They are extensively used in paints and coatings due to their adhesive properties and ability to improve weather resistance and anti-ageing characteristics.
The global C5 Resins Market is estimated to be valued at US$ 861.82 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of C5 resins in paints and coatings industry is one of the major trends fueling the market growth. C5 resins has excellent wetting and adhesion properties, which makes them suitable for use in paints and coatings formulations. They are primarily used in coatings of cars, buildings, floors, furniture, and various industrial applications where enhanced adhesion and weather resistance is required. Paint and coatings manufacturers are increasingly utilizing C5 resins due to its effectiveness and affordable cost alternative as compared to synthetic and natural resins. The rising construction activities along with automotive production is expected to drive the consumption of C5 resins for paints and coatings applications over the forecast period.
Segment Analysis
The Global C5 Resins Market Size is dominated by the aromatic hydrocarbon resins segment which holds around 60% of the total market share. This segment leads as C5 resins are commonly used in various aromatic hydrocarbon resins applications like adhesive and sealants, printing inks, and paints and coatings. They are the preferred material due to their better compatibility and adhesion properties for end-use industries.
Key Takeaways
The global C5 Resins market is expected to witness high growth over the forecast period. The market size for 2023 is US$ 861.82 Mn and projected to reach US$ 1.4 Bn by 2030, growing at a CAGR of 6.0% between 2023 to 2030.
Regional analysis
The Asia Pacific region dominates the global C5 Resins market with over 40% market share. This is due to the presence of major C5 resins manufacturing countries like China and availability of raw materials. China alone contributes to over 35% of the global C5 Resins demand due to strong presence of end-use industries like paints, inks, sealants etc.
Key players
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.
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