C5 Resins are organic compounds used in the production of carbon fibers, which find wide applications in aerospace, automotive, sports equipment, construction and wind energy sectors owing to their high strength, stiffness, low density and corrosion resistance properties. Carbon fibers reinforce composites to make them lighter and stronger and help reduce weight and increase fuel efficiency.
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 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for carbon fibers across various end-use industries such as aerospace, automotive, wind energy, construction and others is a major factor propelling the demand for C5 Resins. Carbon fibers are increasingly being used as a substitute to metals like steel and aluminum owing to their lightweight yet high strength properties. This is expected to drive the utilization of C5 Resins in the production of carbon fibers during the forecast period. Furthermore, stringent emission norms and fuel efficiency standards are prompting auto manufacturers to use lighter materials for automotive production. This is expected to boost the demand for carbon fiber composites, thus fueling growth of the C5 Resins Market over the forecast period.
SWOT Analysis
Strength: C5 Resins provides corrosion resistance and better color and gloss retention for automotive coatings. They offer high performance at competitive prices.
Weakness: Fluctuating raw material prices can impact the costs of C5 Resins. Stringent environmental regulations pose compliance challenges.
Opportunity: Growing automotive industry in Asia Pacific generates increased demand for automotive coatings and C5 Resins. New product development expands applications of C5 Resins.
Threats: Availability of alternatives resins can replace C5 Resins in some end-use industries. Intense competition among existing players limits pricing flexibility.
Key Takeaways
The global C5 Resins market share is expected to witness high growth. 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 8.2% over the forecast period 2023 to 2030.
Asia Pacific dominates the global market and is expected to grow at fastest CAGR during the forecast period. The Asia Pacific C5 Resins market is driven by increased automotive manufacturing and fleet in China, India, Japan, and South Korea.
Key players operating in the C5 Resins market are Afterpay, Holdings Inc., Klarna Bank AB, Laybuy Group Holdings Limited, Payl8r (Social Money Ltd.), PayPal Holdings Inc., Perpay, Quadpay, Sezzl, Splitit. These players are focused on new product launches and expansion strategies to gain market share. For instance, In February 2021, Splitit expanded its platform capabilities and partnership ecosystem to offer merchants installment payments solution globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it