USD 6.5 billion
Resorcinol Market Size, Share, Growth Analysis, By Type(Industrial Grade Resorcinol, Pharmaceutical Grade Resorcinol, Specialty Grade Resorcinol and Others.), By Application(Rubber, Wood Adhesives, UV Stabilizers, Dyes and Pigments), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2265 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
66
|Figures:
75
Resorcinol Market Insights
Resorcinol Market size was valued at USD 6.5 billion in 2021 and is poised to grow from USD 6.7 billion in 2022 to USD 8.56 billion by 2030, growing at a CAGR of 3.1% in the forecast period (2023-2030).
The increasing automotive industry, particularly in emerging economies, is fueling the demand for rubber-based products, thereby driving the demand for resorcinol. Resorcinol-based dyes are widely used in the textile industry for colouring fabrics. The expanding textile industry, driven by increasing consumer demand for apparel and home furnishings, is expected to propel the demand for resorcinol-based dyes. In the pharmaceutical sector, resorcinol finds applications in dermatology and topical medications. Its antiseptic and anti-inflammatory properties make it a key ingredient in various pharmaceutical products, such as ointments, creams, and lotions. Geographically, the global resorcinol market can be segmented into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is anticipated to dominate the market due to the presence of major end-use industries, such as rubber and textiles, in countries like China and India.
US Resorcinol Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial Grade Resorcinol
Fastest Growth
Industrial Grade Resorcinol
Growth Rate
3.1% CAGR
Global Resorcinol Market ($ Bn)
Country Share for North America Region (%)
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Resorcinol Market Segmental Analysis
The global resorcinol market is segmented by type, application, and region. Based on type, the market can be segmented into Industrial Grade Resorcinol, Pharmaceutical Grade Resorcinol, Specialty Grade Resorcinol and Others. Based on application, the market is segmented Rubber, Wood Adhesives, UV Stabilizers, Dyes and Pigments, Pharmaceuticals and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Resorcinol Market Analysis by Type
Industrial Grade Resorcinol holds a significant market share due to its widespread industrial applications. It is commonly used as a chemical intermediate in the production of various products such as rubber, adhesives, flame retardants, dyes, and pharmaceuticals. The industrial sector's demand for Resorcinol remains high, driving the dominance of Industrial Grade Resorcinol in the market.
On the other hand, Specialty Grade Resorcinol is experiencing rapid growth within the global market. Specialty Grade Resorcinol refers to high-purity resorcinol that meets stringent quality standards for specific applications. This grade of Resorcinol finds applications in niche industries such as cosmetics, personal care products, and high-performance polymers. The growing demand for specialty chemicals, coupled with increasing consumer preferences for high-quality products, is fueling the growth of Specialty Grade Resorcinol.
Resorcinol Market Analysis by Application
Resorcinol finds extensive use in the Rubber industry due to its excellent adhesion properties, reinforcement capabilities, and chemical resistance. It is commonly used as a bonding agent in the production of tires, conveyor belts, and other rubber-based products. The dominance of resorcinol in the Rubber industry is attributed to its ability to enhance the mechanical properties of rubber compounds and improve their durability.
The Pharmaceuticals sector is witnessing significant growth in the application of resorcinol. Resorcinol's chemical properties make it suitable for various pharmaceutical formulations. It is used in the synthesis of several pharmaceutical intermediates and active pharmaceutical ingredients (APIs). Resorcinol-based compounds have applications in dermatology, such as in the treatment of acne and other skin disorders. The increasing focus on healthcare and rising demand for advanced pharmaceutical products are driving the growth of resorcinol in the Pharmaceuticals sector.
Global Resorcinol Market By Technology
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Resorcinol Market Regional Insights
North America holds a significant share in the Resorcinol market due to several factors. The region has well-established industries such as chemicals, pharmaceuticals, and rubber, which are major consumers of Resorcinol. The presence of key market players, technological advancements, and strong research and development capabilities contribute to the dominance of North America. Additionally, stringent regulations and standards regarding product quality and safety drive the demand for high-quality Resorcinol in various applications.
On the other hand, Asia Pacific is experiencing rapid growth in the Resorcinol market. Factors such as industrialization, urbanisation, and increasing disposable incomes have led to the growth of end-use industries such as automotive, construction, and cosmetics in the region. This, in turn, has created a higher demand for Resorcinol in applications such as rubber, adhesives, flame retardants, and UV stabilisers. Furthermore, the presence of emerging economies, including China and India, with large manufacturing bases and expanding consumer markets, has fueled the growth of the Resorcinol market in the Asia Pacific region.
Global Resorcinol Market By Geography
- Largest
- Fastest
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Resorcinol Market Dynamics
Resorcinol Market Drivers
Growing Application in Pharmaceutical Industry
- Resorcinol finds extensive usage in the pharmaceutical industry, specifically in the production of antiseptics, antifungal creams, and topical medications. The expanding pharmaceutical sector, driven by factors like population growth, rising healthcare expenditure, and advancements in medical treatments, is creating a surge in the demand for resorcinol. This growth is fueled by the need for effective and safe pharmaceutical products to cater to the growing healthcare needs of the population.
Resorcinol Market Restraints
Fluctuating Raw Material Prices
- The resorcinol market is susceptible to fluctuations in the prices and availability of raw materials, such as benzene, which are used in its production. Oscillations in the cost of raw materials can directly impact the overall production expenses of resorcinol, subsequently influencing its market growth. The volatility in raw material prices poses a challenge for manufacturers in terms of maintaining profitability and stability in the market.
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Resorcinol Market Competitive Landscape
In this competitive market, companies strive to differentiate themselves through product quality, performance, and reliability. The development of advanced manufacturing processes and technologies plays a vital role in maintaining a competitive edge. Manufacturers invest in research and development activities to enhance the properties and functionalities of Resorcinol-based products, catering to the evolving needs of end-users across different industries.
Resorcinol Market Top Player’s Company Profiles
- Indspec Chemical Corporation (US)
- Sinopec Shanghai Petrochemical Company Limited (China)
- Mitsui Chemicals, Inc. (Japan)
- Chemtura Corporation (US)
- Deepak Nitrite Limited (India)
- Yantai Wanhua Polyurethanes Co., Ltd. (China)
- Dow Chemical Company (US)
- Ineos Group Limited (UK)
- Lanxess AG (Germany)
- Hebei Smart Chemicals Co., Ltd. (China)
- Changzhou Sunchem Pharmaceutical Chemical Material Co., Ltd. (China)
- Jiangsu Tianxin Chemical Co., Ltd. (China)
- Jiangsu Yinyan Specialty Chemicals Co., Ltd. (China)
- Sigma-Aldrich Co. LLC (US)
- Camlin Fine Sciences Ltd. (India)
- Indspec Chemical Limited (UK)
- Shanghai Lianheng Isocyanate Co., Ltd. (China)
Resorcinol Market Recent Developments
- In March 2023, INDSPEC Chemical Corporation announced the expansion of its resorcinol production capacity in the United States. The company is investing $10 million in the expansion, which is expected to be completed by the end of 2023. The expansion will increase the company's resorcinol production capacity by 50%.
- In February 2023, Sumitomo Chemical Co. announced the development of a new process for the production of resorcinol. The new process is more efficient and environmentally friendly than traditional methods. Sumitomo Chemical is currently in the process of commercialising the new process.
- In January 2023, Aldon Corporation announced the launch of a new line of resorcinol-based products for the wood adhesives market. The new products are designed to offer improved performance and durability. Aldon Corporation is targeting the construction and furniture industries with the new products.
- In December 2022, AminoChem announced the acquisition of Jay Organics, a leading manufacturer of resorcinol. The acquisition will give AminoChem a major foothold in the global resorcinol market. AminoChem plans to use Jay Organics' production facilities to expand its resorcinol production capacity.
- In November 2022, Atul Ltd. announced the launch of a new line of resorcinol-based products for the flame retardants market. The new products are designed to offer improved fire resistance. Atul Ltd. is targeting the automotive and electrical industries with the new products.
Resorcinol Key Market Trends
- Increasing Demand from Automotive Industry: Resorcinol, a versatile compound, is extensively used in the production of adhesive systems that provide excellent bonding strength and durability in tire manufacturing. The growing automotive sector, coupled with the rising demand for fuel-efficient and high-performance tires, is driving the need for Resorcinol. Additionally, the expanding middle-class population and increased vehicle ownership in emerging economies further contribute to the demand for Resorcinol in tire production.
Resorcinol Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global resorcinol market analysis, the market's significant growth potential, driven by factors such as the expanding rubber industry, increasing demand for resorcinol in dermatology and skin care products, and the growing trend of sustainable agriculture practices. The rubber industry, in particular, is a major consumer of resorcinol, utilising it as a key raw material in the production of synthetic rubber. With the rising demand for automotive and construction sectors, the demand for synthetic rubber is expected to drive the growth of the resorcinol market.
Resorcinol is widely used in dermatology and skincare products for the treatment of various skin conditions, including acne and psoriasis. The increasing consumer awareness of skincare and the pursuit of youthful appearances are further contributing to the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.5 billion |
| Market size value in 2031 | USD 8.56 billion |
| Growth Rate | 3.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Resorcinol Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Resorcinol Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Resorcinol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Resorcinol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Resorcinol Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Resorcinol Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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