The C5 resins or petroleum resins are synthetic resins derived from crude oil. They are opaque, thermoplastic materials that are used as adhesives, varnishes, paper coatings, caulks and sealants. C5 resins provide benefits such as good tack, flexibility, adhesion to various substrates and resistance to water. The resins also enhance the performance properties of paints, varnishes and adhesives such as durability and strength. C5 resins find widespread applications in building and construction industry due to their use as adhesives for flooring, roofing and other purposes. In the automotive industry too, C5 resins are utilized in sealants, adhesives and under-the-hood component coatings.
The global C5 Resins Market is estimated to be valued at US$ 861.82 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the C5 resins market is the expanding application in hot melt adhesives. C5 resins provide benefits like quick setting at ambient temperature and good heat resistance in hot melt adhesives. They are increasingly replacing other synthetic resins like polyethylene in hot melt formulations owing to performance advantages. Another trend is the use of C5 resins in pressure sensitive adhesives(PSAs) used in tapes, labels and other products. C5 resins improve the tack and adhesion properties of PSAs. They enhance cohesion and make the adhesives resistant to plasticizer migration. The superior performance of C5 resins adhesives and sealants has also increased their demand from construction and packaging industries. The market is witnessing new product development focusing on different grades of C5 resins tailored for specific applications.
Threat of new entrants: The threat of new entrants is moderate as the C5 Resins industry requires high capital investment for establishing production facilities and obtaining high-quality raw materials.
Bargaining power of buyers: The bargaining power of buyers is moderate as C5 Resins have applications in various end-use industries.
Bargaining power of suppliers: The bargaining power of suppliers is high as raw material suppliers control the prices of crude oil, natural gas, and other feedstocks.
Threat of new substitutes: The threat of substitutes is low as C5 Resins have unique properties that cannot be easily substituted.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players actively competing on the basis of product pricing and quality.
The Global C5 Resins Market Size is expected to witness high growth. The global C5 Resins Market is estimated to be valued at US$ 861.82 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to continue its dominance over the forecast period owing to the presence of major players and growing end-use industries in countries such as China and India. Countries such as China and India offer huge growth potential owing to rapid industrialization and infrastructure development activities. China dominates the Asia Pacific C5 Resins market.
Key players: Key players operating in the C5 Resins are ABB Ltd., Siemens AG, Larsen & Toubro Limited, General Electric Company, Honeywell International, Inc., Rockwell Automation, Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Schneider Electric SE, Alstom SA, and Fuji Electric. ABB Ltd. and Siemens AG are the top two players in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it