by C5 resins, also known as hydrocarbon resins, are polymeric materials synthesized from petroleum feedstock containing 5 carbon atoms. They are primarily used as additives in various applications such as adhesives, inks, coatings, sealants, and others. Some key uses of C5 resins include binding agent for pigments in powder coatings, surface protection additive in inks and coatings, tackifier in pressure sensitive adhesives, and modifier in hot melt adhesives. The global C5 resins market is estimated to be valued at US$ 861.82 million in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The architectural industry has been recently adopting C5 resins on a large scale due to their excellent adhesion properties and weather resistance. They are widely used as modifiers and tackifiers in sealants, coatings, and adhesives applied on rooftops, floors, walls and other architectural surfaces. Growing infrastructural projects and construction activities globally have significantly boosted the consumption of resins in this sector.
Market Dynamics
Rising usage of C5 resins in architectural industries presents a key opportunity for market growth over the forecast period. One of the major market drivers in this regard is the increasing urbanization and investments in infrastructure development across both developing and developed economies. According to data by the United Nations, over 68% of the world’s population is projected to reside in urban areas by 2050, up from 55% in 2018. This is expected to augment the demand for commercial and residential construction, thereby propelling the uptake of C5 resins in architectural applications like roofing, flooring and coatings.
Segment Analysis
The global C5 Resins market is dominated by the liquid C5 resins segment. This segment accounts for over 60% of the overall market share owing to the extensive usage of liquid C5 resins in adhesives, inks, paints, and coatings. Liquid C5 resins provide better adhesion and stability compared to other alternatives making them a preferred choice across industries for various applications.
PEST Analysis
Political: The C5 Resins market is moderately regulated by environmental laws pertaining to VOC emissions. Various EU nations have stringent regulations to reduce emissions which can impact market dynamics.
Economic: The global economy strongly influences the C5 Resins market as it is used majorly in construction, packaging, and automotive sectors which are cyclical. Any recession can dampen demand whereas growth stimulates market volume sales.
Social: Rising social awareness about air pollution and its health effects is driving preference towards green products. This has increased demand for low VOC emission C5 Resins from industries to comply with sustainability standards.
Technological: Innovation in resin production technology has improved C5 resin characteristics. Developments allow tailoring properties like flexibility, impact resistance as per customer needs. This aids market potential through new product applications.
Key Takeaways
The global C5 Resins Market Growth is expected to witness high growth at a CAGR of 7.3% during the forecast period of 2023 to 2030.
Regionally, Asia Pacific dominates currently accounting for over 40% share backed by strong growth in the construction and automotive sectors in China, India.
Key players operating in the C5 Resins market are ABB Ltd., Siemens AG, Larsen & Toubro Limited, General Electric Company, Honeywell International, Inc., Rockwell Automation, Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Schneider Electric SE, Alstom SA, and Fuji Electric. Key players like Honeywell, Rockwell and ABB are focusing on strategic partnerships and acquisitions to enhance their production capacities and regional presence.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
