Resorcinol Market predicted to grow at CAGR of 3.3% in forecast period
Updated on Apr 26, 2021
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The global resorcinol market size is expected to value at USD 580.3 million by 2025. The resorcinol industry is subject to witness a substantial growth due to the growing adoption of resorcinol for production of rubber, wood adhesives and UV stabilizers, along with inherent advantages associated with the chemical. Growing demand from industries such as building & construction and automotive sector and the development of innovative products together are expected to drive the growth of the market in the upcoming years. Globally, the resorcinol market is predicted to grow at CAGR of 3.3% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Resorcinol, termed as a 1,3-Benzenediol is a chemical adhesive, largely utilized for bonding purposes. Resorcinol is a by product of benzene. Crystallization of benzene results in formation of resorcinol. Resorcinol is highly soluble in ether, alcohol, and water. Some of the common applications of the resorcinol include dyestuff, personal care products, cosmetics, lightweight plastic, and rubber.
Rise of the automotive industry and building & construction sector in the Asia-Pacific region is predicted to fuel the growth of resorcinol industry over the forecast period. Resorcinol is widely adopted for bonding purposes, involving rubber and reinforcing cords. Resorcinol is also used for manufacturing of various rubber products such as belt, tire, and rubber-coated fabric, thereby, soaring demand in automotive industries, in the recent years.
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The rise in per capita income in developing economies across the globe has led to a rise in the demand for automotive vehicles. Significant investment by industry players in research & development of resorcinol coupled with introduction of innovative products in the market is anticipated to offer lucrative opportunities for industry players in the upcoming years.
Resorcinol acts as an intermediate for the production of light screening chemical, which is used for protection of plastics against ultra-violet rays. Resorcinol is also utilized for production numerous pharmaceutical products such as flame-retardants, fungicidal creams, ointments, and various agriculture chemicals.
Rubber is considered as one of the fastest growing segment in the resorcinol market with substantial revenue generation in the last couple of years. Growing popularity of the rubber market segment is attributed to the wide range of application portfolio of the chemical. Furthermore, introduction of environmental friendly products in compliance with governmental laws and regulation is expected to boost market growth in upcoming years.
Resorcinol is increasingly utilized for production of tires. Growing demand for resorcinol from automotive vehicle manufactures, bicycles, and aircraft manufactures are estimated to amplify market value for resorcinol in near future. Early adoption of adhesives enhances the rubber compound process stability. It also results in the increase of static as well as dynamic modulus of rubber. Use of resorcinol improves the overall steel cord adhesion property while not affecting vulcanization process of rubber; such factors are critical for augmenting consumer demand for resorcinol during the forecast period.
Resorcinol normally acts as a strong adhesive, and is capable of surviving harsh environmental conditions. Additionally, inherent properties of resorcinol is expected to benefit the segment demand growth in near future as well. Wide adoption of resorcinol in various wood applications owing to the high chemical stability, resistance to solvents, saltwater, acids, and oil is further cementing the market growth. Resorcinol normally acts as a strong adhesive, and is capable of surviving harsh environmental conditions.
The resorcinol industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, numerous governmental initiatives supporting market growth and existence of well-established industrial infrastructur
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Asia-Pacific region is predicted to hold a major market share in the resorcinol market with massive growth in forecast period. Countries such as India, China and Thailand are leading the Asia-Pacific market with rapid industrialization, substantial growth in the automotive sector, rise in the favorable laws & regulations by regional governments and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the resorcinol industry are Dynea AS, Sumitomo Chemical Co. Ltd., Atul Ltd., Sigma-Aldrich, AminoChem, Indspec chemical Co. and Mitsui Chemicals Incorporations.
Resorcinol Application Outlook (Revenue, USD Million; Volume Tons, 2014 - 2025)
• Rubber products
• Wood adhesives
• UV stabilizers
• Flame retardants
Resorcinol Regional Outlook (Revenue, USD Million; Volume Tons, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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