M9 Grade EX Hydrocarbon Resin Market Report – Research, Industry Analysis Reports and Market Demands

Global M9 Grade EX Hydrocarbon Resin Market 2026 by Manufacturers, Regions, Type and Application, Forecast to 2032

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Table of Content

1 Market Overview

1.1 Product Overview and Scope
1.2 Market Estimation Caveats and Base Year
1.3 Market Analysis by Type
- 1.3.1 Overview: Global M9 Grade EX Hydrocarbon Resin Consumption Value by Type: 2021 Versus 2025 Versus 2032
- 1.3.2 Standard EX (Df 0.0010–0.0020, Dk 2.7–2.9)
- 1.3.3 Low-loss EX (Df 0.0006–0.0010, Dk 2.5–2.7)
- 1.3.4 Ultra-low Loss EX (Df <0.0006, Dk 2.4–2.6)
1.4 Market Analysis by Molecular Structure
- 1.4.1 Overview: Global M9 Grade EX Hydrocarbon Resin Consumption Value by Molecular Structure: 2021 Versus 2025 Versus 2032
- 1.4.2 Linear Polyacenaphthylene
- 1.4.3 Crosslinked Modified EX
- 1.4.4 EX Copolymer (with PPO/styrene)
1.5 Market Analysis by Application
- 1.5.1 Overview: Global M9 Grade EX Hydrocarbon Resin Consumption Value by Application: 2021 Versus 2025 Versus 2032
- 1.5.2 AI服务器主板（M8/M9）
- 1.5.3 Rubin平台OAM加速卡
- 1.5.4 800G/1.6T交换机PCB
- 1.5.5 高速背板
- 1.5.6 其他
1.6 Global M9 Grade EX Hydrocarbon Resin Market Size & Forecast
- 1.6.1 Global M9 Grade EX Hydrocarbon Resin Consumption Value (2021 & 2025 & 2032)
- 1.6.2 Global M9 Grade EX Hydrocarbon Resin Sales Quantity (2021-2032)
- 1.6.3 Global M9 Grade EX Hydrocarbon Resin Average Price (2021-2032)

2 Manufacturers Profiles

3 Competitive Environment: M9 Grade EX Hydrocarbon Resin by Manufacturer

3.1 Global M9 Grade EX Hydrocarbon Resin Sales Quantity by Manufacturer (2021-2026)
3.2 Global M9 Grade EX Hydrocarbon Resin Revenue by Manufacturer (2021-2026)
3.3 Global M9 Grade EX Hydrocarbon Resin Average Price by Manufacturer (2021-2026)
3.4 Market Share Analysis (2025)
- 3.4.1 Producer Shipments of M9 Grade EX Hydrocarbon Resin by Manufacturer Revenue ($MM) and Market Share (%): 2025
- 3.4.2 Top 3 M9 Grade EX Hydrocarbon Resin Manufacturer Market Share in 2025
- 3.4.3 Top 6 M9 Grade EX Hydrocarbon Resin Manufacturer Market Share in 2025
3.5 M9 Grade EX Hydrocarbon Resin Market: Overall Company Footprint Analysis
- 3.5.1 M9 Grade EX Hydrocarbon Resin Market: Region Footprint
- 3.5.2 M9 Grade EX Hydrocarbon Resin Market: Company Product Type Footprint
- 3.5.3 M9 Grade EX Hydrocarbon Resin Market: Company Product Application Footprint
3.6 New Market Entrants and Barriers to Market Entry
3.7 Mergers, Acquisition, Agreements, and Collaborations

4 Consumption Analysis by Region

4.1 Global M9 Grade EX Hydrocarbon Resin Market Size by Region
- 4.1.1 Global M9 Grade EX Hydrocarbon Resin Sales Quantity by Region (2021-2032)
- 4.1.2 Global M9 Grade EX Hydrocarbon Resin Consumption Value by Region (2021-2032)
- 4.1.3 Global M9 Grade EX Hydrocarbon Resin Average Price by Region (2021-2032)
4.2 North America M9 Grade EX Hydrocarbon Resin Consumption Value (2021-2032)
4.3 Europe M9 Grade EX Hydrocarbon Resin Consumption Value (2021-2032)
4.4 Asia-Pacific M9 Grade EX Hydrocarbon Resin Consumption Value (2021-2032)
4.5 South America M9 Grade EX Hydrocarbon Resin Consumption Value (2021-2032)
4.6 Middle East & Africa M9 Grade EX Hydrocarbon Resin Consumption Value (2021-2032)

5 Market Segment by Type

5.1 Global M9 Grade EX Hydrocarbon Resin Sales Quantity by Type (2021-2032)
5.2 Global M9 Grade EX Hydrocarbon Resin Consumption Value by Type (2021-2032)
5.3 Global M9 Grade EX Hydrocarbon Resin Average Price by Type (2021-2032)

6 Market Segment by Application

6.1 Global M9 Grade EX Hydrocarbon Resin Sales Quantity by Application (2021-2032)
6.2 Global M9 Grade EX Hydrocarbon Resin Consumption Value by Application (2021-2032)
6.3 Global M9 Grade EX Hydrocarbon Resin Average Price by Application (2021-2032)

7 North America

7.1 North America M9 Grade EX Hydrocarbon Resin Sales Quantity by Type (2021-2032)
7.2 North America M9 Grade EX Hydrocarbon Resin Sales Quantity by Application (2021-2032)
7.3 North America M9 Grade EX Hydrocarbon Resin Market Size by Country
- 7.3.1 North America M9 Grade EX Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 7.3.2 North America M9 Grade EX Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 7.3.3 United States Market Size and Forecast (2021-2032)
- 7.3.4 Canada Market Size and Forecast (2021-2032)
- 7.3.5 Mexico Market Size and Forecast (2021-2032)

8 Europe

8.1 Europe M9 Grade EX Hydrocarbon Resin Sales Quantity by Type (2021-2032)
8.2 Europe M9 Grade EX Hydrocarbon Resin Sales Quantity by Application (2021-2032)
8.3 Europe M9 Grade EX Hydrocarbon Resin Market Size by Country
- 8.3.1 Europe M9 Grade EX Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 8.3.2 Europe M9 Grade EX Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 8.3.3 Germany Market Size and Forecast (2021-2032)
- 8.3.4 France Market Size and Forecast (2021-2032)
- 8.3.5 United Kingdom Market Size and Forecast (2021-2032)
- 8.3.6 Russia Market Size and Forecast (2021-2032)
- 8.3.7 Italy Market Size and Forecast (2021-2032)

9 Asia-Pacific

9.1 Asia-Pacific M9 Grade EX Hydrocarbon Resin Sales Quantity by Type (2021-2032)
9.2 Asia-Pacific M9 Grade EX Hydrocarbon Resin Sales Quantity by Application (2021-2032)
9.3 Asia-Pacific M9 Grade EX Hydrocarbon Resin Market Size by Region
- 9.3.1 Asia-Pacific M9 Grade EX Hydrocarbon Resin Sales Quantity by Region (2021-2032)
- 9.3.2 Asia-Pacific M9 Grade EX Hydrocarbon Resin Consumption Value by Region (2021-2032)
- 9.3.3 China Market Size and Forecast (2021-2032)
- 9.3.4 Japan Market Size and Forecast (2021-2032)
- 9.3.5 South Korea Market Size and Forecast (2021-2032)
- 9.3.6 India Market Size and Forecast (2021-2032)
- 9.3.7 Southeast Asia Market Size and Forecast (2021-2032)
- 9.3.8 Australia Market Size and Forecast (2021-2032)

10 South America

10.1 South America M9 Grade EX Hydrocarbon Resin Sales Quantity by Type (2021-2032)
10.2 South America M9 Grade EX Hydrocarbon Resin Sales Quantity by Application (2021-2032)
10.3 South America M9 Grade EX Hydrocarbon Resin Market Size by Country
- 10.3.1 South America M9 Grade EX Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 10.3.2 South America M9 Grade EX Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 10.3.3 Brazil Market Size and Forecast (2021-2032)
- 10.3.4 Argentina Market Size and Forecast (2021-2032)

11 Middle East & Africa

11.1 Middle East & Africa M9 Grade EX Hydrocarbon Resin Sales Quantity by Type (2021-2032)
11.2 Middle East & Africa M9 Grade EX Hydrocarbon Resin Sales Quantity by Application (2021-2032)
11.3 Middle East & Africa M9 Grade EX Hydrocarbon Resin Market Size by Country
- 11.3.1 Middle East & Africa M9 Grade EX Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 11.3.2 Middle East & Africa M9 Grade EX Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 11.3.3 Turkey Market Size and Forecast (2021-2032)
- 11.3.4 Egypt Market Size and Forecast (2021-2032)
- 11.3.5 Saudi Arabia Market Size and Forecast (2021-2032)
- 11.3.6 South Africa Market Size and Forecast (2021-2032)

12 Market Dynamics

12.1 M9 Grade EX Hydrocarbon Resin Market Drivers
12.2 M9 Grade EX Hydrocarbon Resin Market Restraints
12.3 M9 Grade EX Hydrocarbon Resin Trends Analysis
12.4 Porters Five Forces Analysis
- 12.4.1 Threat of New Entrants
- 12.4.2 Bargaining Power of Suppliers
- 12.4.3 Bargaining Power of Buyers
- 12.4.4 Threat of Substitutes
- 12.4.5 Competitive Rivalry

13 Raw Material and Industry Chain

13.1 Raw Material of M9 Grade EX Hydrocarbon Resin and Key Manufacturers
13.2 Manufacturing Costs Percentage of M9 Grade EX Hydrocarbon Resin
13.3 M9 Grade EX Hydrocarbon Resin Production Process
13.4 Industry Value Chain Analysis

14 Shipments by Distribution Channel

14.1 Sales Channel
- 14.1.1 Direct to End-User
- 14.1.2 Distributors
14.2 M9 Grade EX Hydrocarbon Resin Typical Distributors
14.3 M9 Grade EX Hydrocarbon Resin Typical Customers

15 Research Findings and Conclusion

16 Appendix

16.1 Methodology
16.2 Research Process and Data Source

Description

According to our (Global Info Research) latest study, the global M9 Grade EX Hydrocarbon Resin market size was valued at US$ 8.54 million in 2025 and is forecast to a readjusted size of US$ 91.66 million by 2032 with a CAGR of 28.3% during review period.
M9 Grade EX Hydrocarbon Resin refers to ultra-low dielectric loss hydrocarbon resin synthesized by polymerization with acenaphthylene (a fused-ring aromatic hydrocarbon monomer) as reactive group. Among M9 CCL technology routes, it is positioned as an emerging cost-effective route. EX resin features a rigid fused-ring and reactive double bond structure, achieving Df as low as 0.0006 and Dk as low as 2.54 at 15GHz, with high thermal stability (Tg up to 223℃), low coefficient of thermal expansion, and excellent dielectric properties, approaching or partially exceeding ODV route performance, while costs are 30%-40% lower than comparable imported products. The core value of EX resin lies in delivering M9-grade ultra-low loss performance with significant cost advantages through simplified processing and localized raw material supply, making it the only route combining “high performance + low cost” among M9-grade hydrocarbon resins.
M9 Grade EX hydrocarbon resin is the “cost‑performance dark horse” among M9 resin technology routes. Its core advantage lies in dielectric performance close to ODV (Df as low as 0.0006) while costing 30‑40% less than comparable imported products. Pricing: domestic EX resin (Malion/Huihong) sells at ~RMB 600,000/ton, far below ODV (~RMB 1,000,000/ton) and BCB (~RMB 2,000,000/ton), making it a key option for cost reduction in M9 formulations. Margins: Malion’s EX resin net margin exceeds 50%, significantly higher than peers (20‑30%), thanks to its 200‑ton/year line running at full capacity, high raw material self‑sufficiency, and market scarcity. As capacity expands to 500 tons/year, economies of scale may further boost margins. Downstream primary applications: EX resin is currently used in M8/M9 AI server motherboards and OAM accelerator cards as a supplement or substitute for ODV. Some international customers (e.g., Japanese CCL leaders) are shifting from ODV to EX resin because it meets performance specs while substantially reducing BOM costs. Incremental demand is driven by the Rubin platform mass production – global electronic‑grade hydrocarbon resin demand is expected to reach 8,000 tons in 2026, and EX resin, with its cost advantage, could capture 20‑30% of that share. Upstream‑downstream structure: upstream acenaphthylene monomer supplied mainly by JFE Chemical, Keying Chem; mid‑stream EX resin synthesis is exclusively mass‑produced in China by Malion/Huihong, with Japanese players (Hitachi Chemical, Sumitomo Bakelite) having technical reserves but limited capacity; downstream CCL makers (EMC, Shengyi, ITEQ) have certified EX resin solutions and are ready for volume adoption. Landscape: Malion holds a dominant position in EX resin within China, competing globally with Hitachi Chemical and Sumitomo Bakelite, but is rapidly gaining share due to cost advantages and capacity flexibility. The biggest strength of the EX route is its ability to scale quickly – Malion’s 200‑ton line is already at full capacity, and expansion to 500 tons is underway, whereas ODV/BCB expansion is constrained by technical barriers and raw material supply. Uncertainties include: (1) yield and cost control after Malion’s new 500‑ton line comes online; (2) whether EX resin’s penetration in M9 formulations can continue to rise, or whether ODV/BCB price cuts will erode its cost‑performance advantage; (3) acenaphthylene raw material price volatility. Conclusion: M9 EX hydrocarbon resin is the only M9 resin route that combines “high performance + low cost”. Its core driver is CCL makers’ rigid need to reduce BOM costs while maintaining performance. Structural features are domestic exclusive mass production, significant cost advantage, and strong expansion flexibility, but technical barriers are lower than ODV/BCB, potentially facing price competition in the long term. The EX route’s greatest value is providing a “good enough and cheaper” option for the M9 market, poised for rapid share gain during the 2026‑2027 M9 volume ramp‑up.
This report is a detailed and comprehensive analysis for global M9 Grade EX Hydrocarbon Resin market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
Key Features:
Global M9 Grade EX Hydrocarbon Resin market size and forecasts, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2021-2032
Global M9 Grade EX Hydrocarbon Resin market size and forecasts by region and country, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2021-2032
Global M9 Grade EX Hydrocarbon Resin market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2021-2032
Global M9 Grade EX Hydrocarbon Resin market shares of main players, shipments in revenue ($ Million), sales quantity (Tons), and ASP (US$/Ton), 2021-2026
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for M9 Grade EX Hydrocarbon Resin
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global M9 Grade EX Hydrocarbon Resin market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Huihong Technology (subsidiary of Malion New Materials), JFE Chemical, Resonac (formerly Hitachi Chemical), Sumitomo Bakelite, Keying Chem, Beida Industry, Ningbo Inno Pharmchem, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Market Segmentation
M9 Grade EX Hydrocarbon Resin market is split by Type and by Application. For the period 2021-2032, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
Market segment by Type
Standard EX (Df 0.0010–0.0020, Dk 2.7–2.9)
Low-loss EX (Df 0.0006–0.0010, Dk 2.5–2.7)
Ultra-low Loss EX (Df <0.0006, Dk 2.4–2.6)
Market segment by Molecular Structure
Linear Polyacenaphthylene
Crosslinked Modified EX
EX Copolymer (with PPO/styrene)
Market segment by Application
AI服务器主板（M8/M9）
Rubin平台OAM加速卡
800G/1.6T交换机PCB
高速背板
其他
Major players covered
Huihong Technology (subsidiary of Malion New Materials)
JFE Chemical
Resonac (formerly Hitachi Chemical)
Sumitomo Bakelite
Keying Chem
Beida Industry
Ningbo Inno Pharmchem
Market segment by region, regional analysis covers
North America (United States, Canada, and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The content of the study subjects, includes a total of 15 chapters:
Chapter 1, to describe M9 Grade EX Hydrocarbon Resin product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top manufacturers of M9 Grade EX Hydrocarbon Resin, with price, sales quantity, revenue, and global market share of M9 Grade EX Hydrocarbon Resin from 2021 to 2026.
Chapter 3, the M9 Grade EX Hydrocarbon Resin competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the M9 Grade EX Hydrocarbon Resin breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2021 to 2032.
Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2021 to 2032.
Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2021 to 2026.and M9 Grade EX Hydrocarbon Resin market forecast, by regions, by Type, and by Application, with sales and revenue, from 2027 to 2032.
Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.
Chapter 13, the key raw materials and key suppliers, and industry chain of M9 Grade EX Hydrocarbon Resin.
Chapter 14 and 15, to describe M9 Grade EX Hydrocarbon Resin sales channel, distributors, customers, research findings and conclusion.

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