Global Resorcinol Market Demand & Forecast Analysis, 2016-2032

Executive Summary : -

Resorcinol or benzenediol is crystallized from benzene and is readily soluble in water, alcohol, and ether. Resorcinol Formaldehyde (RF) is produced from resorcinol which is utilized in enhancing the adhesion of rubber and other materials in rubber products. Other applications are in flame retardants, dyes, wood adhesives, UV stabilizers, explosives, herbicides and others. Properties of resorcinol based resins such as resistance to high temperature and durability under mechanical stress makes it an excellent raw material in the production of specialty adhesives for tires, wood products and flame retardants.

Tire applications in the automotive sector followed by the construction applications account for the two major end-use of the Resorcinol. Resorcinol demand for tire applications alone account more than half of the total demand for total rubber products. The rise in population and economic activities globally which in turn drives the automotive and construction industries will be the major factors for growth of resorcinol market.

There has been a continued shift of automobile production along with a shift in the rubber/ tire industry away from the mature markets of Western Europe, North America and other countries to the developing regions in Asia-Pacific like China, Vietnam, India and other South East Asian economies owing to easy availability of skills and low cost of production. Moreover, production units of UV stabilizers (second largest application) made from resorcinol has also shifted to Asia. According to Prismane Consulting Resorcinol World Analysis report 2018, the resorcinol market is expected to grow at annual average of less than 3%. The demand growth is expected to be dramatically different with Countries like China and India witnessing a growth in line with their GDP growth. With a strong automotive and transport industry in the region, the region is forecast to register a CAGR of more than 5% in the long-term forecast, the highest among all other regions considered in the study.