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.
C5 resins are hydrocarbon polymers derived from petroleum sources. They are crystalline in structure, insoluble in water but soluble in hydrocarbon solvents. They are primarily used in manufacturing paints & coatings applications as they improve durability, flexibility and adhesion properties of formulations. They are also used in rubber, inks, adhesives and road marking applications.
C5 resins find major application in paints & coatings formulations which enhances their performance and reduces cost. Growing construction activities along with increasing automotive production across developing economies is driving the growth of paints & coatings industry, thereby augmenting the demand for C5 resins. Furthermore, developing regions such as Asia Pacific, Latin America and Middle East are witnessing rising disposable income and rapid urbanization which is triggering the demand for various coatings from automotive, industrial and construction sectors. This in turn is projected to propel the C5 Resins Market Size over the forecast period.
The C5 resins market is dominated by the polymers and copolymers segment owing to their increased demand from construction and paints & coatings industries. The polymers and copolymers segment holds around 60% of the total market share as C5 resins exhibit superior properties like enhanced adhesion, resistant to weathering and UV stability which makes them a preferred choice for various applications.
Political: Fluctuations in crude oil prices impact the price of C5 resins which are crude oil derivatives. Stable government policies ensured smooth supply.
Economic: Growth in end-use industries like construction, automotive boosts demand. Developing nations spending more on infrastructure strengthening their economies.
Social: Increasing consumer spending, rapid urbanization, and rise in nuclear families driving the construction sector.
Technological: Development of advanced production technologies enhanced process efficiencies reducing costs. New applications development expanded the market.
The global C5 resins market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing application in construction industry. Rapid infrastructure development projects especially in Asia Pacific is the major driver.
The Asia Pacific region dominates the global C5 resins market with a share of over 40%, with China being the major consumer as well as producer. This can be attributed to presence of a booming construction industry and growth of automotive sector in the region.
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.