In this paper, we explore the idea that 5G will permit the use of multiple waveforms, with each service employing a waveform that is best suited for it. We look at a 5G machine-type communication (MTC) scenario consisting of clustered user equipment employing device-to-device (D2D) communication, such as a smart factory with inter-communicating machinery. The overhead associated with synchronising a large number of machine-type D2D user equipment (DUE) comes at a cost that may render synchronous communication infeasible or undesirable. Based on this motivation, we consider multiple possible combinations of prominent 5G waveform candidates for cellular users and DUEs, examining the asynchronous performance of all waveforms under consideration and using the performance of synchronous OFDM as a baseline for comparison. Specifically, we focus on the coexistence of waveforms in which the ordinary cellular users employ OFDM for synchronous communication, as in LTE, and the machine-type DUEs, operating asynchronously, employ a different waveform. When DUEs employ FBMC/OQAM, the average achieved rate is marginally greater than the synchronous OFDM baseline case, and approximately 43% greater than the asynchronous OFDM case. This result is encouraging, as the benefits of asynchronous D2D communication could be enjoyed in MTC scenarios without suffering any performance reduction compared to the synchronous OFDM scenario. We then investigate how the relative performance of different waveform choices depends on the scenario by varying key parameters. Notably, for asynchronous communication, increasing the transmit power of DUEs results in diminishing benefits unless the DUEs employ a waveform that mitigates inter-device leakage interference.