25th October 2019 – 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.
Get
a Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/resorcinol-market/request-sample
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
infrastructure.
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.
Get
in touch
At Million Insights, we work with the
aim to reach the highest levels of customer satisfaction. Our representatives
strive to understand diverse client requirements and cater to the same with the
most innovative and functional solutions.
For
More Information, Visit @ https://www.millioninsights.com
No comments:
Post a Comment