C5 resins, also known as hydrocarbon resins, find extensive applications in hot melt adhesives, paints & coatings, printing inks, and road marking due to their properties such as strength, flexibility and resistance to UV radiation & chemicals. C5 resins impart anti-sagging properties and imparts tack, wet edge, and gloss in adhesives. Growing demand from industries such as packaging, construction and automotive has been driving the adoption of C5 resins. 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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increasing adoption of C5 resins in various applications: C5 resins find use in wide range of industrial applications such as hot melt adhesives, printing inks, roofing materials, road marking, and other coatings owing to properties like flexibility, tackiness, adhesion and UV resistance. Rising demand from application industries like automotive, construction and packaging has been fueling the adoption of C5 resins. Further, growing infrastructure development activities in developing nations is expected to augment the demand.
Segment Analysis
The global C5 resins market is dominated by the C5/C9 resins sub-segment, which accounts for over 60% of the overall market share. C5/C9 resins are mixtures of C5 and C9 aromatic streams and resins derived from them. They are primarily used in coatings, inks, adhesives, and other applications where balanced performance is required. Due to their balanced properties and wider applicability across industries, C5/C9 resins sub-segment has seen higher demand compared to other sub-segments like polymerized C5 resins and hydrogenated C5 resins.
Key Takeaways
The global C5 Resins Market Growth is expected to witness high growth during the forecast period owing to increasing applications in coatings and adhesives industries.
Regional analysis: Asia Pacific region is expected to witness the highest growth in the global C5 resins market during the forecast period. Various factors such as rapidly expanding coatings, inks, and adhesives industries and increased construction activities are driving the demand for C5 resins in the Asia Pacific region. China and India are the fastest growing markets in the region owing to increasing consumption from end-use industries in these countries.
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., and Schneider Electric SE. These companies are focusing on new product launches and expansion of production facilities to strengthen their market position. For instance, in 2021, Mitsubishi Electric Corporation announced plans to expand its production capacity for power semiconductors in Japan.
For more insights, read- https://www.ukwebwire.com/c5-resins-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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