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. C9 Resin Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. C9 Resin Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. C9 Resin Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. C9 Resin Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. C9 Resin Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. C9 Resin Market– By Application (Market Size -$Million/Billion)
    8.1 Paints and Coatings
    8.2 Adhesives and Sealants
    8.3 Printing Inks
    8.4 Packaging Materials
    8.5 Rubber and Tires
    8.6 Others
9. C9 Resin Market– By End-Use Industry (Market Size -$Million/Billion)
    9.1 Building and Construction
        9.1.1 Residential
            9.1.1.1 Private Dwellings
            9.1.1.2 Row Houses
            9.1.1.3 Apartment
        9.1.2 Commercial
            9.1.2.1 Hospitals
            9.1.2.2 Banks
            9.1.2.3 Retails
            9.1.2.4 Office
            9.1.2.5 Supermarkets
            9.1.2.6 Hotels
            9.1.2.7 Others
        9.1.3 Infrastructure
            9.1.3.1 Highways
            9.1.3.2 Bridges
            9.1.3.3 Pavements
            9.1.3.4 Others
        9.1.4 Industrial
            9.1.4.1 Warehouses
            9.1.4.2 Production Spaces
            9.1.4.3 Others
    9.2 Automotive’
        9.2.1 Passenger Vehicles
        9.2.2 Light Commercial Vehicles (LCV)
        9.2.3 Heavy Commercial Vehicles (HCV)
    9.3 Aerospace
        9.3.1 Commercial
        9.3.2 Military
        9.3.3 Others
    9.4 Marine
        9.4.1 Cargo
        9.4.2 Passenger
        9.4.3 Others
    9.5 Others
10. C9 Resin Market - By Geography (Market Size -$Million/Billion)
    10.1 North America
        10.1.1 U.S
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherland
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 U.A.E
            10.5.1.3 Israel
            10.5.1.4 Rest of the Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. C9 Resin Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. C9 Resin Market – Market Share Analysis Premium
    12.1 Market Share at Global Level - Major companies
    12.2 Market Share by Key Region - Major companies
    12.3 Market Share by Key Country - Major companies
    12.4 Market Share by Key Application - Major companies
    12.5 Market Share by Key Product Type/Product category - Major companies
    12.6 Company Benchmarking Matrix - Major companies
13. C9 Resin Market – Key Company List by Country Premium Premium
14. C9 Resin Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"