The global C5 Resin Market was valued at US$ 820.0 Mn in 2022 According to Global C5 resin Market Report By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) as published by Coherent Market Insight
Market Statistics:
The global C5 resin market is estimated to account for US$ 1,225.4 Mn in terms of value by the end of 2030.
Global C5 Resin Market: Drivers
The C5 resin market is driven by the growing sale of electric and hybrid vehicles because adhesive is largest market for C5 resin and automotive adhesive are lighter and strong substitute for mechanical fasteners like welts, rivets, bolts and nuts. This factors propels demand for adhesives from the electric vehicle industry. For instance according to Global Electical Vehicle (EV) Outlook EV sales globally reached 6.75 million units in in 2021, an record that increase of 108% compared to 2020. The automotive industry is also experiencing a recovery due to COVID-19. With the growing popularity of hybrid and electric vehicles, the C5 resin market is expected to grow over the next few years.
Global C5 Resin Market: Opportunities
The increasing use of C5 resins in the production of rubber is projected to offer significant growth opportunities over the forecast period. C5 resins are used in rubber compounding and need high degree of tackiness such as various tires, conveyor belts, industrial hoses, materials for re-treading, V-belts, cable and roll coverings, lining materials, and other rubber products. In December 2020, Continental also announced that it will expand its truck tire production capacity at Modipuram plant in India.
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https://www.coherentmarketinsights.com/market-insight/c5-resins-market-5300
Global C5 Resin Market: Restraints
Stringent regulatory policies regarding the production of C5 resins are expected to hinder the market growth. In some countries, such as the U.S. products that fail to comply with legal and regulatory standards are banned from entering the market. Furthermore on June 2016, the Toxic Substances Control Act of 1976 has been replaced by Frank R. Lautenberg Chemical Safety for the 21st Century Act, which sets out new standards for the management of chemicals. According to recent amendments to the Act, the Environmental Protection Agency (EPA) must evaluate existing chemicals for their safety.
Global C5 Resin Market - Impact of Coronavirus (COVID-19) Pandemic
The outbreak of the coronavirus pandemic has impacted many industries in worldwide. The imposition of partial and complete lockdowns across infected economies has resulted in the shutdown of businesses and production and manufacturing facilities, thus hampering economic activity. There was decline in demand for paints and coatings, printing inks, rubber compounding, and others owing to the impact of COVID-19.
Key Takeaways:
The global C5 Resin market was valued at US$ 820.0 Mn in 2022 and is forecast to reach a value of US$ 1,225.4 Mn by 2030 at a CAGR of 5.1% between 2023 and 2030.
The adhesives and sealants segment held a dominant position in the global C5 resin market in 2022 accounting for 43.44% of the market share in terms of value. Increasing product approvals and the launch of new products are expected to propel the growth of the segment during the forecast period.
Global C5 Resin Market Trends:
The growth of the C5 resins market is witnessing tremendous growth due to increasing investments in the infrastructure and the construction sectors. The potential applications in 5G will boost investments in the fiber-optic infrastructure. The 2Africa consortium is planning to extend the cable system by over 45,000 kilometers.
Hydrocarbon resins are gaining popularity because of many application production of adhesives, rubber, coatings and inks and also they are good tackifiers, They are found in many applications including specialty tapes, wires and cables, and road asphalt. They provide upgrade tack retention and can be used in conjunction with reinforcing fillers. The growing demand for these applications has motivated manufacturers to expand the production of hydrogenated hydrocarbon resins and it help in to drives the global C5 resin market growth.
Global C5 Resin Market: Competitive Landscape
Market key players are Arakawa Chemical Industries Ltd, Cray Valley, DuPont, Eastman Chemical Company, ENEOS Holdings Inc., Exxon Mobil Corporation, Henan Anglxxon Chemical Co. Ltd, Kolon Industries Inc., Lesco Chemical Limited, Neville Chemical Company, Puyang Ruisen Petroleum Resins Co. Ltd, Seacon Corporation, Shanghai Jinsen, Hydrocarbon Resins Co., Limited, Zibo Luhua Hongjin New Material Co. Ltd, and Zeon Corporation
Global C5 Resin Market: Recent Developments
In October 2021, Eastman Chemical Company is a American company primarily involved in the chemical industry announced that the company and its subsidiaries have entered into a definitive agreement to sell its adhesives resin assets and business to Synthomer plc it develop and make high-performance and highly specialized chemical product to serve customer globally and for a total cash consideration of US$ 1 billion. The sale consists of hydrocarbon resins (including Eastman Impera tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid-based resin product lines. The business is currently a part of Eastman’s Additives & Functional Products segment.
