C5 Resins are synthetic hydrocarbon resins produced from petroleum feedstock which find wide applications as adhesives, paints, coatings and others due to their excellent tackiness, adhesion and cohesion properties. C5 resins offer superior performance over traditional tackifiers and resins. 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:
Rising adoption of C5 resins in construction and automotive industries has been boosting the C5 resins market size. C5 resins are extensively used as adhesives in manufacturing processes of concrete, wood and various other construction materials owing to their excellent adhesion properties. They are also used as tackifiers in pressure sensitive adhesives for flooring, tiles and other construction applications. In automotive industry, C5 resins find applicability as tackifiers in adhesives for automotive interior and exterior applications such as bonding of automotive panels, parts, interior trims and others. Growing construction and automotive sectors especially in Asia Pacific are expected to continue driving the demand for C5 resins during the forecast period.
Strength: C5 resins are versatile thermosetting polymers that can be used in a variety of end-use industries such as paints and coatings, construction, and automotive. They offer benefits such as durability, water resistance, and corrosion protection.
Weakness: Due to the presence of different monomers in their formulation, C5 resins may produce more thermal decomposition and reactive species during combustion compared to other resins. This can affect their regulatory approvals for certain applications.
Opportunity: Increasing construction activities in emerging economies of Asia Pacific and growing automotive production worldwide are driving the demand for C5 resins. Rapid urbanization and infrastructure development offer significant opportunities.
Threats: Stringent environmental regulations around the world regarding VOC emissions can impede the growth of solvent-based C5 resin products. Substitute polymers also pose competitive threats.
The global C5 Resins market is expected to witness high growth at a CAGR of 7.3% during the forecast period of 2024 to 2031. It is estimated that the market size will reach US$ 992.82 Mn by 2024.
Regional analysis: Asia Pacific accounts for more than 35% of the global market share currently. China, India, Indonesia, and Vietnam are major consumers and are estimated to drive the demand at fastest rates due to ongoing infrastructure development projects. Europe and North America dominated historically but Asia Pacific is emerging as the new growth engine.
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. These players are focusing on capacity expansion, new product launches, and mergers & acquisitions to strengthen their market position.
- Source: Coherent Market Insights, Public sources, Desk research
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