The global resorcinol market size is estimated to reach US$ 570 million by 2027, and register a CAGR of 3.1% over the forecast period (2019 - 2027).
BURLINGAME, CALIFORNIA, UNITED STATES, May 24, 2024 /
EINPresswire.com/ -- Market Overview:
Resorcinol is an organic compound that finds wide usage as a building block for resins and polymers in tire and rubber industry. It is a white solid that has antiseptic and antifungal properties.
Market Dynamics:
The resorcinol market is witnessing high growth owing to growing usage of resorcinol in tire and rubber industry where it is used as a cross-linking agent to enhance strength and durability of rubber products. Resorcinol is used in production of various tire components such as tire cord, tread, sidewall and bead wire. Additionally, growing demand for high-performance tires from automotive industry is further driving the demand for resorcinol. The report predicts the market to grow at a CAGR of around 5% during the forecast period owing to rising automotive production and sales across the globe. Furthermore, expanding rubber industry where resorcinol is widely used as a cross-linking agent is also fueling the market growth.
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Resorcinol Market Drivers
Growing Demand From Rubber Industry
Resorcinol is extensively used in the rubber industry as a curing agent and hardener. It acts as a vulcanizing agent and accelerates the curing process of Natural and Synthetic rubber. With the steady growth of the global tire industry over the years, the demand for resorcinol from the rubber industry has increased considerably. Moreover, increasing vehicle production and rising vehicle parc globally is augmenting the demand for tires which in turn is driving the consumption of resorcinol in the rubber industry.
Wide Applications in Medical Field
Resorcinol is used to manufacture several pharmaceutical formulations like antiseptics, disinfectants, and antibacterial creams. It is widely utilized in the production of cold creams, lotions, shampoos and other personal care products owing to its therapeutic properties. Resorcinol also finds numerous applications in the healthcare sector as antiseptic agent. With rising healthcare expenditure and increasing demand for antimicrobial drugs, the consumption of resorcinol from the medical field is projected to multiply going forward.
Resorcinol Market Trends
Increasing Demand for Bio-Based and Green Resorcinol
With growing environmental consciousness, manufacturers are focused on developing bio-based and eco-friendly alternatives to conventional petroleum-based resorcinol. The use of renewable resources like maize and wheat for producing resorcinol helps in reducing dependence on fossil fuels and emission of greenhouse gases. Furthermore, bio-based resorcinol exhibits similar chemical properties as its petro-based counterpart and can efficiently substitute it in various end-use industries. This emerging trend towards sustainable resorcinol products is expected to shape the future dynamics of this market.
Top Companies Featured in This Report:
★ Mitsui Chemicals Inc.
★ Indspec Chemical Corporation
★ Sumitomo Chemicals.
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Key Regions/Countries are Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Why Choose Our Comprehensive Market Report:
• Evaluate numerous aspects of the Resorcinol Market outlook through Porter's Five Forces analysis.
• Examine the growth rate and market shares of various product types and applications/end-users within the Resorcinol Market.
• Gain insights into the Resorcinol Market dynamics across different regions.
• Conduct a thorough Covid-19 Impact Analysis using a robust research methodology.
• Stay updated on the latest developments, market shares, and strategies of key players in the Resorcinol Market.
• Delve into a detailed assessment of the market strategies, geographical presence, and business segments of the top players in the Resorcinol Market.
• Anticipate key challenges, product advancements, and potential solutions that may influence the market's progress and risks.
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Key Inquiries Addressed in this Report include:
• What was the size of the Resorcinol Market in 2024, and what is the projected value by 2030?
• What is the present global market landscape for the Resorcinol Market?
• What strategies offer optimal opportunities for growth maximization in the business?
• What recent trends are shaping the Resorcinol Market?
• How does the market share of Resorcinol Market revenue, sales, and size vary across specific geographical regions?
• Who are the prominent industry players in the Resorcinol Market?
• Which segment of the Resorcinol Market is experiencing heightened demand?
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