C9 resin market is expected to observe the lucrative growth over the coming years. The market is expected to be driven by rising public and private spending in the construction industry along with rapid surge in demand for hot-melt adhesives products. C9 resins are produced from aromatic hydrocarbons. The process involves polymerization of aromatic diolefin and olefins, which are further obtained from thermal cracking of naptha.
C9 resin products are transparent granular soilds and have light yellow color. The properties of these products such as mutual and good solubility, insulation, water resistance, good adhesion, excellent chemical stability over alkalis and acids and low heat conduction is projected to benefit in the expansion of C9 resin market.
Based on end-use, the market is segmented into paints, rubbers, adhesives, printing inks and others. In paints, C9 resin products are mainly used with high softening points. They further help in improving adhesiveness of paint films, and final finishes of paints. In rubber, products with low softening points are used. Properties such as mutual solubility with rubber particles along with high adhesion, and strength make these products suitable in rubber applications.
The adhesives application segment is projected to grow at lucrative pace and thus likely to offer new avenues for market participants. C9 resin products offer good adhesion, resistance to water, alkali and acids, along with reduction in production cost. The growth of the segment is projected to be driven by demand for adhesives in packaging, pressure sensitive-labels and tapes.
Asia Pacific was the largest region in 2022 and is also likely to observe the fastest growth over the coming years. Investments in real estate and infrastructure sector coupled with presence of huge industrial sector in China, India, Japan and South Korea is projected to attract the significant demand of rubber, paint and adhesive products. Rapid expansion and new investments in packaging industry is projected to remain key factor for the regional growth.
High investments in R&D of such C9 resin products especially in catalysts are expected over the coming years, thus benefiting the expansion of the market. The market is in growing phase, and medium and large players operate at local and regional level. Some of the industry participants include DuPont, Kolon Industries Inc., Cray Valley, Arakawa Chemical Industries Ltd., Eastman Chemical Company, Kemipex, and Exxon Mobil Corporation among others.
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