The global C5 Resins Market is estimated to be valued at US$ 861.82 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
C5 resins, also known as aromatic hydrocarbon resins, find widespread applications in adhesives, sealants, coatings, inks, rubbers, and other end-use industries due to their outstanding properties such as high bonding strength, water resistance, and toughness. Increasing demand for C5 resins from the booming adhesives industry is expected to drive the market growth over the forecast period.
Market key trends:
The increasing demand from adhesives industry is expected to be a major growth driver for the global C5 resins market during the forecast period. C5 resins find extensive use in manufacturing pressure sensitive adhesives, hot melt adhesives, and other adhesives used in various end-use industries including construction, footwear, packaging and others. Growth in these end-use industries is propelling the demand for adhesives which in turn is fueling the consumption of C5 resins. According to Coherent Market Insights analysis, the global adhesives market was valued at US$ 60.15 billion in 2022 and is forecast to reach US$ 93.3 billion by 2030, growing at a CAGR of 5.2% during the forecast period. Rising demand from the adhesives market is expected to augment the growth of the global C5 resins market over the forecast period.
Strength: C5 resins have excellent balance of performance and cost-effectiveness making them suitable for wide range of applications like printing inks, adhesives, coatings, and others. They provide optimal combination of tack, flexibility and durability.
Weakness: Volatile raw material prices particularly crude oil based feedstock increases production costs posing threat to profit margins. Stringent environmental regulations regarding emissions during manufacturing may add to compliance cost.
Opportunity: Growing demand from paints & coatings industry due to increased infrastructure spending and urbanization in Asia Pacific and Middle East & Africa region offers major growth opportunity. Development of bio-based and recycled content resins presents new avenues.
Threats: Substitution threat from eco-friendly bio-based alternatives and digitalization reducing need for certain applications like printing inks. Supply chain disruption due to geopolitical conflicts can impact supply.
The Global C5 Resins Market Size is expected to witness high growth over the forecast period supported by increasing consumption in coatings, adhesives and printing inks industries. Regional analysis Asia Pacific dominates the global C5 resins market and is expected to maintain its lead during the forecast period driven by rising paints & coatings demand from India, China and other developing countries in the region undergoing rapid infrastructural growth. Key players operating in the C5 resins 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it