Resorcinol Market is Estimated to Grow at a CAGR of 4.07% by 2030
According to ChemAnalyst report, “Resorcinol Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand , 2015-2030”, Resorcinol market has shown a considerable growth in the last five years and is anticipated to achieve a healthy CAGR of 4.07% during the forecast period 2020-2030. Rising consumption of Resorcinol in automotive and other downstream sectors for the production of tyres and rubber products is expected to drive the demand of Resorcinol, which will further boost its global market over the next ten years. The production of Resorcinol by the manufacturing industries is highly associated with the safety standards on human health as well as environment which further enhances the compliance standards.
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Resorcinol also called m-dihydroxybenzene, having chemical formula C6H4(OH)2, is a phenolic compound. It is a white colored water soluble liquid used in the manufacturing of resins, medicine, plastics, dyes, and numerous other organic compounds. It is synthesized by sulfonation of benzene with fuming sulfuric acid and fusing the resulting benzenedisulfonic acid with caustic soda in large quantities. Resorcinol is used in the treatments of eczema, acne, seborrheic dermatitis, psoriasis, and other skin disorders. It also helps in the removal of hard, scaly, or roughened skin. Resorcinol find its applications in many chemical industries including personal care, dyestuff, personal care, pharmaceuticals, plastic, and rubber, and others.
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The strong demand of Resorcinol by the automotive and construction sector coupled with the prevalent awareness of its usage is expected to bolster the overall demand of Resorcinol, thereby boosting the global market over the next ten years. Resorcinol is widely used as an adhesive medium between rubber and reinforcing cords in the rubber products like belt, tires, and rubber-coated fabrics which are utilized in the automotive industries. Using Resorcinol as a bonding or stiffing agent across numerous downstream industries owing to its ability to bond compounds such as wooden & rubber products well to various types of surfaces is likely to augment the growth of global Resorcinol market in upcoming years.
Global Resorcinol Market is segmented based on end-user industry, manufacturing process, distribution channel and region. Based on end-user industry, market is segregated into Building & Construction, Electrical & Electronics, Healthcare, Automotive, Dyes, Explosives and Others. Among which, Automotive industry holds the largest share of total Resorcinol demand, which is more than 30% in 2020 due to its usage as an adhesive for tire and rubber manufacturing. Healthcare end-user industry use Resorcinol as UV stabilizer, flame retardants etc. It is used as a raw material in the production of UV absorbers, used in various resins viz., coatings, adhesives and plastics to protect them from harmful UV light. In terms of the manufacturing process, the global Resorcinol market is segmented Benzene Sulfonation process and Meta-Diisopropylbenzene Peroxidation process.
In 2020, due to the outbreak of COVID-19, there has been an unprecedented fall in the overall demand of Resorcinol. Many manufacturing & processing sectors including automotive, construction, electronics, and others were affected drastically. However, pharmaceutical industry witnessed a positive impact in the demand of Resorcinol during the covid times as it utilizes Resorcinol for the manufacturing of various pharma drugs, fungicidal creams etc.
Region wise, Asia Pacific Region is dominating the global Resorcinol market and is expected to maintain its dominance in the future as well. Rapid industrialization and mounting automotive and construction industry in emerging countries like China and India are the major drivers for the dominance in the region in 2020. Furthermore, initiatives by the government towards buildings & developing infrastructure would also boost the demand of Resorcinol in the region in upcoming years.
According to ChemAnalyst report, “Resorcinol Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand , 2015-2030”, some of the major players operating in Resorcinol market include Sumitomo Chemicals, Aldon Corporation, Tokyo Chemical Industry Co. Ltd, Zhejiang Hongsheng Chemical Co Ltd, Lanxess AG, Atul Ltd, Kraeber & Co. GmbH, Alfa Aesar, Akrochem Corporation, Jiangsu Zhongdan Group Co., Ltd., Dynea AS, Amino-Chem Co. Ltd., Napp Technologies, and Others.
Resorcinol is used as a medium for adhesion between rubber and reinforcing cords. The rubber products for which it is used include belt, tire, and rubber-coated fabric. All these materials are extensively utilized in the automobile industries.
“Rising demand of Resorcinol by the automotive and rubber industry to produce various rubber-based products is likely to boost the Resorcinol market around the world in upcoming years. The increasing disposable income across the globe has led to rise in the demand for automobiles. Rising trends in the market regarding Resorcinol and its production is expected to benefit its global demand until 2030. Increasing sales of electric cars will also propel the demand of Resorcinol in the automotive industry in upcoming years. It is projected that in the forecast period, the tire sector will dominate the global Resorcinol market as in 2019, Global tire production reached a good volume over 200 million units and is further expected to grow at a healthy CAGR in the next ten years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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