C Resin Market Size, Share, Growth, and Industry Analysis, By Type (C9 Hydrocarbon Resin, C5 Hydrocarbon Resin, C5/C9 Copolymer Resin, Hydrogenated Hydrocarbon Resin and Others), By Application (Adhesive & Sealant, Paint, Rubber, Printing Ink and Others) Regional insights and Forecast to 2031

Updated On: 22 April 2024

C resin market REPORT OVERVIEW

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The global C resin market size was USD 2900 million in 2022 and is projected to touch USD 4137.1 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the C resin market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

C resin is a form of coumaron indene resin that is chemically inert and has good electrical insulating qualities. It is soluble in hydrocarbons, ketones, and esters 12.It is an effective tackifier and processing aid in the compounding of a variety of rubbers including NBR, CR, EPDM, CSM, CPE, NR, and acrylic rubbers. Resins are various compounds, and without a specific type (such as epoxy resin, polyester resin, or others), it's difficult to provide extremely specific information. Resins are utilised in a wide range of industries, including the automotive, aerospace, construction, and electronics industries.

COVID-19 Impact: Lockdowns and Restrictions Disrupted the Supply, Demand and Havocked  the Market Growth

Global supply chains were affected as a result of lockdowns, travel restrictions, and manufacturing closures. Many resin manufacturers have difficulties procuring raw ingredients and exporting finished goods, resulting in production and delivery delays. Many resin-using industries, such as automotive, aerospace, and construction, saw a drop in demand as a result of lower consumer spending, project delays, and supply chain disruptions. This resulted in a drop in resin orders. Like other commodities, the resin market witnessed price volatility. Oil price fluctuations, which are a crucial component in many types of resins, have had an impact on resin pricing dynamics.

LATEST TRENDS

"Sustainable, Bio-Based and Nanocomposite Resins to Grow Market Potentially"

There is a rising emphasis on environmentally friendly and sustainable resins made from renewable sources or recycled materials. Companies have been spending in R&D to develop resins with a lower environmental impact. Nanotechnology has been used with resin systems to produce nanocomposites with improved mechanical, thermal, and electrical properties. These materials are used in a variety of high-tech sectors. Demand for eco-friendly resins is being driven by rising environmental restrictions and a greater emphasis on sustainability. Because of environmental concerns, resins with minimal volatile organic compound (VOC) emissions and manufactured from renewable or recycled ingredients are in high demand.

C resin market SEGMENTATION

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• By Type

Based on type the market is classified as C9 Hydrocarbon Resin, C5 Hydrocarbon Resin, C5/C9 Copolymer Resin, Hydrogenated Hydrocarbon Resin and others.

C5 hydrocarbon resin is the leading part of the type segment.

• By Application

Based on application the market is classified as adhesive & sealant, paint, rubber, printing ink and others.

Adhesive & sealant is the leading part of the application segment.

DRIVING FACTORS

"Growing End-Use Industries and Rising Demand to Sped Up the Market Growth"

C resins are widely used in industries such as automotive, aerospace, construction, electronics, and packaging. Growth and demand in these industries have a direct impact on resin demand. Manufacturing procedures that are efficient and cost-effective contribute to market growth. Advances in resin composition and manufacturing techniques can result in higher-quality products at reduced costs, making resins more appealing to producers. Resins are critical components in composite materials, which are widely employed in a variety of applications due to their lightweight and durability. The market for resins is driven by the demand for composites in industries such as aerospace, automotive, and wind energy. Consumer preferences, such as the need for aesthetically pleasing products, are also driving the industry. Consumer preferences impact the market for resins, which are used in coatings, paints, and decorative objects.

"Urbanization and Infrastructure Development to Raise the Market Share"

Demand for construction materials, especially resins used in paints, adhesives, and sealants, is being driven by urbanization. Infrastructure development initiatives also drive C resin demand. Research & development initiatives that result in the development of new types of resins with superior qualities or the development of novel applications can have a substantial impact on the market. The creation of high-performance or bio-based resins, for example, can open up new market prospects. Customized resin solutions customized to specific industrial needs, together with resin-based product breakthroughs, fuel market growth. Manufacturers with specialized or one-of-a-kind resin formulas get a competitive advantage.

RESTRAINING FACTORS

"Raw Material Prices Cost Pressures to Restrain the Market Growth"

Petrochemical feedstocks are frequently used in the manufacture of resins. Oil price fluctuations can have a substantial impact on production costs, resulting in market price volatility. Resins are made from a variety of raw materials, the cost of which are affected by geopolitical events, weather patterns, and other variables. Epoxy resins, for example, are sourced from petroleum, therefore fluctuations in oil prices might affect their cost. With growing competition and price sensitivity in various sectors, resin makers are frequently under pressure to cut costs while maintaining product quality. This can be difficult, especially given the high cost of raw materials and the regulatory compliance requirements. This cost factors combined have a substantial influence on C resin market growth.

C resin market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market with Infrastructural Development "

In terms of revenue, the Asia Pacific region dominated, accounting for the major C resin market share. The Asia-Pacific area, particularly China, Japan, South Korea, and India, has emerged as a major force in the resin industry as a result of expanding industrialization in developing countries. These countries have strong manufacturing sectors and are important resin users in a variety of industries, including automotive, electronics, construction, and packaging. The Asia Pacific region's dominance in the C Resin market varies based on the type of resin and its uses. However, due to their vast manufacturing capabilities, technological developments, and strong presence in major end-user sectors, they have always been significant participants in the resin industry.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The industry is tremendously competitive, with numerous global and regional companies. Major players are contemplating numerous plans such as mergers and acquisitions, collaborations, the introduction of new and improved products, and joint ventures.

List of Market Players Profiled

• ExxonMobil (U.S.)
• Eastman (U.S.)
• Kolon Industries (South Korea)
• Cray Valley (Total) (U.S.)
• Rain Carbon (U.S.)
• Mitsui Chemicals (Japan)
• Tosoh (Japan)
• Idemitsu Kosan (Japan)
• Formosan Union (China)
• Resinall (U.S.)
• Neville (U.S.)
• Shangdong Qilong (China)
• Zhejiang Derong Chemical (China)
• Yuangang Chemical (China)
• Shandong Landun Resin (China)
• Shandong Yuhuang Chemical (China).

REPORT COVERAGE

The report includes a SWOT analysis as well as information on potential developments. The examination of a variety of elements that encourage market expansion is included in the research report. This section also includes a wide range of market categories and applications that may have an impact on the market in the future. The details are based on current trends as well as historical turning moments. The current situation of the market's components and prospective growth areas in the coming years.