New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global C5 Resin Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global C5 Resin Market Size:
The global C5 Resin market is estimated to grow at a CAGR of ~5% over the forecast period. C5 piperylene and its derivatives are used to produce C5 resin. Using Lewis acid catalysts, these monomers are polymerized to create oligomeric resins with low to high softening points. Due to their aliphatic character, C5 resins are completely compatible with low polarity synthetic elastomers, most olefins (LDPE), and natural rubber. Further, the market is anticipated to be driven over the coming years by an increase in demand for C5 resin in a variety of adhesive, sealant applications, and rubber, backed by rising consumption of these products across the world. For instance, in 2020, nearly 13 million metric tons of natural rubber and more than 14 million metric tons of synthetic rubber were consumed across the globe.
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In addition to this, the growth of the market can be attributed to the high demand for resin in the packaging industry, crafting, and construction industry. Moreover, the rising packaging and crafting industry is estimated to boost market growth during the forecast period. It was observed that more than 179.9 billion US dollars were spent on the packaging business in the US in 2019, an increase of about 7.1 billion dollars from the previous year.
Global C5 Resin Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Paint & coating segment to gain notable market share
- Online sub-segment remains prominent in the distribution channel segment
Growing Automobile Sector and Rising Construction Industry to Drive Market Growth
The growing application of products in manufacturing paint and coatings, supported by the rising usage of paint & coatings in the automobile industry for aesthetic and anti-corrosion treatment is estimated to drive the market growth. Moreover, the demand is predicted to increase with the growing automobile manufacturing sales and manufacturing across the world. It was noticed that the total number of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in India, in April 2022 was around 1,874,461. Additionally, the rising government efforts and spending on research and development are estimated to hasten market expansion.
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Further, the C5 resins are largely utilized in paints, adhesives, and sealants in the construction industry. C5 resins offer extremely high resistance to acid and alkali chemicals and improve the glossiness of surfaces in paints. Additionally, these resins are utilized in asphalt modifiers, which are mostly used to create colorful surfaces and architectural marvels. Sales of C5 resin are anticipated to rise during the projected period owing to the increasing residential and commercial construction projects as well as an increase in infrastructure projects worldwide. It was found that nearly 860 million gallons of architectural paint were consumed in the United States in total in 2020 and more than 350 million gallons of architectural paint were consumed in the United States by the DIY ('do it yourself') segment.
Global C5 Resin Market: Regional Overview
The global C5 resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Production of C5 Resin to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness considerable growth over the forecast period owing to the increasing production of C5 resin in the region. China and India are the leading countries in the Asia Pacific to churn out the C5 resin. It was found that the market value of China's basic plastics and synthetic resin manufacturing sector increased from around 118 billion US dollars in 2011 to more than 181 billion US dollars in 2019 and the market value of China's basic plastics and synthetic resin manufacturing sector was estimated to be worth around 179 billion dollars in 2021. Furthermore, the market is also anticipated to expand as a result of the region's rapidly rising construction industry.
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Growing Automotive Industry to Drive Growth in the North America Region
On the other hand, the market in North America region is estimated to foster significant market share over the forecast period on account of the excessive use of C5 resin in the production of tires and the creation of adhesives. Additionally, the region's expanding automobile industry, backed by rising sales of automobiles is anticipated to raise demand for C5 resin during the forecast period. For instance, in 2021, the U.S. sold over 600,000 plug-in battery and hybrid electric vehicles, more than double the amount from the year before. Moreover, the presence of key market players in the region is predicted to boost the market growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Global C5 Resin Market, Segmentation by Distribution Channel
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- Online
- Retailers
- Convenience Stores
- Others
Out of these, the online segment is estimated to hold a notable market share over the forecast period owing to the larger consumer base and easy accessibility of products online. It was noticed that online consumers surged by more than 899 million more people in 2021 compared to 2020, or 4.5%, year over year. Moreover, the easy availability of smart devices, mainly smartphones and laptops across the world is predicted to accelerate segment growth.
Global C5 Resin Market, Segmentation by Application
-
- Paint & Coating
- Adhesive
- Printing Ink
- Rubber and Wax Compounding
- Others
Among these, the paint & coating segment is estimated to generate notable market share over the forecast period owing to the rising consumer interest in interior design and the expansion of urban development activities. Further, the rising consumption of paint & coating in construction activities, backed by the growing construction sector across the world is anticipated to boost the market growth. It was noticed that economy in the USA is greatly influenced by the construction sector, the sector employs more than 745,000 people and produces structures valued close to USD 1.4 trillion annually.
Global C5 Resin Market, Segmentation by Type
-
- C5 Aliphatic Resin
- C9 Aromatic Resin
- DCPD Cycloaliphatic Resin
- Hydrogenated Hydrocarbon Resin
- Others
Global C5 Resin Market, Segmentation by End-User Industry
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- Construction
- Medical
- Printing
- Mining
- Packaging
- Automotive
- Power Generation
Few of the well-known market leaders in the global C5 resin market that are profiled by Research Nester are Arakawa Chemical Industries. Ltd., Cray Valley S.A., Kolon Industries, Inc., ENEOS Holdings, Inc., DuPont de Nemours, Inc., Shanghai Jinsen Hydrocarbon Resins Co., Ltd., Zibo Luhua Hongjin New Material Group Co., Ltd, Eastman Chemical Company, Lesco Chemical Limited, Neville Chemical Company, and others.
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Recent Developments in the Global C5 Resin Market
- In May 2021, In order to enhance the production of its high-performance automotive adhesives, DuPont Mobility & Materials has announced it will invest USD 5 million in its manufacturing plants in Germany and Switzerland.
- In June 2021, With the commercial release of the farnesene-based resins Krasol F3000 and Krasol F3100, which are made from sustainably sourced farnesene, Cray Valley is extending its hydroxyl-terminated diene resin line.
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