Capacity Expansion Drives Attention to C5 Hydrogenated Petroleum Resin

　　In recent years,with the continuous improvement of the petrochemical industry chain,the increasing stringency of environmental protection policies,and the steady expansion of downstream application markets,C5 hydrogenated petroleum resin,as a core category of high-performance petroleum resins,is experiencing a dual upsurge of accelerated capacity release and rising market attention.As a thermoplastic resin produced from ethylene cracking by-product C5 fraction through polymerization and hydrogenation processes,C5 hydrogenated petroleum resin has gradually replaced traditional non-hydrogenated resins by virtue of its advantages such as light color,low odor,strong heat resistance,and stable oxidation resistance.Its application penetration rate in fields such as adhesives,road marking coatings,and printing inks continues to rise,and the industry has entered a critical stage of concurrent large-scale development and high-quality transformation.

　　一.Significant Capacity Expansion Trend with Cluster Characteristics in Regional Layout

　　Benefiting from the optimization of upstream raw material supply and the drive of downstream demand,the domestic capacity of C5 hydrogenated petroleum resin has maintained a steady growth trend in recent years.Data shows that the output of C5 hydrogenated petroleum resin in China exceeded 380,000 tons in 2023,a year-on-year increase of approximately 12.6%,accounting for 43.7%of the total domestic petroleum resin output.It is expected that this proportion will rise to more than 50%by 2028,with output potentially exceeding 600,000 tons.In terms of capacity layout,the industry presents obvious regional cluster characteristics.East China and North China have become core capacity concentration areas relying on advantages such as improved chemical supporting facilities,sufficient raw material supply,and proximity to downstream consumer markets,with combined capacity accounting for over 70%of the national total.A number of large-scale production enterprises have emerged in Shandong,Liaoning,Jiangsu and other regions.

　　Major domestic enterprises have continuously increased investment in capacity layout and technological upgrading,promoting the gradual improvement of industry concentration.Enterprises such as Panjin Futian,Shandong Yuhuang,Sinopec Mitsui Chemicals,and Lanzhou Petrochemical have continuously expanded production scale and optimized product structure by virtue of their integrated industrial chain advantages and technological accumulation.Among them,Lanzhou Petrochemical successfully increased the proportion of 0-color C5 hydrogenated petroleum resin products from less than 20%to 99%through technological research and process upgrading,while reducing the average energy consumption of equipment by more than 10%,setting a benchmark for industry capacity expansion and quality improvement.In addition,with the continuous commissioning of integrated refining and chemical projects,the incremental C5 by-product driven by new ethylene capacity in 2024 is expected to exceed 400,000 tons,providing a solid raw material guarantee for the C5 hydrogenated petroleum resin industry and further supporting the steady release of capacity.

　　二.Technological Innovation Drives Quality Upgrading,Accelerating High-End Substitution Process

　　While expanding capacity,technological innovation has become the core focus of industry competition,driving the upgrading of C5 hydrogenated petroleum resin products towards high-end and functional directions.Traditional C5 resins are difficult to meet the requirements of high-end application scenarios due to poor weather resistance and high chromaticity,and the optimization and upgrading of hydrogenation processes have effectively addressed this pain point.Domestic enterprises have significantly improved product performance through technological breakthroughs such as catalyst system improvement and precise control of reaction parameters.For example,the technical team of Lanzhou Petrochemical increased the catalyst utilization rate by more than 30%through precise control of the aluminum trichloride continuous feeding system,and constructed a"temperature-catalyst-circulation"in-depth regulation mode to stabilize the internal control index of resin liquid viscosity at the central value,effectively improving product quality stability.

　　At present,leading domestic enterprises are capable of producing high-end products with a softening point ranging from 80℃to 120℃and a chromaticity of below Gardner 1,and some enterprises have even achieved large-scale mass production of 0-color products,which can meet the stringent requirements of low volatility,high transparency,and yellowing resistance in high-end adhesives,medical pressure-sensitive adhesives and other scenarios.However,it is worth noting that there is still partial import dependence on high-end grade products.In particular,special-grade resins used in electronic-grade adhesives and special industrial coatings are still mainly from international leading enterprises such as Japan's Tonen Chemical and ExxonMobil,with import prices significantly higher than domestic products.This has also become the core direction of technological research for domestic enterprises.In the future,with the continuous breakthroughs in technologies such as molecular structure regulation,catalyst life improvement,and hydrogenation depth control,the high-end substitution process of domestic C5 hydrogenated petroleum resin will further accelerate.

　　三.Multi-Point Outbreak of Downstream Demand Supports Sustained Industry Growth

　　The growth in market demand for C5 hydrogenated petroleum resin is mainly driven by the continuous expansion and consumption upgrading of downstream application fields,among which adhesives and road marking coatings are the core demand contributors.In the adhesive field,hot-melt adhesives are the largest consumption scenario for C5 hydrogenated petroleum resin,accounting for more than 45%,and are widely used in labels,packaging,hygiene materials and other fields.With the rapid development of e-commerce logistics and express packaging industries,the demand for food packaging tapes,hygiene care tapes and other products remains strong.Meanwhile,the expansion of emerging scenarios such as new energy vehicle battery component packaging adhesives and consumer electronics die-cutting materials has further driven the growth in demand for high-end C5 hydrogenated petroleum resin.

　　In the road marking coating field,with the continuous improvement of national infrastructure construction and the extension of the highway network,the demand for high-wear-resistance,high-adhesion,and low-VOCs emission marking coatings has increased significantly.C5 hydrogenated petroleum resin has become an ideal raw material in this field due to its excellent weather resistance and environmental performance,with penetration rate increasing year by year.In addition,the demand in fields such as rubber modification,printing inks,and sealing materials is also growing steadily,providing diversified support for the C5 hydrogenated petroleum resin market.Data predicts that the market size of C5 hydrogenated petroleum resin in China exceeded 4.8 billion yuan in 2023,and is expected to reach 7 billion yuan by 2028,with a compound annual growth rate of about 7.5%,showing huge market development potential.

　　四.Supported by Green Policies,the Industry Has Broad Development Prospects

　　The tightening of national environmental protection policies and the implementation of supportive policies for the new materials industry have provided a favorable policy environment for the development of the C5 hydrogenated petroleum resin industry.With the in-depth advancement of the"double carbon"strategy,low-VOCs emission and renewable raw material substitution have become the core directions of industry development.As an environmentally friendly resin product,C5 hydrogenated petroleum resin is in line with the industrial orientation of green manufacturing,and its market share continues to expand.In 2023,the penetration rate of environmentally friendly hydrogenated resins in the adhesive market reached 58%,and is expected to exceed 70%by 2025.At the same time,the 14th Five-Year Plan for the National New Materials Industry clearly proposes to support the localization substitution of special synthetic resins.Coupled with special support policies issued by local governments to encourage enterprises to build high-end resin R&D platforms and pilot test bases,it provides policy guarantees for industrial technological innovation and high-end development.

　　Looking forward to the future,the C5 hydrogenated petroleum resin industry will present the development characteristics of"steady capacity release,continuous structural optimization,and accelerated technological iteration".Enterprises need to further strengthen industrial chain collaborative innovation,improve customized service capabilities,focus on deploying high-value-added product lines,and actively expand overseas markets to cope with the risk of increased domestic competition.With the continuous breakthroughs in domestic technologies,the continuous upgrading of downstream demand,and the sustained release of policy dividends,the C5 hydrogenated petroleum resin industry is expected to achieve leapfrog development from scale expansion to quality upgrading,and occupy a more important position in the global high-performance resin market.