by The global 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 hydrocarbon compounds obtained from petroleum sources. They are mainly used in applications such as adhesives, printing inks, rubber compounding and road marking applications due to their desirable thermoplastic properties. C5 resins provide excellent tackiness, adhesion and water resistance in various end-use applications.
Market key trends:
One of the key trends in the C5 resins market is the increasing demand from road construction activities. C5 resins are used as additives in road marking paints in order to provide durability and water resistance. With rising investments in infrastructure development globally, the demand for road marking activities is steadily increasing. This is expected to drive the consumption of C5 resins in the road construction segment during the forecast period.
Segment Analysis
The global C5 Resins Market Size is dominated by the aromatic resin segment, accounting for nearly 60% of the total market share in 2023. C5 aromatic resins are extensively used in printing inks, coating, and adhesive applications attributed to their excellent chemical and physical properties such as high melting point, thermal stability, and gloss. With growing end-use industries and increasing preference for sustainable resin alternatives, the aliphatic C5 resins segment is expected to witness the fastest growth over the forecast period.
Key Takeaways
The global C5 resins market size was valued at US$ 820.0 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period of 2023-2030, owing to growing demand from end-use industries such as printing inks, paints & coatings, adhesives & sealants, and rubber.
Asia Pacific dominated the global market with over 35% revenue share in 2023 led by China, India, and Japan. This can be attributed to the expanding automotive, construction, and packaging industries in the region. North America is expected to witness steady growth due to increasing oil & gas production driving the abundance of raw material supply in the U.S. and Canada.
Key players operating in the C5 resins market include 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. Major players are focusing on strategic partnerships and new product developments to cater to the growing market demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
