C5 Resins find wide applications in paints and coatings
owing to its properties such as gloss retention, flexibility, adhesion and
hardness. They are commonly used as a binder in paints and coatings to impart
required properties. Growing paints and coatings industry around the globe is
propelling the demand for C5 Resins. The global paints and coatings industry is
anticipated to reach US$ 208 billion by 2027, growing at a CAGR of 5.3%,
according to a report by Allied Market Research. The Asia Pacific region is
expected to be the largest and fastest growing market during the forecast
period owing to increasing construction activities and spending on
infrastructure development projects in countries such as China and India.
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:
The key trend spurring the growth of C5 Resins market is rising adoption in
paints and coatings industry. C5 Resins are commonly used as binders and
dispersing agents in solvent-borne and waterborne paints owing to properties
like gloss retention, flexibility, adhesion and hardness. Expanding paints and
coatings industry globally is driving the demand for C5 Resins. According to a
report by Allied Market Research, the global paints and coatings market is
projected to grow at a CAGR of 5.3% during 2023-2031 to reach US$ 208 billion
by 2031 due to factors such as rapid urbanization, industrial development and
infrastructure growth worldwide. Growth of end use industries like construction
and automotive is also augmenting the paints market growth. Asia Pacific is
identified as the most lucrative market for C5 Resins owing to surge in construction
activities and infrastructure investments in China and India. The
aforementioned factor is positively impacting the adoption of C5 Resins in the
region during the forecast period.
Segment Analysis
The global C5 resins market is segmented based on type into dimer acid, c5
chemical, c5 coumarone resin and other types. The dimer acid segment dominated
the market and accounted for more than 30% of global sales in 2023 owing to
high demand from alkyd resins manufacturing. Dimer acid finds wide application
in manufacturing alkyd resins used in industrial coatings and paints industry.
Key Takeaways
The global C5
Resins Market analysis 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.
Regional analysis
The Asia Pacific region led the global market with over 35% share of the
total demand in 2023 and is expected to witness highest growth during the
forecast period. Expanding chemical industry along with growing consumption of
industrial coatings in China, India, Indonesia, South Korea and Japan is
supporting market growth in the region. Rapid industrialization along with
growth of construction activities in developing Asian economies offers immense
opportunities for further market expansion.
Key players analysis
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 development and adoption of acquisition strategies to
consolidate their market position. For instance, in 2022, PayPal acquired
Japanese "buy now, pay later" service Paidy to expand its footprint
in Asia Pacific region.
Get more insights on this topic https://www.newswirestats.com/c5-resins-market-industry-insights-trendsc5-resins-market-2023-2030/
Comments
Post a Comment