C5 RESINS MARKET ANALYSIS

C5 Resins MarketSize and Trends

The global C5 resins market was valued at US$ 820.0 Mn in 2022, and is expected to exhibit a CAGR of 5.1%, over the forecast period (2023-2030) to reach US$ 1,225.4 Mn by 2030. High growth in the construction sector is expected to fuel the demand for adhesives, sealants, paints, and coatings. This, in turn, is propelling the global C5 resins market growth. The Global C5 resin market will benefit from the growth, as the construction materials are used in construction projects. Moreover, the increasing penetration of electric vehicles is another key factor driving the growth of the C5 resins market.

Figure 1. Global C5 Resins Market Share (%), By Application, 2022

Global C5 Resins Market: Trends

• Rising purchasing power of consumers: The increasing purchasing power of consumers and improved standards of living are increasing the demand for the interior of the houses, which is projected to augment the demand for wallpapers. All these factors are acting as a major trend in the global C5 resins market.
• Expansion by key players in production capacity of C5 resins: Key players are expanding the production capacity of C5 resins in order to meet the growing demand across enduser industries. For instance, in June 2021, Kolon Industries Inc. is a Korean chemical and manufacturing company which added another 15,000 tons of annual capacity to its Hydrocarbon Resin (HCR) manufacturing. The addition gives Kolon Industries Inc., a total capacity of 200,000 tons annually, making it the second-largest manufacturer in the world.