The growth of composite materials is anticipated to openup the new avenue for C5 Resins Market11/8/2023 The C5 Resins Market is estimated to be valued at US$ 861.82 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: C5 resins are petroleum hydrocarbon resins derived from C5 streams of steam cracking processes. They are thermoplastic amorphous materials and have tackiness properties at room temperature. C5 resins find wide applications as tackifiers in adhesives, sealants, paints and coatings industry. They are used in hot melt adhesives, pressure sensitive adhesives and construction sealants. They provide tack, flexibility and adhesion to formulated products. Market Dynamics: C5 resins market is driven by increasing demand from adhesives industry. Adhesives industry accounts for over 50% of total C5 resins consumption globally. Rapid urbanization in developing regions is driving demand for building and construction activities which in turn is propelling the demand for adhesives and sealants. Additionally, paints and coatings industry is growing rapidly due to rising automotive and infrastructure development. C5 resins provides properties such as flexibility, tackiness and adhesion and finds applications as binders and tackifiers in solvent based and hot melt paints and coatings. However, stringent regulations over VOC emissions may hamper the market growth during the forecast period. Switching to low VOC and water based paints and coatings may create opportunities for bio based and hybrid C5 resins in coming years. Segment Analysis The Global C5 Resins Market can be segmented on the basis of product type into polymers and copolymers. The polymers segment dominates the market and accounts for around 60% share currently due to wider applications of C5 polymers in adhesives, inks, coatings, and road markings among others. Within polymers, aliphatic C5 resins sub-segment leads the market owing to low cost and high solubility properties of aliphatic resins. PEST Analysis Political: No major regulations exist currently impacting the C5 resins market. However, stringent environmental regulations around VOC emissions can influence demand patterns in the future. Economic: Developing economies in Asia Pacific are witnessing high growth in end-use industries like construction, paints & coatings propelling regional market growth rates above global average. Social: Increasing construction activities along with rising vehicle fleet and road infrastructure development are fueling market demand. Technological: Resins manufacturers are focusing on developing more sustainable bio-based resins using plant-based feedstock through innovative production technologies. 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 construction activities and automotive production worldwide. The market size for 2023 is estimated at US$ 861.82 Mn. Asia Pacific dominates currently with a share of over 40% led by China, and is expected to witness fastest growth through 2030 on back of rising GDP levels and increasing investments in industrial and infrastructural development projects across India, Indonesia, and Vietnam. 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. Read More: https://www.rapidwebwire.com/c5-resins-market-growth/
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