New York , March 19, 2024 (GLOBE NEWSWIRE) -- The global C5 resin market size is slated to expand at 5% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 1.2 billion by the end of 2035, up from a revenue of USD 760 Million in the year 2022. The growth of the market is attributed to the growing number of constructions across the world. The chemical characteristics of C5 resins are an added advantage for the construction infrastructure hence the demand for the C5 resins market is on hike during the forecast period. In 2023, over USD 1200 billion was spent by people in the construction sector.
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In addition, the increasing automobile sector is projected to boost the market size in the coming years. The report in 2022 stated that world motor vehicle production grew by over 5.5% compared to 2021. And in 2022 nearly 3 million cars were purchased in the United States.
C5 Resin Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Paint & Coating segment to garner the highest growth
- Market in North America region to grow at the highest rate
Escalating Demand for Automotive Industry is Propelling the Growth of the Market
The need for the automotive sector across the world is rising on account of growing disposable income and the economic standards of the people. The multiplying rate of automobiles in the world owing to the demand for passenger vehicles and commercial vehicles which is boosting the market growth. In the year 2021, the cost of living in over 100 countries increased by 5% on average such as in the Middle East, Africa, and Eastern Europe.
C5 Resin Industry: Regional Overview
Increasing C5 resin production and Usage is Proliferating the Market Growth in Asia Pacific Region
The C5 resin market in the Asia Pacific is expected to register a market share of 35% during the forecast period on account of increasing production of C5 resin and rising applications in various verticals. The rapid increase in the utilization of adhesives and sealants in the construction and infrastructure sectors is intensifying the market size. It was reported that the expenditure of India on infrastructure is going to reach over USD 140 trillion by the end of 2030.
Increasing Demand for C5 resin in Tire and Adhesive Making is Driving the Market Expansion in the North America Region
The C5 resin market from the North America region is anticipated to garner a market share of 24% by the end of 2035. The rise of the market is credited to the enhanced use of C5 resins in the manufacturing of tires and preparing adhesives. Also, the rate of increase in the automotive sector of the region is amplifying the market size. In 2023 more than 330 million units of tires were manufactured in the U.S. as per the estimations.
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C5 Resin Segmentation by Application
- Paint & Coating
- Adhesive
- Printing Ink
- Rubber and Wax Compounding
The paint & coating segment from the C5 resin market is projected to secure a market share of 38% in the year 2035. The market growth is attributed to the growing demand for paints and coatings in the end-user sectors such as automotive, adhesives, healthcare, construction, and more. More than 50% of the global coatings were applied in the construction industry to maintain old structures or new buildings as per the data in 2023 while nearly 40% were used in decorating or protect industry items.
C5 Resin Segmentation by End-User Industry
- Construction
- Medical
- Printing
- Mining
- Packaging
- Automotive
- Power Generation
The construction segment is expected to garner a significant market share of 32% in the coming years. The segment's growth is credited to the increasing number of infrastructure initiatives. The rising percentage of residential and non-residential buildings and the growing investments in research and development programs are projected to shoot up the market. As of 2024, over 1,415,000 housing completions were made in the United States under residential construction out of 1,460,000 building permits issued.
C5 Resin Segmentation by Type
- C5 Aliphatic
- C9 Aromatic
- DCPD Cycloaliphatic
- Hydrogenated Hydrocarbon Resin
C5 Resin Segmentation by Application
- Paint & Coating
- Adhesive
- Printing Ink
- Rubber and Wax Compounding
C5 Resin Segmentation by Form
- Flake
- Powder
C5 Resin Segmentation by Distribution Channel
- Online
- Retailers
- Convenience Stores
A 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.
Recent Development in the Market
- Cray Valley is about to include sustainably sourced farnesene-based resins in two of the company's new standards i.e., hydroxyl-terminated diene resin, Krasol F3100, and Krasol F3000. The Krasol product was made of hydroxyl-terminated liquid poly diol and mono grades. The raw materials are applied in the other end-user functions such as components in epoxy, urethane, and UV-curved adhesive and sealants that are used in the formulations of automotive and electronic markets.
- ENEOS Holdings, Inc. partnered with ‘Alliance to End Plastic Waste’ to increase awareness about global plastic waste and address the four targeted areas such as engagement, education, innovation, and infrastructure.
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