The global resorcinol market is expected to reach USD 623.63 Million by 2028, according to a new report by Reports and Data. The growth of the market is attributed to the growing demand for resorcinol in end-use applications.
Growing demand for resorcinol in tire production is one of the significant factors influencing the market growth. Resorcinol is commercially used to enhance the adhesion of inorganic and organic reinforcing materials to rubber. The primary use for rubber (natural/synthetic) is in the production of tires for passenger cars, racing cars, motorcycles, bicycles, off-the-road vehicles, trucks, and aircraft. Similarly, the primary application of resorcinol in the current scenario is as a stiffening/ bonding agent in rubber deployed for making tires and the primary reason for using resorcinol in tires is to enhance the adhesive property of the rubber to the underlining material under real-time service conditions, such as, speed and moisture which result in heat buildup. Also, resorcinol contributes to interlayer adhesion of the rubber compound.
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Top Leading Players:
Alfa Aesar, Dynea AS, Kraeber Co. GmbH, Sumitomo Chemicals Co. Ltd., Atul Ltd., Indspec Chemical Corporation, Jiangsu Zhongdan Chemical Group Corporation, Akrochem Corporation, Euram Chemicals Ltd., and Sigma-Aldrich.
Some Key Highlights From the Report:
- Resorcinol is produced commercially across the globe where benzene is used as the major feedstock, and only two production methods are used on a large scale for commercial purposes. Of the two production methods, resorcinol is primarily produced by sulfonation of benzene under conditions supporting replacement in the meta position trailed by anhydrous caustic fusion.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 4.9% in the period 2020-2028, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- The application of resorcinol as UV stabilizers contributed to the second largest market share in 2020 and is likely to grow at a rate of 2.3% in the forecast period. Resorcinol is used in the production of UV absorbers, which are used in widespread applications including plastics, coatings, adhesives, along with elastomers to shield them from the adverse effect of UV radiation.
- The market in the Asia Pacific region dominated the market in 2020 and is likely to grow at a rate of 3.5% in the forecast period. The market dominance of the APAC region is owing to the growing demand for resorcinol, especially in the production of rubber products such as tires, and a rise in the level of disposable income of people in the region, among others.
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Segments covered in the report:
Production Method Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Benzene Sulfonation
- Meta-Diisopropylbenzene Preoxidation
Distribution Channel Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Rubber Products
- UV Stabilization
- Wood Adhesives
- Flame Retardants
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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