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| C5 Resins Market Size |
The global C5 resins market is estimated to be valued at US$ 820.0 Mn in 2023 and
is expected to exhibit a CAGR of 5.1% over
the forecast period 2023-2030.
Market Overview:
C5 resins, also known as aromatic hydrocarbon resins, are non-volatile,
thermoplastic polymers derived from petroleum feedstock. C5 resin products have
various advantages such as flexibility, heat and aging resistance, low color,
and low cost. These properties have increased the applications of C5 resins in
adhesives, printing inks, road marking paints, and coatings. C5 resins are
primarily used in road marking to improve adhesion, flexibility, and improve
weather resistance of roads. In adhesives, C5 resins impart viscosity control
and adhesive strength. The growing construction and automotive industries have
boosted the demand for C5 resins over the recent years.
Market key trends:
One of the key trends in the C5
Resins Market Size is the increasing usage in road marking
applications. C5 resins provide excellent adhesion to surfaces, resistance to
fuels, and weatherability. They extend the life of road markings. The growing
road infrastructure development and construction of new highways across regions
such as Asia Pacific and Latin America is expected to drive the demand for C5
resins for road marking purpose over the forecast period. Another important trend
is the increasing R&D activities focused on developing bio-based and green
C5 resins. This is done to reduce dependence on fossil fuels and meet
sustainability targets. Many companies are investing in extraction of C5 resins
from sustainably sourced bio-oils and natural fats and oils. This is expected
to boost the green chemistry and green materials sector.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the C5 resins
market requires high initial capital investments for infrastructure and
manufacturing facilities. However, the availability of raw materials at
competitive prices alleviates the threat to some extent.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
are a significant number of established players operating in the market.
However, buyers can negotiate over large volume orders.
Bargaining power of suppliers: The bargaining power of suppliers is moderate
since the key raw materials are commodity petrochemicals whose prices are volatile.
Also, switching costs are low for suppliers.
Threat of new substitutes: The threat of new substitutes is low to moderate as
C5 resins have distinctive properties tailored for specific industrial
applications. Substitute materials do not offer the equivalent technical
performance.
Competitive rivalry: is high among the top players due to their strong global
presence.
Key Takeaways
The global C5 resins market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period,
due to increasing demand from various end-use industries such as tires,
coatings, inks and rubbers.
Regional analysis: The Asia Pacific region is expected to dominate the global
C5 resins market during the forecast period. China is the largest consumer as
well as producer of C5 resins. Other emerging economies in Asia Pacific
including India, Indonesia and Malaysia are also projected to witness
significant demand for C5 resins.
Key players operating in the C5 resins market 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.
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