The C5 Resin market has been affected hugely by the impact of the global pandemic Covid-19. The market has been disrupted in terms of production and demand, since there has been a complete shutdown of various industries owing to the pandemic. This has led to the disruption between supply chain and market. It also has financial impact on firms and companies in the market, which is set to ease out by the year ending 2021.
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C5 Resin Market Segment Analysis By Material Type
Hydrogenated Hydrocarbon resins segment held the largest share in the C5 Resin market in the year 2020. The increase in use of hydrocarbon resin can be linked to the fact that it provides various applications ranging from rubber and asphalt formations to coating and caulking compositions. The rising demand for hydrocarbon resin in printing inks, sealants, paints, specialty tapes, repositionable tapes, packaging tapes and permanent tapes is fueling the growth of C5 resin market. Hydrocarbon resins provide quick energy and is moderately reliable. Hydrocarbon resins are cheaper and therefore is driving the C5 resin market.
C5 Resin Market Segment Analysis By Application
Adhesives and Sealants segment held the largest share in the C5 Resin market in the year 2020 with a CAGR growing at 4.2% during the forecast period 2020-2026. C5 Resin is hugely used in adhesives and sealants, as they enhance the adhesiveness quality, increases resistance to acid, alkaline and water. C5 are largely used in adhesives as tackifiers to increase the adhesion and tackiness of the adhesives and sealants. The use of C5 resin also helps in reducing the overall production cost, which makes it economical and affordable to use. Therefore, it is driving the adhesives and sealants segment in the C5 resin market.
C5 Resin Market Segment Analysis By End-Use Industry
Construction Industry segment held the largest share of more than 30% in the C5 Resin market in the year 2020. C5 is extensively used in applications such as paints, coatings, adhesives, sealants etc., which is hugely used in the construction industry. The increase in the number of activities in the building and construction sector is increasing the need and demand for applications like paint, coatings and adhesives & sealants The construction industry in the US is expected to reach US$4,814million in the year 2021, which is expected to drive the C5 market hugely in the region.
C5 Resin Market Segment Analysis By Geography
Asia-Pacific region held the largest share in the C5 Resin market in the year 2020. Asia Pacific region was the largest producer of paints and coatings in the year 2019. The increase in use of paints in countries like China, India and Japan has driven the C5 resin market in the Asia Pacific region. The paint industry in China witnessed a revenue of US$83.3 million in the year 2019. C5 resin is extensively used in the production of rubber. The rubber manufacture in India in the year amounted to 74000 tonnes, which is further driving the C5 resin market in the Asia-Pacific region.
C5 Resin Market Drivers
Growing need in construction and manufacturing sector
The increase in the need for C5 Resin in construction industry is hugely driving the C5 resin market. The construction sector in India is expected to record a CAGR of 15.7% and reach US$738.5 billion by 2022, which is expected to fuel the growth of C5 Resin market. C5 Resin is extensively used in construction applications such as sealants, paintings etc., which is increasing the scope of C5 resin in the construction sector. According to the World Bank, the cost of expenditure in the construction industry across the world was estimated to reach US$11.9 trillion in the year 2020, which is an increase of 4.2% as compared to the previous year expenditure. This will further increase the demand for C5 resin market.
Growth in the packaging industry
C5 Resin is used in pressure-sensitive tapes and labels in the packaging industry and medical industry. The global packaging industry is expected to reach US$423 million by the year 2022, which is further set to drive the C5 resin market. C5 resin helps in enhancing the adhesion properties that aid in increasing the quality of tapes and labels, therefore contributing to the growth of C5 resin market. According to the recent data from World Packaging Organization (WPO), a global organization and regulatory body of the packaging industry, the annual turnover of the global packaging industry crossed the value of US$500 billion during the year 2019.
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C5 Resin Market Challenges
Replacement by Rosin resins
Rosin resins are generally cheaper and affordable. They are extracted from pines and other plans which makes it an easier process to obtain. Rosins are more natural and is therefore economical. Rosins also have other advantages such as increasing the friction capacity in several fields which is usually not offered by C5 resins. This is one of the biggest challenges faced by the C5 resin market.
C5 Resin Market Industry Market Landscape
Acquisitions and mergers, expansion, new product launches, collaborations and investments are some of the key strategies adopted by players in the
C5 Resin Market. Major players in the C5 Resin Market are Eastman Chemical Company, Henan Anglxxon Chemical Co., Ltd, Kolon Industries, Neville Chemical Company, TOTAL Cray Valley, Sojitz Corporation, Arakawa Chemical Industries Ltd, Puyang United Chemical Co., Ltd, LESCO Chemical Limited and Zeon Corporation among others.
In July 17, 2020, Zeon Corporation developed a new product called ZEOCOAT, based on Zeon Corporations COP technology which can be cured at extreme low temperatures such as 180°C.
In February 07, 2020, Total Cray Valley introduced a new product called Wingstack 102, which is an aliphatic resin with a high softening point and a lower molecular weight distribution than a typical hydrocarbon resins with 100°C.
Asia-Pacific market held the largest share in the C5 Resin market owing to the growing construction industry especially in major countries like China, India and Japan.
The increase in use of hot melt adhesives in industries such as automotive industry, healthcare industry and paper industry is driving the C5 resin market.
The extensive use of pressure sensitive tapes and labels in the packaging industry and medical industry is contributing to the growth of C5 Resin market.
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