Resorcinol Market
Resorcinol Market Growth, Latest Trends, Opportunity, and Forecast Analysis ( 2024-2032 )
Resorcinol Market is segmented by End-Use ; by Sales Channel & by Region. KDMI analyst foresees market revenue to cross USD 627.4 Million by 2032 by growing with a CAGR of 3.8% during 2024-2032
Resorcinol Market Overview
The global resorcinol market was valued at USD 478.3 million in 2023. The market is expected to expand at a CAGR of 3.8% from 2023-2032, and is expected to cross value of USD 627.4 million by the end of 2032.
Resorcinol is a white-colored crystalline solid that is soluble in alcohol. The chemical compound, which is also known to have a slightly bittersweet taste, is soluble in ether and water. The chemical compound is produced by melting resins, such as asafetida and galbanum with potassium hydroxide (KOH). The growing demand for resorcinol from end-user industries, such as rubber, chemical, automotive, and construction, is one of the major factors predicted to drive the market growth for resorcinol. Atul Ltd., Dynea AS, and Kautschuk group are some of the significant parties in the market for resorcinol.
Resorcinol Market Key Growth Drivers
Some key drivers for the resorcinol market are:
- Growing Demand for Wood: The demand for wood is increasing, especially in the construction sector for use in residential and commercial complexes. Resorcinol acts as a booster of the adhesive strength of rubber and wood products, and hence, with the increasing demand for wood, supported by the expanding furniture industry, the demand for resorcinol is also expected to increase.
- Rapid Surge in Demand for Antiseptics: Backed by the growing prevalence of different types of diseases globally, the demand for antiseptics is also experiencing similar growth. As resorcinol is widely used as an antiseptic, hence, the demand for the chemical compound is also expected to grow with the increasing demand for antiseptics.
- Expanding Cosmetic Industry: The cosmetic industry has been experiencing skyrocketed growth in recent years, and so is the demand for different types of skincare products. Resorcinol finds wide applications in different skincare products, and as a result, its demand in the cosmetic industry is expected to grow massively.
- Soaring Demand for Rubber Adhesives: The rapid demand for rubber adhesives in several end-use industries is raising the need for an increase in production for these adhesives. As resorcinol is used widely in rubber adhesives for enhancing adhesive strength, the demand for the chemical compound amongst rubber adhesive manufacturers is increasing, thereby contributing to the market growth.
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Resorcinol Market Challenges
Some challenges facing the resorcinol market are:
- Complex Production Process of Resorcinol: The complicated production process associated with resorcinol, for which the manufacturers must face several challenges, is one of the major factors predicted to lower the market growth.
- Toxic Nature of Resorcinol: The raw version of resorcinol is known to possess serious issues as it is toxic. The chemical can cause skin and eye irritation and hence needs to be handled responsibly.
- Stringent Government Regulations for Manufacturing Resorcinol: The stringent regulations set by the regulatory bodies for the manufacturing and processing of resorcinol is also anticipated to hinder the market growth.
Resorcinol Market Segmentation
Segmentation of resorcinol market are:
- By End-Use
- Rubber Products
- Wood Adhesives
- Flame Retardants
- UV Stabilizers
- Others
- By Sales Channel
- Direct Sale and Indirect Sale
- By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
Resorcinol Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 478.3 Million |
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Forecast Year |
2023-2032 |
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Forecast Year Market Size |
USD 627.4 Million |
|
CAGR Value |
3.8% |
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Segmentation |
|
|
Challenges |
|
|
Growth Drivers |
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Timeline considered for all these studies will be:
- 2023 – Base Year
- 2023 – Estimated Year
- 2023-2032 – Forecast Period
Resorcinol Market Regional Synopsis
The Asia Pacific resorcinol market is projected to hold the largest market share during the forecast period, supported by the robust demand for the chemical compound from developing nations, such as China and India. The region is also a hub for automotive industry and has some of the renowned automotive manufacturers.
On the other hand, the market in North America is expected to grab a significant market share, owing to the growing research and development on the product, presence of several manufacturers of resorcinol, as well as the rising demand for the chemical from the construction industry.
Resorcinol Market Key Players
Some key players in the resorcinol market are:
- Atul Ltd.
- Dynea AS
- Kautschuk group
- Kraaeber & Co GmbH
- Jay Organics
- Jiangsu Zhongdan Group Co.Ltd
- Shanghai Amino-Chem Co.Ltd.
- Sumitomo Chemical Co.Ltd
- TWC Group
- Akrochem Corporation
- Aldon Corporation
- Alfa Aesar (Thermo Fisher Scientific Inc.)
- Euram Chemicals Ltd.
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- Publication date: 13th March 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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