Global increase in applications in growing end-use industries such as automotive, pharmaceutical, construction, chemicals, rubber and personal care is expected to be a key driving factor for resorcinol market growth over the next seven years. Key applications include manufacturing tyres for trucks, passenger cars, off-road equipments, conveyor belts and other reinforced rubber mechanical goods such as driving belts. It is also used for high quality wood binding in adhesives based on resorcinol formaldehyde resins or phenol modified resorcinol based resins usage under high temperature. Resorcinol usage extends further to specialty chemicals production in the form of screening agents against UV light. Other applications include dyestuff, creams, lotion, flame retardants, agricultural chemicals, pharmaceutical, explosive primers and fungicides production. Resorcinol market is projected to witness significant growth owing to aforementioned applications. Flame retardants production is one of the major applications for resorcinol market.
Global increase in tyre manufacturing capacity is anticipated to drive demand and in turn augment resorcinol market growth over the forecast period. Resorcinol is a toxic substance and if exposed, may cause irritation to eyes. Hazardous product nature is expected to obstruct resorcinol market growth and pose challenges to industry participants. Resorcinol waste disposal methods include land farming, incineration and decomposition in sludge type waste water treatment plants. All disposal methods are to be adapted in compliance with local, state and federal regulations. High waste disposal cost is expected to hinder resorcinol market growth and pose challenges to industry participants over the forecast period. Resorcinol is manufactured commercially through two processes. One is sulphonation of benzene, caustic fusion and separation. Other is alkylation of benzene along with propylene in catalyst presence. Sumitomo Chemicals, one of the major players operating in global resorcinol market, adapts its own manufacturing process called hydroperoxidation. This process does not generate large salt byproducts volume and in turn reduce disposal treatment impact making it cost competitive. New manufacturing processes reducing disposal cost coupled with new applications in pharmaceutical and personal care industries is expected to create new avenues and create lucrative opportunities for industry participants over the forecast period. Technological upgradation and advancement is anticipated to create immense opportunities for industry participants operating in resorcinol market.
Asia Pacific is expected to be the key region for resorcinol use owing to increasing end-use products demand such as tyres in growing end use industries such as automotive in emerging countries such as China, India and Japan. Increasing application including specialty chemical and cream & lotion production in end-use industries such as chemical, construction, personal care and pharmaceutical is expected to drive resorcinol market growth in the region over the forecast period. Other major industrial economies in Asia Pacific consuming resorcinol owing to its increasing applications include Taiwan, Singapore, South Korea and Thailand. Key players operating in resorcinol market have shifted their production facilities to Asia Pacific due to cheap labor & land availability the region and supportive regulations & norms regarding chemicals and plastic usage compared to other regions. Asia Pacific is projected to witness significant resorcinol market growth owing to rising per capita disposable income in China & India and purchasing power parity (PPP) for general population. North America is expected to witness considerable growth due to increasing application in automotive industry for tyres, construction industry for flame retardants and pharmaceutical industry. In U.S., resorcinol is majorly used for tyres and wood products made from special adhesives constituting resorcinol as a key raw material. Resorcinol based resins usage find utmost important in aforementioned applications owing to high temperature resistance and mechanical stress durability. Europe is anticipated to observe moderate resorcinol market growth due to abating automotive industry and stringent regulations regarding chemicals and plastics usage in the region.
Key players operating in global resorcinol market include Indspec Chemical Corporation, Sumitomo Chemicals and Mitsui Chemicals, Inc., Indspec Chemical Corporation has captive resorcinol usage for resorcinol formaldehyde resins production and thus has limited share in resorcinol market. Sumitomo Chemicals extended their production facility to its operational Oita Works in Japan in order to reap benefits such as existing infrastructure and easy raw material availability. This strategy adapted by Sumitomo Chemicals helped them supply stable resorcinol quantities to the market and gain a wider resorcinol market share. Other players operating in resorcinol market include Atul Ltd. and Deepak Nitrite Ltd.
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