The global C5 Resins Market is estimated to be valued at US$ 861.82 Mn or Million in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
C5 resins are a complex mixture of aromatic hydrocarbons obtained during petroleum refining. They provide good adhesion, flexibility and resistance properties and are used in adhesives, printing inks and road marking applications.
Market key trends:
One of the key trends in the C5 resins market is the increasing demand from road marking applications. C5 resins provide good adhesion to pavement surfaces and excellent resistance to weathering. They are an important constituent in road marking paints used worldwide for lane demarcation, crosswalks, parking lots etc. The growing road infrastructure and construction activities are driving the consumption of C5 resins in this application segment. Another major trend is the development of bio-based and plant-oil derived resins to replace traditional petroleum-derived resins. This is expected to open new growth opportunities and support the sustainability efforts in the industry.
Market key trends:
One of the key trends witnessed in the Global C5 Resins Market is the increasing adoption of C5 resins for bitumen modification application. C5 resins are commonly used as a modifier to improve the properties of bitumen and asphalt such as resistance to permanent deformation, low-temperature cracking, and aging. Road construction activities across developed as well as developing regions are driving the demand for modified bitumen. Furthermore, rising focus on infrastructure development will positively influence the bitumen modifiers market over the forecast period.
SWOT Analysis
Strength: High demand from road construction activities globally. C5 resins help improve properties of bitumen such as resistance.
Weakness: Volatility in raw material prices can hamper market growth.
Opportunity: Infrastructure development plans in developing nations present new areas of application.
Threats: Stringent environmental regulations regarding VOC emissions during production. Substitute products gaining traction.
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 road construction activities globally.
Regional analysis: Asia Pacific dominated the global market in 2023 and is expected to exhibit the fastest growth during the forecast period due to robust infrastructure development plans in China and India.
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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