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IN THE NEWSJune 2, 2021: Cray valley to add sustainably sourced farnesene-based resins in two of its standard hydroxyl-terminated diene resin, Krasol F3100 and Krasol F3000.
April 19, 2021: ENEOS Holdings, Inc. becomes the member of ‘Alliance to End Plastic Waste’ to rise concern about global plastic waste and address four targeted areas, engagement, education, innovation, and infrastructure.
The global C5 resin market is estimated to grow at a significant CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the high demand for resin in the packaging industry, crafting, and construction industry. Moreover, C5 resin is also utilized in the printing ink, rubber compounding, tire manufacturing, adhesive formulation, and paint and coating. C5 resin is utilized to tackify paint and coating that is applied on the surfaces of various objects. The growing applications of C5 resin is estimated to drive the market growth. Further, the growing consumption and production of paints is also predicted to boost the market growth. In 2019, the global production of paint and coating was evaluated at approximately 10 billion gallons generating substantial revenue for the “paint and coating industry” of about USD 160 billion in forthcoming year, 2020. Furthermore, there is a higher demand for C5 resin in the construction and packaging industry, which is estimated to boost the market growth. The value of construction industry is projected to reach approximately USD 14.5 trillion over the forecast period.
The global C5 resin market is segmented by distribution channel into online, retailers, convenience stores, and others, out of which, the online segment is anticipated to hold the notable share in the market during the forecast period on account of the higher consumer pool and convenient accessibility of products online. Moreover, in 2020, it was observed that about 80% of the global population purchased goods online, which is estimated to rise exponentially throughout the forecast period.
The global C5 resin market is further segmented by application into paint & coating, adhesive, printing ink, rubber and wax compounding, and others, out of which, paint & coating segment is forecasted to generate a notable share in the market over the forecast period on account of growing inclination of people towards interior designing, and progression in construction activities in urban areas.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global C5 resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is projected to witness considerable growth over the forecast period on the back of rising growth in the C5 resin production and its rising utilization in the region. China and India are the leading countries in the Asia Pacific to churn out the C5 resin. For instance, in 2018, the total C5 resin production in China amounted to USD 165 billion, while in 2021 it crossed USD 175 billion. Additionally, the C5 resin market in the Asia Pacific region is forecasted to grow on the back of rapidly increasing construction activities.
Furthermore, the market in the North America region is also fostering growth during the forecast period owing to excessive utilization of C5 resin in tire manufacturing and adhesive formulation. Moreover, the growing automotive industry in the region is expected to increase the demand for C5 resin in the region.
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The global C5 resin market is further classified on the basis of region as follows:
Our in-depth analysis of the global C5 resin market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The utilization of C5 resin as a tackifier to formulate adhesives, in paint, coating, rubber compounding, and packaging are the major factors driving the growth of the market.
The market is anticipated to acquire a CAGR of ~5% over the forecast period, i.e., 2022-2031.
The easier access to alternatives of C5 resin is estimated to hamper the market growth.
The market in the Asia Pacific is projected to provide more business opportunities for growth of global C5 Resin market in future on the back higher production and utilization of C5 resin.
The major players in the market are Arakawa Chemical Industries, Ltd., Cray Valley S.A., Kolon Industries, Inc., ENEOS Holdings, Inc., DuPont de Nemours, Inc., Zibo Luhua Hongjin New Material Group Co., Ltd, Eastman Chemical Company, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The global C5 resin market is segmented by type, application, distribution channel, end-user industry, and by region.
The online segment is anticipated to hold the largest market size in value and is estimated to grow at a modest CAGR over the forecast period and display significant growth opportunities.
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