The global C5 resins market is driven by the factors such as, an increase in demand for sealant and adhesive from packaging industry, and an upsurge in the production rate of plastic.
PORTLAND, Ore., May 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "C5 Resins Market by Application (Paints and Coatings, Printing Ink, Adhesives, Rubber VIR, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the C5 resin market valued for $0.8 billion in 2022 and is estimated to reach $1.2 billion by 2032, exhibiting a CAGR of 4.5% from 2023 to 2032.
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Prime determinants of growth-
The global C5 resins market is driven by factors such as, an increase in demand for sealant and adhesive from the packaging industry, and an upsurge in the production rate of plastic. On the other hand, the availability of substitutes and government norms are restraining growth to some extent. Furthermore, technological advancements will introduce new process technologies and continue to strengthen new growth opportunities during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023 - 2032 |
Base Year | 2022 |
Market Size in 2022 | $0.8 Billion |
Market Size in 2032 | $1.2 Billion |
CAGR | 4.5 % |
No. of Pages in Report | 280 |
Segments Covered | Application, and Region |
Drivers | An increase in the demand for adhesive and sealant from the packaging industry |
An upsurge in the production rate of plastic | |
Opportunities | Increasing demand for C5 resins from the paints and coatings industry |
Restraints | Availability of substitute and government norms |
COVID-19 Scenario:
- The COVID-19 outbreak had a significant impact on the C5 resin market. The pandemic disrupted supply chains, slowed down petro-chemical industries, and led to a decline in demand for C5 resin.
- The temporary shutdown of petroleum and plastic industries amid the COVID-19 period reduced the consumption of C5 resin. Several companies either shut down or slashed their operations due to the risk of infection among their workforce. This temporarily hampered the demand and supply gap for the C5 resin.
- However, several key players, such as Cargill, BASF, Dow, and others, were constantly engaged in increasing their production and seeking new investment opportunities amid the COVID-19 situation. These have recovered the market for C5 resins post-pandemic and continue to grow steadily.
The paints and coatings segment to maintain its lead position during the forecast period-
Based on application, the paints and coatings segment accounted for the largest share in 2022, contributing to more than one-third of the global C5 resins market revenue, and is expected to maintain its lead position during the forecast period. This is due to the fact that the expansion of industrial sectors and the high demand for building and infrastructure activities have enhanced the overall performance of the paint and coatings industry. Furthermore, economic growth and higher income led to a rise in construction activity, and remolding new houses is expected to drive the demand for architectural paints and coatings. However, the adhesives segment is projected to display the fastest CAGR of 4.9% from 2023 to 2032. This is due to the growing population has led the building and construction sector to witness significant growth where C5 resins are widely used for protective coating applications in the building infrastructure industry. This will propel the demand for C5 resins in the growing construction sector during the forecast period.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global C5 resins market and is projected to maintain its dominance by 2032. The same segment would also display the fastest CAGR of 4.9% throughout the forecast period. Increasing population-driven electricity consumption, expanding industries, and increased demand for automobiles are the region's primary drivers. The production of petroleum and other derivatives of C5 resins has been increased by several key manufacturers, and they are expected to witness a major growth rate for the C5 resins market. Furthermore, the utilization of C5 resins in the sectors such as building and construction, paints and coatings, packaging, automotive, industrial, and others are the major key market trend in the Asia-Pacific region. These factors are anticipated to boost the Asia-Pacific region's potential market for C5 resin sales.
Leading Market Players-
- Shandong Landun New Material Co., Ltd.
- Resin Chemicals Co., Ltd.
- KPL International Limited
- Dycon Chemicals
- Langfang Tenroads Glass Products Co., Ltd.
- ECOPOWER
- Qingdao Eastsun New Materials Corporation Limited
- Neville Chemical Company
- Paari Chem Resources
- Zibo Senlos Import & Export Co., Ltd
The report provides a detailed analysis of these key players in the global C5 resins market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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