Resorcinol Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on December 2nd, 2020 The global resorcinol market size is expected to reach USD 580.3 million by 2025, expanding at a CAGR of 3.3%, according to a new report by Grand View Research, Inc. Strong demand from sectors such as construction and automobiles and the development of novel products is expected to benefit the market demand. The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor. Regarding application, rubber products dominated the segment and at an anticipated CAGR of 2.8% from 2017 to 2025. Resorcinol is widely used in the tire manufacturing and as an adhesive. The chemical provides excellent adhesive properties and can be used to bind synthetic as well as metal materials. These advantages coupled with the growth of the automotive industry is expected to favor market growth over the next eight years. Resorcinol, as well as its derivatives, have the ability to form organic compounds that possess a UV absorbing functional group. This property makes resorcinol based derivatives to be used as UV absorbers in a wide variety of application such as coatings, and paints. The rising demand for UV absorbers across the globe is expected to benefit the overall demand over the forecast period. The chemical is used to manufacture pharmaceutical products, flame retardants, fungicidal creams & lotions, and agriculture chemicals. The broad application portfolio has benefitted the chemical demand in the recent past, and this scenario is expected to continue over the next eight years. Resorcinol Market Report Highlights
Major Key Players include in the resorcinol market are have adopted optimized manufacturing processes and dedicated refining processes to provide high-quality resorcinol. Also, companies provide different grades of the product to suit the application needs of the customers. Companies are trying to optimize their production processes to obtain a high grade of the product. Resorcinol is also called as 1,3-Benzenediol. It is a chemical, specifically used for adhesion purposes. It is obtained from the crystallization of benzene and is soluble in ether, alcohol, and water. The application industries of the chemical include dyestuff, personal care, pharmaceuticals, plastic, and rubber. The resorcinol market worth in the U.S. was USD 100.0 million in 2016 and is forecasted to be USD 130.6 million by 2025 growing at an anticipated CAGR of 3.1% over the forecast period. The presence of a strong automotive and construction sector in the country coupled with the prevalent awareness of its usage is expected to benefit the overall demand in the country. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2053/ibb 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 widely utilized in the automotive industries. The increasing disposable income across the globe has catered to a rise in the demand for automotive vehicles. Such trends are expected to benefit product demand over the forecast period. Resorcinol-formaldehyde resins are used for wood binding applications to address issues such as room temperature cure and structural integrity. The usage of the resin also imparts waterproof characteristics to the applied wood surface. Also, it serves as an intermediate for the manufacturing of light screening agents used for protecting plastics against UV lights. The chemical is also used to manufacture pharmaceutical products, flame retardants, fungicidal creams & lotions, and agriculture chemicals. The broad application portfolio of the product has benefitted the chemical demand in the recent past, and this scenario is expected to continue over the forecast period. Grand View Research has segmented the global resorcinol market on the basis of application: Resorcinol Application Outlook (Revenue, USD Million; Volume Tons, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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