Resorcinol Market Analysis :
Resorcinol is a chemical which is white in color with a crystal structure. It is a six carbon, phenol-derived hydrocarbon compound. Resorcinol has been widely known as a versatile chemical compound used in the development of technologies to benefit human beings. It has a mild odor and a bittersweet taste, and is soluble in alcohol, water, ether, and benzene.
Resorcinol can be produced commercially and that entails alkylation of benzene with propylene in existence of a catalyst and that can be solid phosphoric acid or AlCl3. Moreover, it can be produced through sulfonation of benzene chased by neutralization of disulfonic acid, caustic fusion, and separation. This process will lead to a resorcinol, which has a purity higher than 98%.
Resorcinol, which is also known as m-benzenediol, m-hydroxyquinone, and resorcin, is a hazardous chemical and may cause severe irritation to the skin and eyes if exposed.
- The global market for XYZ is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of XYZ, which negatively impact the market growth.
- On the contrary, the healthcare industry is witnessing significant development. Thus, this pandemic is likely to have a positive impact on the resorcinol market, as resorcinol is widely used in pharmaceuticals.
- Furthermore, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top impacting factors: market scenario analysis, trends, and drivers
Resorcinol is an essential component of an adhesive system used in the manufacturing process of tires and other mechanical rubber fiber-reinforced products. It has got unique properties which helps it to bind synthetic as well as metal materials and be an excellent adhesive. Therefore, the major factors driving the growth of the resorcinol market is increasing demand from tire industry as well as automobiles industry.
Regardless of decline in the automotive industry around the world, the tires segment still rules the resorcinol market.
Resorcinol is highly used in the manufacturing of flame retardants, fungicidal creams & lotions, pharmaceutical products, and agriculture chemicals. These factors have always generated demand and created great opportunities for revenue generation in resorcinol market.
Resorcinol market has been dominated by Asia-Pacific and to be precise India and China, due to extremely high demand from these nations and because India and China are a hub for manufacturing of automotive, thus there is tremendous growth in these regions.
Resorcinol-formaldehyde resins are found useful in wood binding applications to deal with structural integrity and room temperature cure. The use of the resin also helps in waterproofing the applied wood surface.
Moreover, resorcinol and its derivatives can form organic compounds that hold a UV absorbing functional group. This unique property allows resorcinol based derivatives to be used as UV absorbers in various applications like paints and coatings. Therefore, the growing demand for UV absorbers around the world is anticipated to be an advantage and boost the resorcinol market by creating various opportunities.
However, resorcinol is highly poisonous to the marine life and has a mutagenic effect on bacteria and yeast. Plus, it releases toxic carbon oxides when burned. Furthermore, the falling automotive industry is anticipated to hinder the resorcinol market.
Key benefits of the report:
- This study presents the analytical depiction of the global resorcinol market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global resorcinol market share.
- The current market is quantitatively analyzed to highlight the global resorcinol market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global resorcinol market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the resorcinol market research report:
- Which are the leading players active in the resorcinol market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Resorcinol Market Report Highlights
By Industry Vertical
Key Market Players
AminoChem, Indspec chemical corporation, Aldon Corporation, Mitsui Chemicals Inc., Dynea AS, Sumitomo Chemical Co. Ltd, TWC Group, Jay Organics, Sigma-Aldrich, Atul Ltd.