C5 resins refer to carbon chain hydrocarbons consisting of 5 carbon atoms such as pentane. The resins are utilized to produce various polymers and specialty plastics that exhibit properties including durability, chemical resistance and low permeability. Specialty plastics produced from C5 resins find wide applications across industries such as automotive, construction and healthcare. They are used to manufacture parts for vehicles, pipes, medical equipment and other durable products. The increasing demand for high-performance plastics from end-use industries is driving the production of C5 resins globally. The global C5 Resins Market is estimated to be valued at US$ 992.82 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing automotive industry is one of the major trends driving the demand for C5 resins. Various automotive components such as seating, trims, bumpers and under-the-hood parts are made using specialty plastics produced from C5 resins. These plastics help reduce the overall weight of vehicles while maintaining durability and strength. As automakers focus on weight reduction to improve fuel efficiency amid stringent emission regulations, the consumption of C5 resins is expected to increase substantially over the coming years. The trend towards production of lightweight vehicles will remain a key growth factor for the C5 resins market during the forecast period.
Segment Analysis
The global C5 resins market growth is dominated by the paints and coatings sub-segment. C5 resins exhibit properties like good film formation, adhesion, and weather resistance that makes them ideal for use in paints and coatings. They help provide smooth and hard finish to surfaces. Additionally, growing infrastructure activities and construction industry in developing nations is driving the demand for paints and coatings which in turn is pushing the growth of C5 resins market.
Key Takeaways
The global C5 resins market is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific region is currently the fastest growing as well as dominating regional market for C5 resins. This is primarily attributed to rapidly growing construction spending and infrastructure development projects in developing countries like China and India. Increasing manufacturing activities in countries like China, India, Indonesia, and Vietnam is also driving the demand.
Key players: 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. ABB Ltd., Siemens AG, and General Electric Company collectively accounts for majority market share. Ongoing expansion activities through strategic partnerships and acquisitions by major players is expected to further aid their dominance in the coming years. Small and medium scale players are focusing on developing specialty grades to strengthen their position.
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