Resorcinol Market to Grow with a CAGR of 3.23% through 2028
Growing demand of resorcinol in electronic industry is
expected to drive the Global Resorcinol Market growth in the forecast period,
2024-2028
According to TechSci Research report, “Resorcinol Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Resorcinol Market stood at USD 488.65
million in 2022 and is anticipated to grow with a CAGR of 3.23% in the forecast
period, 2023-2028. The initiatives taken by government based on Resorcinol has
led to favorable market conditions for the Global Resorcinol Market. Several
factors contribute to the growth of various Resorcinol products.
In order to promote and revitalize the construction
industry, governments in various regions have implemented proactive
initiatives. These initiatives aim to boost infrastructure development, which
in turn increases the demand for resorcinol, a key component used in building
materials. Notably, several Asian countries have strategically entered the
resorcinol formaldehyde latex market, with Sumitomo Chemical, a Japanese
corporation, expanding its presence in this sector.
On the regulatory front, the Government of Canada has
recently taken action by adding resorcinol to the list of restricted substances
in cosmetics. This decision was made due to growing health concerns associated
with the use of resorcinol in cosmetic products. Consequently, these
regulations have the potential to impact the demand for resorcinol in specific
sectors, as companies may need to explore alternative ingredients to comply
with the new restrictions.
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The ongoing technological advancements in the
electronics industry have led to the development of increasingly complex and
sophisticated devices. As these devices become more advanced, the demand for
high-quality components, including PCBs, continues to rise. Resorcinol, with
its exceptional adhesive properties and reliability, has emerged as a crucial
component in the manufacturing process of these intricate PCBs.
In addition to the advancements in technology, another
significant factor driving the global demand for consumer electronics is the
increasing disposable incomes of individuals worldwide. With rising
urbanization and a growing middle-class population, more people have the means
to afford electronic devices, leading to a surge in demand. As a result, the
electronics industry is under pressure to meet this growing demand, and the
need for resorcinol as a key component in electronic manufacturing has never
been greater.
Furthermore, the trend towards miniaturization in
electronics has become more prevalent in recent years. As devices become
smaller and more compact, there is a greater emphasis on efficiency and
space-saving designs. Resorcinol's unique adhesive properties make it an ideal
choice for manufacturing small yet robust PCBs, contributing to the overall
miniaturization trend in the electronics industry.
The Global Resorcinol Market is segmented into production
method, end user, regional distribution, and company.
Based on its end user, the Building & Construction
segment held the largest share in the market. Resorcinol, a chemical compound
known for its exceptional chemical stability, finds extensive use in various
wood applications. Its remarkable ability to resist solvents, salt water,
acids, and oil makes it an ideal choice. Acting as a robust adhesive, it forms
a strong bond that can withstand a wide range of temperatures after curing.
This makes it a valuable component in both interior and exterior wood-based
structures, which are highly sought after in architectural and construction
applications. With the global growth projected in these industries, the demand
for wood adhesive applications is expected to benefit significantly. The
versatility and reliability of resorcinol make it an indispensable solution for
enhancing the overall performance and durability of wood products.
Based on region, North America segment is expected to
grow during the forecast period.
The demand for resorcinol in the region has been
primarily driven by the presence of a well-established automotive and building
& construction industry. With prominent automobile manufacturers such as
Chrysler, Tesla, Ford, Cadillac, and more, the North America region has
witnessed a significant boost in the resorcinol market. Furthermore, the
region's proper infrastructure and high disposable income have emerged as key
factors contributing to the growth of the resorcinol industry. Notably, the
United States stands as the world's second-largest automobile producer,
accounting for a substantial share in the market.
Major companies operating in Global Resorcinol Market are:
- Kraeber & Co. GmbH
- Alfa Aesar China Ltd
- Akrochem Corporation
- Jiangsu Zhongdan Group Co., Ltd.
- Dynea AS
- Amino-Chem Co. Ltd.
- Sumitomo Chemicals Co., Ltd.
- Atul Ltd.
- Isochem Kautschuk-GmbH
- Shanghai Amino-Chem Co. Ltd
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“Growing application of resorcinol in various end user
industries are key drivers of the Resorcinol Market. Growth in competitive landscape
and presence of well-established companies in the market who are dedicated to
enhance their productivity of resorcinol with every passing year are
anticipated to register an impressive growth to Global Resorcinol Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Resorcinol Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Production Method (Benzene Disulfonation, Hydroperoxidation of Meta-Diisopropylbenzene, Hydrolysis of Meta-Phenylenediamine), By End User (Building & Construction, Healthcare, Automotive, Electricals & Electronic, Others), By Region and Competition”, has evaluated the future growth potential of Global
Resorcinol Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Resorcinol Market.
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