C5 RESINS MARKET ANALYSIS

Regional Analysis

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
• Middle East: GCC Countries, Israel, and Rest of Middle East
• Africa: South Africa, North Africa, and Central Africa

Figure 2. Global C5 Resins Market Share (%), By Region, 2022

Global C5 Resins Market: Regional Analysis

• Regionally, Asia Pacific is expected to dominate the global C5 resins market over the forecast period owing to the presence of economies such as China, India, and Japan. China accounts for more than one-fourth of the global coatings market currently. In 2020 According to the China National Coatings Industry Association, the industry has been registering a growth rate of 7% in recent years. Japan is the world’s third-largest by nominal Gross Domestic Product (GDP) and fourth-largest by purchasing power parity. Japan’s GDP growth has been stagnant and has been hovering around 1% for the past decadeThe country’s economy further contracted in 2020 due to the COVID-19 crisis.
• Furthermore, India is a growing economy and holds great potential for future market opportunities. According to International Monetary Fund (IMF) projections, the GDP of the country is expected to increase 9.5% in 2021. The country has resumed its industrial activities post-COVID-19 pandemic, which is expected to drive economic growth during the forecast period.
• North America is also projected to witness the fastest growth in the global C5 resin market over the forecast period owing to the strong presence of paint and coating industries. According to the American Coatings Association (Coatings Tech), the paints and coatings industry in the U.S. accounted for USD 25.21 billion in 2020 and is expected to reach US$28.06 billion by 2022. Similarly, in terms of volume, the paints and coatings industry stood at 1,337 Kilo Tons in 2020 and reached 1,416 Kilo Tons in 2022.