Global Resorcinol Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends and Forecasts (2018-2023)
The Resorcinol Market is expected to register a CAGR of 3% during the forecast period (2018 - 2023). The resorcinol market has been majorly driven by the growing demand from Asia-Pacific. The increase in demand has been caused by the increase in a number of end-user industries, including rubber & tire, wood adhesives, pharmaceuticals, and agrochemicals.
Growing Demand of Resorcinol-Formaldehyde in Rubber Industry
Resorcinol is a monomeric byproduct of the oxidation, reduction, and microbial degradation of humic substances. Resorcinol and resorcinol-formaldehyde are used to enhance the bonding between rubber compounds and various reinforcing materials. In 2016, in terms of end-user industry, rubber products had the largest market share. This can be attributed to the many factors, such as growth in the tire industry due to the increase in consumption from automotive sectors, which have been expected to drive the market growth in the future years.
Wood Binding Application is the Fastest Growing
In the recent years, there has been an increase in the usage of resorcinol in wood binding applications owing to its characteristic properties, like superior adhesion. This increase in the demand is due to the recent surface treatment enhancement techniques, where the persistence of bonding of polymeric adhesives increases. The treated material is called hydroxyl methylated resorcinol (HMR) which is widely used in bonding cotton tire cord to rubber, which maintains adhesion over long periods of robust use. The growth in tire cord application is propelling the demand for the resorcinol market.
Asia-Pacific to Lead the Market
In 2017, Asia-Pacific held the largest regional market for resorcinol. The growing tire manufacturing industries in the region is one of the factors favoring the market growth. Large-scale investments in countries, like China and India, towards the positive growth of the automotive sector in these regions, fueled by the market for passenger car tires, are expected to provide a lucrative opportunity for market growth. The government initiatives in the region, promoting the usage of resorcinol products, are expected to have a positive effect over the forecast period.
August 2017: Kordsa and Continental jointly developed a sustainable adhesion system which is eco-friendly in order to replace resorcinol and formaldehyde.
Major Players: Atul Ltd, Aldon Corporation, Sumitomo Chemicals, Mitsui Chemicals, and Deepak Nitrile Ltd, among others.
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