The C5 resins Market is estimated to be valued at US$ 820.0 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
C5 resins are aliphatic petroleum resins produced from components of petroleum that contain five carbon atoms per molecule. They have excellent tack, gloss retention and properties that are commonly used in automobile paints, industrial coatings, inks, tire adhesives, and caulks.
Market Dynamics:
Growth in the coatings industry is expected to significantly drive the global C5 resins market during the forecast period. C5 resins are increasingly used as additives in paints and coatings to improve adhesion, durability, and water resistance. The automotive refinish coatings market in particular is anticipated to witness substantial growth given rising vehicle fleet and mileage across both developed and emerging economies. Additionally, expanding industrial activity in Asia Pacific and Middle East is stimulating demand for protective, marine, and other industrial coatings, thus propelling the C5 resins market.
Market key trends:
One of the key trends in the C5 Resins Market Size is the increasing adoption of C5 resins in hot melt adhesives. C5 resins are used as a tackifying agent in hot melt adhesives due to their properties such as better wetting ability, impact strength and heat resistance. The growth of the packaging industry along with rising demand for flexible packaging and consumer goods is augmenting the demand for hot melt adhesives, consequently driving the growth of the C5 resins market. Another emerging trend is the use of C5 resins in road marking applications. C5 resins provide excellent adhesion, resistance to water, fade resistance and UV stability when used in road marking paints. Many regions and countries are spending heavily on infrastructure projects involving road construction and maintenance which is expected to boost the demand for C5 resins for this application over the forecast period.
SWOT Analysis
Strength: Excellent adhesive properties of C5 resins which enables their usage in various end-use industries such as packaging, road marking etc.
Weakness: Vulnerability towards fluctuations in crude oil prices which impacts the prices of C5 resins.
Opportunity: Growing infrastructure projects in developing nations along with rising road construction activities worldwide can open new opportunities.
Threats: Stringent environmental regulations regarding VOC emissions can hamper the growth. Increasing adoption of bio-based and recyclable adhesive alternatives.
Key Takeaways
The global C5 resins market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand from the packaging industry for applications such as hot melt adhesives. The global C5 resins market was valued at US$ 820.0 Mn in 2023.
Regional analysis: Asia Pacific dominated the global C5 resins market in 2023 and is estimated to grow at the fastest rate during the forecast period. The growth in Asia Pacific region can be attributed to growing end-use industries such as packaging, construction, and paints & coatings industries in China, India, and other Asia Pacific countries.
Key players operating in the C5 resins market are Arakawa Chemical Industries Ltd, Cray Valley, DuPont, Eastman Chemical Company, ENEOS Holdings Inc., Exxon Mobil Corporation, Henan Anglxxon Chemical Co. Ltd, Kolon Industries Inc., Lesco Chemical Limited, Neville Chemical Company, Puyang Ruisen Petroleum Resins Co. Ltd, Seacon Corporation, Shanghai Jinsen, Hydrocarbon Resins Co., Limited, Zibo Luhua Hongjin New Material Co. Ltd, and ZEON CORPORATION.
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