Hydrogenated Hydrocarbon Resin

Hydrogenated Hydrocarbon Resin Market Outlook

The global hydrogenated hydrocarbon resin market was valued at approximately USD 2.5 billion in 2023, and it is projected to reach around USD 4 billion by 2035, growing at a robust CAGR of 5.5% during the forecast period. This growth can be largely attributed to the rising demand for adhesives and coatings in various industries, including construction, automotive, and packaging. Moreover, the shift towards environmentally friendly materials and sustainable products has propelled manufacturers to innovate and develop high-performance resins. Increased investment in research and development activities aimed at enhancing product functionalities alongside the expanding applications of hydrogenated hydrocarbon resins in various sectors has further contributed to market growth. Additionally, the growing trend of urbanization and infrastructural development across emerging economies is expected to significantly bolster the market during the projected period.

Growth Factor of the Market

One of the primary growth factors for the hydrogenated hydrocarbon resin market is the expanding applications of resins across various industries, particularly in adhesives, paints and coatings, and sealants. The construction sector, in particular, has experienced a surge in demand for high-performance adhesives that can withstand environmental stresses, driving the consumption of these resins. Furthermore, the automotive industry is increasingly utilizing hydrogenated hydrocarbon resins for their lightweight properties and superior adhesion, which enhances vehicle performance and efficiency. The focus on sustainability has led many manufacturers to seek alternative materials and processes that minimize environmental impact, and hydrogenated hydrocarbon resins fit this requirement due to their low VOC (volatile organic compounds) emissions. Additionally, the increasing consumer awareness regarding eco-friendly products is prompting industries to adopt more sustainable practices, further boosting the market. Another significant factor is the technological advancements in manufacturing processes that enhance the quality and versatility of these resins, opening new avenues for product development.

Key Highlights of the Market

• The market is expected to grow at a CAGR of 5.5% from 2023 to 2035.
• North America is projected to hold a significant market share, driven by robust demand from the automotive and construction sectors.
• Technological advancements are leading to the development of high-performance hydrogenated hydrocarbon resins.
• The adhesive segment is anticipated to be the largest application area due to the increasing demand in various industries.
• Eco-friendly resins are becoming popular, aligning with global sustainability trends.

By Product Type

C5 Resins:

C5 resins are primarily derived from polymerizing C5 fraction hydrocarbons, which are known for their excellent tackification properties. This makes C5 resins highly suitable for use in adhesive formulations, particularly in the manufacture of pressure-sensitive adhesives utilized in tapes, labels, and packaging applications. The versatile nature of C5 resins allows for easy blending with other polymeric materials, enhancing their functionality and performance characteristics. Additionally, the growing demand for lightweight and flexible products in construction and automotive industries further supports the robust growth of C5 resins within the hydrogenated hydrocarbon resin market. As manufacturers increasingly seek materials that offer strong adhesion and quick setting times, C5 resins have become integral components in several adhesive formulations.

C9 Resins:

C9 resins, composed mainly of aromatic hydrocarbons, are utilized extensively for their superior adhesion and compatibility with various polymers and fillers. Sought after for applications in paints, coatings, and adhesives, these resins provide excellent thermal stability and chemical resistance. Their use in industrial-grade adhesives, as well as in coatings requiring high gloss and durability, has significantly augmented market growth. C9 resins are particularly suited for applications in automotive and heavy-duty construction products, where long-lasting performance is crucial. As industries continue to prioritize high-performance materials that can withstand rigorous conditions, the demand for C9 resins is likely to expand further, propelling their market share in the hydrogenated hydrocarbon resin sector.

C5/C9 Resins:

C5/C9 resins, which combine the properties of both C5 and C9 resins, have emerged as versatile solutions for various applications. Their blended nature allows them to perform exceptionally well in adhesives, paints, coatings, and sealants, making them a popular choice for manufacturers looking for a balance between cost and performance. The ability to customize these resins to suit specific processing and application needs has made them increasingly appealing to end users. With the growing trend toward tailor-made solutions in the industrial sector, the demand for C5/C9 resins is forecasted to increase significantly in the coming years, particularly in industries such as automotive, construction, and packaging.

DCPD Resins:

Dicyclopentadiene (DCPD) resins are notable for their unique chemical structure, which results in exceptional hardness and thermal stability. These resins are often utilized in applications demanding high impact resistance and durability, such as automotive parts, electronic components, and construction materials. The increasing adoption of DCPD resins in the high-performance adhesive segment also underscores their significance. As industries continue to innovate and prioritize materials that deliver superior mechanical properties, DCPD resins will likely see an increase in demand, contributing positively to the overall hydrogenated hydrocarbon resin market.

Hydrogenated DCPD Resins:

Hydrogenated DCPD resins offer enhanced stability and lower susceptibility to oxidative degradation compared to standard DCPD resins. Their application in high-performance adhesives and coatings is growing, especially in the automotive and aerospace sectors, where reliability and durability are paramount. The unique properties of hydrogenated DCPD resins, such as lower viscosity and improved adhesion to substrates, make them excellent candidates for specialty applications. As the market moves towards more sophisticated and demanding applications, the adoption of hydrogenated DCPD resins is expected to rise, reflecting their valuable contribution to the hydrogenated hydrocarbon resin market.

By Application

Adhesives:

The adhesives segment holds a prominent position in the hydrogenated hydrocarbon resin market due to the vast applicability of these materials in various sectors, including construction, automotive, and packaging. The superior tackifying properties of hydrogenated hydrocarbon resins enhance the performance of adhesives, making them ideal for bonding dissimilar substrates. With an increasing focus on sustainable construction practices and lightweight materials in the automotive sector, the demand for high-performance adhesives is expected to rise significantly. This trend is supported by the growth of e-commerce and packaging industries, where reliable adhesives are essential for ensuring product integrity during transportation and handling.

Paints & Coatings:

The paints and coatings segment is another critical application area for hydrogenated hydrocarbon resins, as they contribute to improved adhesion, gloss, and durability. These resins are widely used in both industrial and decorative paints, providing a protective layer against environmental factors while enhancing aesthetic appeal. The growing construction and automotive industries are significant drivers of demand within this segment, as they seek out quality coatings that provide long-lasting performance and protection. Moreover, the trend towards eco-friendly paints and coatings is pushing manufacturers to innovate, leading to the development of low-VOC formulations that utilize hydrogenated hydrocarbon resins, further bolstering this segment's growth.

Printing Inks:

Hydrogenated hydrocarbon resins are gaining traction in the printing inks sector, where their excellent pigment wetting properties and compatibility with a variety of ink formulations are highly valued. The ability of these resins to impart gloss and enhance adhesion to substrates makes them a critical component in high-quality printing applications. The expanding packaging industry, along with the rise of digital printing technologies, is propelling the demand for innovative ink solutions that utilize hydrogenated hydrocarbon resins. As consumer preferences shift towards personalized packaging and high-quality prints, this segment is expected to see significant growth, driven by advancements in printing technologies and the need for durable ink solutions.

Rubber Compounding:

The rubber compounding application segment benefits from the incorporation of hydrogenated hydrocarbon resins, which improve the performance characteristics of rubber compounds. These resins enhance the processability, strength, and elasticity of rubber products, making them suitable for a variety of applications, including tires, conveyor belts, and automotive parts. The ongoing expansion of the automotive and manufacturing sectors is expected to drive demand for high-quality rubber products, subsequently increasing the need for effective compounding agents like hydrogenated hydrocarbon resins. As the automotive industry continues to innovate and prioritize the use of advanced materials, the rubber compounding segment is projected to witness substantial growth in the coming years.

Tapes & Labels:

The tapes and labels application segment is significantly influenced by the versatility of hydrogenated hydrocarbon resins as key tackifying agents. These resins provide excellent adhesion properties for various substrates, making them ideal for manufacturing pressure-sensitive adhesives used in labels, tapes, and other bonding applications. The rise of e-commerce and packaging solutions has generated a growing demand for high-performance adhesive tapes and labels, which is expected to positively impact market growth for hydrogenated hydrocarbon resins. Additionally, the focus on sustainability and eco-friendly packaging solutions is driving the development of innovative adhesive products that incorporate hydrogenated hydrocarbon resins, further expanding this segment.

By Distribution Channel

Direct Sales:

Direct sales channels play a crucial role in the distribution of hydrogenated hydrocarbon resins, allowing manufacturers to establish a strong relationship with their customers while providing tailored solutions to meet specific needs. This approach facilitates effective communication, enabling suppliers to better understand customer requirements, respond promptly to inquiries, and provide technical support. Moreover, direct sales channels often allow for bulk purchasing, which can lead to cost savings for end users. As industries increasingly value personalized service and support, the direct sales model is expected to gain traction, contributing to the overall growth of the hydrogenated hydrocarbon resin market.

Indirect Sales:

Indirect sales channels, including distributors, wholesalers, and retail outlets, serve as vital conduits for reaching a broader customer base in the hydrogenated hydrocarbon resin market. These channels facilitate the distribution of products to various industries, including automotive, construction, and packaging, enabling manufacturers to penetrate new markets effectively. The use of established distribution networks allows for greater market coverage and the ability to cater to diverse customer needs. As industries seek to streamline supply chains and improve logistical efficiency, indirect sales channels are expected to remain essential in ensuring that hydrogenated hydrocarbon resins reach end users in a timely manner, ultimately supporting market growth.

By Ingredient Type

Aliphatic Resins:

Aliphatic resins are characterized by their linear or branched chain structures, which contribute to their excellent transparency and low color intensity. These properties make them ideal for applications in paints and coatings, where aesthetic appeal is a priority. Aliphatic resins also provide enhanced UV resistance and low VOC emissions, aligning with the growing demand for eco-friendly solutions. The automotive and construction industries increasingly utilize aliphatic resins for applications requiring durability and performance, further driving their growth in the hydrogenated hydrocarbon resin market. As manufacturers strive to meet environmental regulations while delivering high-quality products, aliphatic resins will continue to play a pivotal role in this sector.

Aromatic Resins:

Aromatic resins are known for their strong adhesion properties and thermal stability, making them suitable for a variety of industrial applications. These resins are often employed in adhesives, coatings, and inks, where high-performance characteristics are essential. The demand for aromatic resins is particularly strong in sectors such as automotive and packaging, where the ability to withstand harsh conditions and provide robust adhesion is crucial. As industries prioritize product longevity and reliability, the market for aromatic resins is expected to expand, reflecting their value in the hydrogenated hydrocarbon resin landscape.

Aliphatic/Aromatic Resins:

The combination of aliphatic and aromatic resins results in hybrid formulations that offer a balance of performance attributes. These resins are designed to cater to specific application needs, providing enhanced adhesion, flexibility, and durability. The growing trend towards customized solutions in adhesive formulations is driving the popularity of aliphatic/aromatic resins, as manufacturers seek to optimize the properties of their products. With the increasing focus on sustainability and eco-friendly alternatives, these hybrid resins are likely to gain traction in the market, reflecting the ongoing innovation within the hydrogenated hydrocarbon resin sector.

By Region

The hydrogenated hydrocarbon resin market is witnessing varied growth across different regions, driven by unique industrial dynamics and consumer preferences. North America holds a significant share of the market, attributed to the robust demand for high-performance adhesives and coatings in the automotive and construction sectors. The region is expected to grow at a CAGR of around 5% during the forecast period, supported by advancements in manufacturing technologies and a focus on sustainable materials. Europe also represents a substantial market share, with countries like Germany and France leading the demand for eco-friendly resins in automotive and building applications, reflecting the region's commitment to environmental sustainability and regulatory compliance.

In the Asia Pacific region, the hydrogenated hydrocarbon resin market is anticipated to experience the fastest growth, projected to reach over USD 1.5 billion by 2035. This growth is driven by rapid industrialization, infrastructure development, and the expanding automotive manufacturing sector in countries such as China and India. The increasing urbanization and rising disposable income in these economies are further propelling the demand for adhesives and coatings. Latin America and the Middle East & Africa are also expected to contribute to the market, albeit at a slower pace, as these regions work towards enhancing their industrial capabilities and addressing the growing demand for high-performance materials.

Opportunities

The hydrogenated hydrocarbon resin market presents numerous opportunities for growth, particularly in the development of innovative, sustainable products that align with global environmental initiatives. As industries increasingly seek to adopt eco-friendly materials, manufacturers have the chance to invest in research and development efforts aimed at creating low-VOC and biodegradable resin formulations. By capitalizing on the growing trend toward sustainability, companies can position themselves as leaders in a market that values environmental responsibility. Additionally, the expansion of e-commerce and online retailing offers manufacturers new avenues to reach customers, providing opportunities for direct sales and enhanced market penetration. As companies explore new distribution channels, they can target emerging markets that may have previously been underserved, thus fostering growth and expanding their customer base.

Furthermore, technological advancements in manufacturing processes are paving the way for the development of high-performance hydrogenated hydrocarbon resins that cater to specific industry needs. The rise of digitalization and automation in production can lead to increased efficiency, reduced waste, and cost-effective solutions. As industries look for materials that offer superior performance and meet stringent regulatory requirements, manufacturers can leverage this opportunity to innovate and create specialized products that address complex challenges. Moreover, collaboration with other industry players, such as adhesive formulators and coating manufacturers, can yield synergistic partnerships that enhance product offerings and drive market expansion. Overall, the hydrogenated hydrocarbon resin market is poised for substantial growth as it capitalizes on these emerging opportunities.

Threats

The hydrogenated hydrocarbon resin market faces several threats that could hinder its growth trajectory. One of the primary challenges is the fluctuating prices of raw materials, which can impact profit margins for manufacturers. The volatility in crude oil prices directly influences the cost of producing hydrogenated hydrocarbon resins, and any significant increases in these costs could lead to higher prices for end products. This pricing pressure may result in reduced demand from cost-sensitive industries, particularly during economic downturns. Additionally, the market is highly competitive, with numerous players vying for market share. The entry of new companies and the introduction of alternative materials can create further challenges, compelling existing manufacturers to invest heavily in marketing and innovation to maintain their market positions.

Another significant threat is the increasing regulatory scrutiny concerning environmental and safety standards. As governments worldwide tighten regulations focused on VOC emissions and material safety, manufacturers may face compliance challenges, necessitating investments in research and development to meet new requirements. Failure to comply with these regulations could result in penalties and loss of market access, particularly in regions with stringent environmental policies. Moreover, the ongoing economic uncertainty in various regions could impact demand for hydrogenated hydrocarbon resins, particularly in industries heavily reliant on construction and manufacturing. Companies must therefore navigate these threats strategically to ensure long-term growth and sustainability in the market.

Competitor Outlook

• ExxonMobil Chemical Company
• Eastman Chemical Company
• Kolon Industries, Inc.
• Hexion Inc.
• Royal DSM N.V.
• Repsol S.A.
• Chevron Phillips Chemical Company
• Huntsman Corporation
• Kraton Corporation
• SABIC
• Dow Inc.
• Indorama Ventures Public Company Limited
• Polynt Group
• YASUHARA CHEMICAL CO., LTD.
• LG Chem Ltd.
• Braskem S.A.

The competitive landscape of the hydrogenated hydrocarbon resin market is characterized by the presence of several key players, each striving to capture market share through innovation, product development, and strategic partnerships. Established companies like ExxonMobil Chemical Company and Eastman Chemical Company have solidified their positions through extensive research and development capabilities, enabling them to create high-performance resins tailored to various applications. These companies are continually investing in sustainable practices and eco-friendly solutions to meet the growing demands of environmentally conscious consumers. Furthermore, they are leveraging their established distribution networks to enhance market penetration and reach a diverse client base.

In addition, companies such as Kraton Corporation and Hexion Inc. are focusing on expanding their product portfolios to include specialty resins that cater to niche markets. This approach allows them to differentiate themselves from competitors and provide tailored solutions that meet specific industry requirements. Strategic alliances and collaborations with other manufacturers, raw material suppliers, and end-users are also prevalent in the market, enabling these companies to leverage combined resources and expertise. Moreover, the emphasis on sustainability is prompting many players to explore biobased alternatives and invest in green technologies, further contributing to their competitive advantage.

Another notable trend in the competitive landscape is the emergence of regional players and new entrants who seek to capitalize on the growing demand for hydrogenated hydrocarbon resins in emerging markets. Companies in Asia Pacific, for instance, are rapidly expanding their production capabilities to meet the rising consumption of adhesives and coatings in sectors such as construction and automotive. These players are often more agile and can quickly adapt to changing market dynamics, posing a challenge to established global companies. The competition is likely to intensify as market players actively pursue opportunities for expansion, innovation, and sustainable growth in the hydrogenated hydrocarbon resin market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 SABIC
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Dow Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Hexion Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Repsol S.A.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Braskem S.A.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 LG Chem Ltd.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Polynt Group
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Royal DSM N.V.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Kraton Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Huntsman Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Kolon Industries, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Eastman Chemical Company
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 ExxonMobil Chemical Company
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 YASUHARA CHEMICAL CO., LTD.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Chevron Phillips Chemical Company
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis
  • 5.16 Indorama Ventures Public Company Limited
    • 5.16.1 Business Overview
    • 5.16.2 Products & Services
    • 5.16.3 Financials
    • 5.16.4 Recent Developments
    • 5.16.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Hydrogenated Hydrocarbon Resin Market, By Application
    • 6.1.1 Adhesives
    • 6.1.2 Paints & Coatings
    • 6.1.3 Printing Inks
    • 6.1.4 Rubber Compounding
    • 6.1.5 Tapes & Labels
  • 6.2 Hydrogenated Hydrocarbon Resin Market, By Product Type
    • 6.2.1 C5 Resins
    • 6.2.2 C9 Resins
    • 6.2.3 C5/C9 Resins
    • 6.2.4 DCPD Resins
    • 6.2.5 Hydrogenated DCPD Resins
  • 6.3 Hydrogenated Hydrocarbon Resin Market, By Ingredient Type
    • 6.3.1 Aliphatic Resins
    • 6.3.2 Aromatic Resins
    • 6.3.3 Aliphatic/Aromatic Resins
  • 6.4 Hydrogenated Hydrocarbon Resin Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Hydrogenated Hydrocarbon Resin Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Hydrogenated Hydrocarbon Resin market is categorized based on

By Product Type

• C5 Resins
• C9 Resins
• C5/C9 Resins
• DCPD Resins
• Hydrogenated DCPD Resins

By Application

• Adhesives
• Paints & Coatings
• Printing Inks
• Rubber Compounding
• Tapes & Labels

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Aliphatic Resins
• Aromatic Resins
• Aliphatic/Aromatic Resins

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• ExxonMobil Chemical Company
• Eastman Chemical Company
• Kolon Industries, Inc.
• Hexion Inc.
• Royal DSM N.V.
• Repsol S.A.
• Chevron Phillips Chemical Company
• Huntsman Corporation
• Kraton Corporation
• SABIC
• Dow Inc.
• Indorama Ventures Public Company Limited
• Polynt Group
• YASUHARA CHEMICAL CO., LTD.
• LG Chem Ltd.
• Braskem S.A.