by 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.
Market Overview:
C5 resins refer to a class of synthetic polymers widely used as adhesives and sealants. They are produced from C5 petroleum distillates through polymerization and are available in liquid and solid forms. Compared to other synthetic polymers, C5 resins offer improved adhesion, flexibility and resistance to chemicals at economical prices. They find extensive usage in the building & construction and packaging industries for manufacturing wood flooring adhesives, paints, caulks and other applications.
Market key trends:
One of the key trends driving the C5 resins market growth is the rising adoption in adhesives and sealants applications. C5 resins based adhesives offer high bond strength and work efficiently in diverse environmental conditions. They are preferred for industrial and construction activities like vehicle manufacturing, fabrication of furniture, footwear and various other applications. Furthermore, C5 resins also find usage as binders in sealants used on rooftops, windows and doors. Their water-resistant and flexible properties make them suitable for sealing applications. The growing construction as well as automotive industries globally has been augmenting the demand for C5 resins used in adhesives and sealants in recent years.
Porter’s Analysis
Threat of new entrants: High capital requirement and established presence of existing players pose high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes and established supply chain of key players.
Bargaining power of suppliers: Presence of numerous suppliers for raw materials reduces their bargaining power against buyers.
Threat of new substitutes: Availability of substitutes like petroleum-based alkyd resins and vegetable/soy-based alkyd resins poses threat to C5 Resins Market Size.
Competitive rivalry: Intense competition exists among key players to gain higher market share.
SWOT Analysis
Strength: High demand from paints & coatings industry due to properties like durability, gloss retention and fast drying characteristics.
Weakness: Volatility in raw material prices affects the overall production cost. Vulnerable to stringent environmental regulations.
Opportunity: Growing construction industry in Asia Pacific and increasing use of C5 resins in applications other than paints & coatings offer growth opportunities.
Threats: Substitution risk from biobased and petroleum-based resins hampers growth. Economic slowdowns negatively impact the market.
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 demand from paints & coatings industry. The paints & coatings application segment accounted for over 60% share of the global market in 2023.
Regional analysis: Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. Growing construction activities in countries like China and India drives the regional market.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
