LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global resorcinol market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global resorcinol market for 2017-2021. The report also lists tire and rubber manufacturing, UV products and dyes, wood adhesives and binders, and flame retardants as the four major application segments, of which tire and rubber manufacturing accounted for more than 48% of the market share in 2016.
“The growth of the resorcinol market can be attributed to the significant growth in end-user industries. Automotive, construction, electronic and electrical component manufacturers, skin care, and pharmaceutical industries are the major consumers of resorcinol,” says Kshama Upadhyay, a lead analyst at Technavio for specialty chemicals research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global resorcinol market:
- Increased use of value-added paints, coatings, and dye products
- Increasing applications of wood-bonding adhesives
- Growing demand from automotive industry
Increased use of value-added paints, coatings, and dye products
Growing preference for value-added paints, coatings, and dye products has increased the demand for resorcinol. A wide range of these products are used in various applications due to properties, such as UV resistance and flame resistance. Resorcinol is mainly used in the manufacture of these products.
The use of these value-added paints and coatings in outdoor applications has increased as they protect against UV rays and retain the durability and aesthetics of the structures that are coated with these products. These coatings are also used on the exterior of automobiles, which are exposed to sunlight. Increasing concerns regarding safety and lifespan of products have triggered the demand for these value-added products.
Increasing applications of wood-bonding adhesives
The increasing application of wood-bonding adhesives, especially in boat building and construction industries, is driving the market growth. Resorcinol-based wood adhesives are widely used due to their strength, durability, cost advantage, and the ability to withstand a wide range of temperatures. The increase in the disposable income of individuals is increasing the expenditure on homes and premium furnishings, thereby increasing the consumption of wood adhesives and binders used in cabinets, flooring and plywood, furniture and subcomponents, doors, window panes, decorative products, and other related products.
“The increase in the construction of residential and non-residential buildings in emerging economies is projected to boost the use of resorcinol in these regions during the forecast period,” says Kshama.
Growing demand from automotive industry
The global automotive industry is growing steadily, thereby increasing the demand for tires and consequently driving the consumption of resorcinol for manufacturing tires. Tire manufacturers are focusing on enhancing the efficiency and performance of tires due to stringent fuel consumption norms. The use of resorcinol during the tire manufacturing process will increase the adhesion of compounds used in tire and improve its performance. Therefore, the growth in the automotive industry will drive the market for resorcinol during the forecast period.
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