PUBLISHER: Allied Market Research | PRODUCT CODE: 1298466
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298466
The global c5 resins market was valued at $0.8 billion in 2022, and is projected to reach $1.2 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
C5 resin is an aromatic hydrocarbon, and it is produced from piperylene and isoprene by using AlCl3 catalyst. C5 resin is an excellent tackifying, homogenizing, and reinforcement agent due to which it has been widely used in various end use sectors such as paints and coatings, printing ink, adhesives and sealant, building and construction, and others. In addition, the C5 fraction is a co-product of naphtha cracking and is used as a raw material for synthetic rubber and petroleum resins.
Growing population across the globe, rise in disposable income, and increase in consumer demand for packaged food have enhanced the packaging sector. For instance, according to a report published by the National Investment Promotion and Facilitation Agency, the packaging industry was worth over $917 thousand in 2019 and is expected to reach $1.05 trillion by 2024, growing at a CAGR of 2.8%. C5 resins are used as tackifiers and homogenizing agents due to which they are widely used to manufacture hot melt adhesives. Furthermore, an increase in awareness regarding hygienic and safe packaged foods has enhanced the demand for C5 resins in the growing packaging industry. In addition, the cost-effective and associated chemical and mechanical properties of C5 resins have enhanced manufacturers purchasing power where it has been widely used to make rigid packs, seal flexible packaging, and attach labels. This factor has escalated the demand for C5 resins in the growing packaging industry during the forecast period.
Various major and emerging countries are imposing limits on producing plastic, which is expected to hamper the expansion of the C5 resins market during the forecast period. In addition, availability of substitute for C5 resins in making adhesives and sealants is expected to hinder the market growth. For instance, hydrogenated hydrocarbon resin and polyurethane resin are widely used to make adhesives and sealants owing to several key manufacturers using various cost-effective alternative substitutes for C5 resins. This factor is projected to hamper market growth during the forecast period.
Growing demand for paints and coatings from both developed and developing economies such as the U.S., China, India, and others have driven the market growth. Paints and coating are extensively used in the building and construction industry, automotive industry, and others for protection purposes. C5 petroleum resin is used for hot melt road paints for enhancing the tenacity and rigidity, forming a smooth paint surface, and ensuring the stable state of the resin in all seasons. This beneficial property of C5 resins makes a manufacturer more lenient toward purchasing C5 petroleum resin for the paints and coatings industry. These factors are offering the most lucrative opportunities during the forecast period.
The C5 resins market is segmented on the basis of application and region. By application, it is divided into paints and coatings, printing ink, adhesives, rubber, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. nThe major companies profiled in this report include Dycon Chemicals, ECOPOWER, KPL International Limited, Langfang Tenroads Glass Products Co., Ltd., Neville Chemical Company, Paari Chem Resources, Qingdao Eastsun New Materials Corporation Limited, Resin Chemicals Co., Ltd., Shandong Landun New Material Co., Ltd., and Zibo Senlos Import & Export Co., Ltd.