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:
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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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