Global resorcinol market is expected to grow owing to increasing demand from automotive industry. Key applications in automotive industry include tires manufacturing for trucks, passenger cars, conveyor belts and other rubber mechanical goods such as driving belts. Other end-use industries involving resorcinol application include construction, personal care, pharmaceutical and chemical. Resorcinol is used in dyestuff, creams, agricultural chemicals, explosive primers and flame retardants. Also, resorcinol is used in high quality wood binding in adhesives and specialty chemicals production as screening agents. Aforementioned applications are anticipated to positively impact resorcinol market growth over the forecast period. Hazardous nature in terms of toxicity is expected to hamper resorcinol market growth and pose challenges to industry participants over the forecast period. Waste disposal methods are to be followed in accordance with local as well as federal regulations. High waste disposal cost is slated to impede resorcinol market growth and pose challenges to industry participants. Technological upgradation ensuring low waste disposal cost coupled with increasing application scope in end-use industries such as pharmaceutical and cosmetics is projected to yield opportunities to industry participants over the forecast period.
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Asia Pacific is projected to emerge as dominant regional market for resorcinol owing to increasing applications in potential end-use industries such as automotive, construction and pharmaceutical in emerging countries such as China and India. Rising personal care products demand such as creams and lotion is expected to drive resorcinol market growth in the region over the forecast period. Other upcoming economies in Asia Pacific utilizing resorcinol at a large scale include Taiwan, Thailand, South Korea and Singapore. Major players functioning in resorcinol market shifted their production facilities to Asia Pacific due to cheap labor and land availability. This is anticipated to positively impact resorcinol market growth in the region. In U.S., wood and tyres manufacturing is done with special adhesives having resorcinol as key raw material. North America is projected to witness considerable resorcinol market growth owing to wide application in U.S. and as flame retardant in mounting construction industry.
Global resorcinol market is highly concentrated in nature with key players including Sumitomo Chemicals, Mitsui Chemicals, Inc. and Indspec Chemical Corporation accounting for more than half of the total market share. Other industry participants include Deepak Nitrite Ltd and Atul Ltd.
Information Source: Grand View Research, Inc.