by C5 resins, also known as aromatic hydrocarbon resins, are thermoplastic polymers derived from petroleum that have wide applications in rubber, adhesives, printing inks, coatings, and tire industries. C5 resins impart desirable properties such as flexibility, adhesion, and weather resistance to end products. When combined with natural and synthetic rubber, C5 resins enhance the elasticity and durability of tires while also increasing fuel efficiency. The global tire industry has witnessed significant growth over the past few years with increasing automobile production and sales across the world. This rising demand for tires from the automotive sector has contributed to the growing consumption of C5 resins.
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 8.2% 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 development of bio-based and green resins. Strict environmental regulations regarding VOC emissions have compelled manufacturers to produce more sustainable resin products. Leading companies are investing in R&D to derive C5 resins from renewable feedstock such as vegetable oils and terpenes derived from trees instead of petroleum sources. For instance, in 2021, Eastman Chemical Company launched several bio-based products under its bio-based portfolio including Eastman Trēva engineering bioplastic and Eastman Renew cellulosic alcohols which are made from sustainably harvested wood. The shift towards eco-friendly resins addresses environmental concerns and also meets consumer demand for green chemicals.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the C5 Resins Market due to the high capital investment required for resin manufacturing plants and the presence of established players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and undifferentiated products. Buyers can easily switch to alternative resin products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have availability of alternative distribution channels and suppliers.
Threat of new substitutes: The threat of new substitutes is high as there are various substitutes available for C5 resins like cyclopentadiene, Dicyclopentadiene, etc.
Competitive rivalry: The competitive rivalry is high due to presence of many international players competing on pricing strategies.
Key Takeaways
The global C5 Resins Market growth is expected to witness high The market size for 2023 is US$ 861.82 Mn and is projected to reach US$ 1,608.24 Mn by 2030, at a CAGR of 8.2% over the forecast period.
Regional analysis: The Asia Pacific region dominates the C5 Resins Market due to rapid industrialization and growing construction activities in the region. Countries like China, India, and Japan are the major consumers of C5 resins in this region.
Key players: Key players operating in the C5 Resins Market are Afterpay, Holdings Inc., Klarna Bank AB, Laybuy Group Holdings Limited, Payl8r (Social Money Ltd.), PayPal Holdings Inc., Perpay, Quadpay, Sezzl, Splitit. These players are focusing on new product launches and partnerships to gain more market share
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
