NEW YORK, May 19, 2020 /PRNewswire/ -- Transparency Market. Research has recently published a new research report that provides a detailed information about the global resorcinol formaldehyde latex market. The research report provides great information about the overall working dynamics of the global market the report shades light on the key segments, prominent growth drivers, key restraining factors, geographical outlooks, and the current state of competitive landscape of the global resorcinol formaldehyde latex market.
As per the research report, the global market for resorcinol formaldehyde latex is expected to showcase a moderate CAGR of 3% over the course of the given forecast period ranging from 2020 to 2030. At this rate of growth, the valuation of the global market is expected to rise up to US$730 Mn by the fall of 2030.
Global Resorcinol Formaldehyde Latex Market – Key Takeaways
In terms of product, the global resorcinol formaldehyde market can be segmented into polyester, fiberglass, aramid, nylon, and rayon among others.
Nylon is projected to continue to be the highest value product segment in the global market over the course of the given forecast period. This trend I s anticipated to continue to dominate the global resorcinol formaldehyde latex market in the near future. On the other hand, the segment of aramid is projected to expand at a moderate pace in the coming years.
In terms of application, the global market for resorcinol formaldehyde latex is expected be led by the segment of tires. The tire industry has played a crucial role in the development of the global market. This is because tires are a crucial component of the automobile industry in both developed as well as developing economies.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Resorcinol Formaldehyde Latex Market (Product Type: Rayon, Nylon, Aramid, Fiberglass, Polyester, and Others; and Application: Tires, Power Transmission Belts, Hoses, Conveyor Belts, Diaphragms, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030, at https://www.transparencymarketresearch.com/resorcinol-formaldehyde-latex-market.html
Global Resorcinol Formaldehyde Latex Market – Key Driving Factors
These are several notable factors that are helping to drive the growth of the global resorcinol formaldehyde latex market.
One of the biggest growth factors for the market development has been an increasing demand for electric vehicles. Due to the growing environment concerns, the demand has been on a constant rise in recent years. This is projected to help in creating massive demand for tire, which ultimately will help in driving the growth of the global market.
Global Resorcinol Formaldehyde Latex Market – Key Restraining Factors
There are some factors that might impede the growth of the global resorcinol formaldehyde market and stop it from reaching its full potential.
Numerous plywood adhesives typically emit formaldehyde because of the hydrolysis of weaker chemical bonds at the time of manufacturing of wood-based materials for prolonged or long lasting use. The resins of resorcinol formaldehyde are known to emit formaldehyde. Thus, it is hugely regulated in indoor environments.
Such high levels of regulatory standards may slowdown the growth of the global resorcinol formaldehyde market in the coming years of the forecast period.
Global Resorcinol Formaldehyde Latex Market – Geographical Outlook
In terms of geographical outlook, the global market for resorcinol formaldehyde latex is expected to be dominated by the regional segment of Asia Pacific.
Primarily, the demand for the product is expected to be led by China. The country accounts for over 50% of the overall share of the regional market.
Analyze Resorcinol Formaldehyde Latex Marketgrowth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Resorcinol Formaldehyde Latex Market – Key Players
Some of the key players in the global resorcinol formaldehyde latex market are Sumitomo Chemical Co. Ltd., LANXESS, LGC Limited, Atul Ltd., and Jiangsu Zhongdang Group Co. Ltd. among others.
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