Resorcinol Market Size to Reach USD 1.6 Billion by 2028
Published | 09 March 2022
The market growth of resorcinol is attributed to factors such as high cost-effectiveness, chemical stability, resistance to solvents, salt-water, acids, and oil. It is also used in manufacturing light screening agents, which are used to protect plastic products against ultraviolet (UV) rays. Also, there is an emerging need for various types of rubber-based products such as belts, tires, and rubber-coated fabrics, which are escalating the growth of the resorcinol market in coming years globally…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global resorcinol market was worth USD 872 million in 2021 and is anticipated to reach USD 1.6 billion by 2028. The global resorcinol market is anticipated to grow on account of various factors such as high cost-effectiveness, chemical stability, coupled with resistance to solvents, salt-water, acids, and oil. It is also used in manufacturing light screening agents, which are used to protect plastic products against ultraviolet (UV) rays. Moreover, resorcinol serves as an intermediate for the production of light screening agents. There is an emerging need for various types of rubber-based products such as belts, tires, and rubber-coated fabrics, which are expected to be escalating the growth of the global resorcinol market in coming years.
Rubber & Tire Industry and Healthcare Sector - Major End-Users
The end-user industries across the globe mainly leading the growth of the global resorcinol market are rubber & tire industry, and healthcare. Due to its capacity to bond compounds such as wooden and rubber products, resorcinol is utilised as a bonding or stiffening agent in a variety of sectors. It is widely utilized by growing automotive & transportation to produce belts, rubber-coated fabric, tires, etc. Resorcinol also helps improve the adhesion of rubber to the reinforcing material and improves the overall mechanical properties of the rubber compound. Furthermore, healthcare industries are also increasing the need for resorcinol to produce fungicidal creams for treating skin infections.
Adhesive Nature of Resorcinol Act as Key Factor for the Growth of Global Resorcinol Market
Resorcinol plays an important role as a medium for adhesion between reinforcing cords and surfaces. Resorcinol is commonly known as marine glue. Unlike epoxy, it does not have gap-filling properties, requiring joints to be close fitting and clamped under pressure to achieve good results. The most common application for resorcinol is adhering to the plies of exterior and marine grades of plywood. Currently, one of its primary uses is to put together with plywood, laminated support beams, and other wooden structural elements. It is widely used as adhesive in the wood industry for joining two surfaces and manufacturing a range of rubber products used in automotive industries. Such products include tires, belts, and rubber-coated fabric. Thus, increased sales in the automotive industries are expected to impact the growth of the global resorcinol market during the forecast period.
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UV Product Application Segment to Witness Strong Growth
Resorcinol is used as a chemical intermediate for the synthesis of UV absorbers in resins. Resorcinol derivatives consist of phenol group on the bridged methylene group and are useful for absorbing UV rays. Resorcinol is used as a key raw material in various industries due to its effective chemical properties, medical use, UV absorber, and others. Resorcinol is used as a raw material in the production of UV absorbers due to its nature of absorbing the harmful UV lights and application in various resins coatings, adhesives, and plastics to protect them from harmful UV light. Resorcinol is also used as a UV stabilizer flame retardant due to its adhesive nature and favorable chemical characteristics with minimal side effects to human health as well as the environment, which is contributing to the market growth of the global resorcinol market.
Impact of COVID-19 on the Global Resorcinol market
Most of the industries across the world have been negatively impacted by COVID-19, owing to significant disruptions experienced by their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns. The same applies to the global resorcinol market due to the decrease in demand from the end-users segment, as consumer demand has also subsequently reduced as individuals are now keener on eliminating non-essential expenses from their respective budgets such as cosmetics or personal care products as the general economic status of most individuals have been severely affected by this outbreak. These mentioned factors burdened the revenue trajectory of the global resorcinol market and directly impacted the global resorcinol market during the COVID-19 period.
North America Dominates Global Resorcinol Market
The North America region is the largest resorcinol market and is projected to maintain its position during the forecast period. Tires and rubber products demand and production in the region, specifically the U.S. and Canada, are the main growth contributors of the resorcinol market in the region. Furthermore, the Asia-Pacific region is also gaining the global market share due to the increasing demand for automobiles and also on account of increasing industrialization in the region. Mainly India, China, and Japan are contributing to the growth of the Asia-Pacific resorcinol market.
The key players dominating the global resorcinol market are Akrochem Corporation, Aldon Corporation, Alfa Aesar, Amino-Chem Co. Ltd., Atul Ltd., Dynea AS, Euram Chemicals Ltd, Indspec Chemical Corporation, Jiangsu Zhongdan Group Co., Ltd., Kraeber& Co. GmbH, Mitsui Chemicals, NappTechnologies, Sigma-Aldrich, Sumitomo Chemicals Co. Ltd. The players maintain their dominance in the market by investing in launching enhanced products and services to customers. Different strategies adopted are engaging strategic alliances and collaborations. The key marketing strategies adopted by the players are new launches, collaborations, and partnerships to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global Resorcinol market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Resorcinolmarket along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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