Resorcinol Market Size To Reach USD 623.63 Million in 2028 from USD 500.0 Million in 2020, with offline leading among the distribution channel segments: Reports and Data

NEW YORK, Aug. 26, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled, "Resorcinol Market Size, Share and Industry Analysis by Production Method (Benzene Sulfonation, Meta-Diisopropylbenzene Preoxidation), By Distribution Channel (Online, Offline), By Application (Rubber Products, UV Stabilization, Wood Adhesives, Flame Retardants, Others) And Region, Segment Forecasts to 2028."

According to most recent analysis by Reports and Data, the global resorcinol market size was USD 500.0 Million in 2020 and is expected to reach USD 623.63 Million in 2028, and register a revenue CAGR of 2.8% over the forecast period, 2021–2028.

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Drivers, Restraints, and Opportunities  

Resorcinol is a phenolic chemical used in dermatologic medications as well as in a variety of unrelated industrial applications such as photography, tanning, tire manufacturing, flame retardants, adhesives, Ultra Violet stabilization, hair dyes, cosmetics, and various other products.

As a dermatologic medication, resorcinol is used to treat skin diseases such as acne, psoriasis, eczema, calluses, corns, and warts among others. Resorcinol topical is only for use on the skin and is not taken orally, and is also used to treat pain and itching resulting from minor scrapes, cuts, burns, sunburn, insect bites, poison ivy, and some other minor skin irritations.

Plaque psoriasis is a common type of skin disorder with patients suffering from reddish skin covered with silvery-white scales. Chemical compounds obtained from resorcinol are potent and effective medications to treat such skin disorders. Resorcinol is used as a sterilizer and antiseptic in topical drugs and helps to remove hard, scaly, or rough skin. According to the American Academy of Dermatology Association, around 7.5 million people suffer from psoriasis in the U.S. alone.

Demand for resorcinol across various end-use applications including healthcare, automotive, and chemicals has been increasing steadily due to rising demand for products in which this chemical is used. Resorcinol is a vital raw material for reinforced rubber product adhesion systems. It can be used to fuse natural and synthetic rubber to steel, nylon, polyester, aramid, glass, and rayon fibers employed in tires. It is also used in the production of industrial products such as belts and hoses. Resorcinol bis(diphenylphosphate) (RDP) functions as a flame retardant in electrical/electronic products and is a suitable alternative to decabrominated diphenyl ether.

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Rising disposable income and improving standard of living propel demand for passenger vehicles, which is driving demand for various raw materials including rubber for tire production and for hoses etc. Resorcinol is a critical material for rubber product adhesion systems that helps to enhance adhesion of rubber compositions. Increasing demand for tires in cars, trucks, passenger vehicles, aircraft, etc., is expected to drive revenue growth to a significant extent going ahead. According to Tyre Industry Federation, U.K., manufacturers spend over Euro 2,600 million annually on research and development activities to develop technologically advanced rubber products. In addition, about 5 million part-worn tires get sold in the U.K. each year.

Resorcinol exhibits properties such as high thermal stability and lower volatility, while offering a more superior performance compared to triaryl phosphates. It is an effective flame retardant and finds applications across various end-use industries. Rising demand for light screening chemicals to protect plastics from UV rays is also expected to boost demand for resorcinol over the forecast period.

Rising demand globally has led major players to invest in expanding production facilities and capacity as well as to enhance operational capabilities, introduce more innovative products, and further increase revenue potential going ahead.

Some factors negatively impacting market revenue growth, include adverse effects of resorcinol on human health. Side effects of excessive usage of medications, include skin peeling, skin redness, and inflammation/irritation. Other adverse effects include nausea, vomiting, sweating, headache, and in some form is expected to leave neurotic effects on patients such as nervousness or anxiety. These are some factors expected to negatively impact market revenue growth of the market to a certain extent going ahead.

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COVID-19 Impact Analysis  

• The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
• COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
• Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, agriculture, fisheries, dairy, and other sectors and also resulted in employment loss to a major extent.
• Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
• Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.

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Offline leads among distribution channel segment:

Offline channel segment accounted for largest revenue share in 2020 and is projected to register a revenue CAGR of 2.0% over the forecast period. Offline channel is more preferred for distribution by manufacturers owing to bulk sales and this channel enables vendors and manufacturers, as well as customers, to establish business relationships and build loyalty.

Rubber products segment dominates among applications:

Among the application segments, the rubber products segment accounted for larger revenue share, attributed to higher preference of rubber tires manufactured using resorcinol in a variety of end-use applications such as bicycle tires, automotive tires, and aircraft.

Asia Pacific accounts for significantly large revenue share:

Asia Pacific accounted for a considerably larger revenue share than other regional markets in the global market in 2020, driven by rising demand for resorcinol for production of tires and rising disposable income of the working population in countries such as India, China, and Japan driving inclining vehicle sales. In 2021, first-quarter sales of Michelin rose by 2.3% year-on-year to around 5.45 Billion Euros as tire volumes in light trucks and new passenger cars rose by 80% in China. In addition, healthcare research initiatives, continuous advancements in technology, and increase in demand for medications to treat skin ailments are other factors contributing to positively impact on market revenue growth.

Europe registers steady growth:

Europe market is expected to register steady revenue growth, attributed to presence of major pharma companies driving demand for resorcinol to develop more effective topical drugs used in treating skin disorders and infections.

North America to register robust revenue share:

Rising demand for adhesives in automotive and wood industries to enhance tire and wood products is a key factor driving steady demand for resorcinol in countries such as the U.S. In addition, increasing manufacturing of specialty adhesives for applications in end-use verticals such as military, aerospace, tooling, and automotive is expected to positively contribute to growth of the market in North America.

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Major Companies in the Market:

• Alfa Aesar
• Dynea AS
• Kraeber & Co. GmbH
• Sumitomo Chemicals Co. Ltd.
• Atul Ltd.
• Indspec Chemical Corporation
• Jiangsu Zhongdan Chemical Group Corporation
• Akrochem Corporation
• Euram Chemicals Ltd.
• Sigma-Aldrich
• Among others

For the purpose of this report, Reports and Data has segmented Global Resorcinol market on the basis of production method, distribution channel, application, and region:

Production Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028) 

• Benzene Sulfonation
• Meta-Diisopropylbenzene Preoxidation

Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028) 

• Online
• Offline

Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)

• Rubber Products
• UV Stabilization
• Wood Adhesives
• Flame Retardants
• Others

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028) 

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East and Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of Middle East & Africa

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Some points on how the report benefits stakeholders:  

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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