Resorcinol Formaldehyde Resin Market to Observe Strong Development by 2026
Resorcinol
formaldehyde resins are special class of chemicals used in the
production of tires, hoses, belts, rubberized fabrics, and other
rubber products. Resorcinol reacts with formaldehyde to form
resorcinol formaldehyde resin, a form of polymer. Resorcinol
formaldehyde resins usually cure at room temperature and are soluble
in water, ketones, and alcohols prior to curing. Resorcinol
formaldehyde resins form a strong bond that is resistant to moisture,
acids, and weathering. These resins are used as adhesives for wood
veneers, plywood, and rubber-textile laminates. Resorcinol
formaldehyde resins are primarily employed in automotive and
construction industries. They are used for wood binding applications
to address issues such as room temperature cure and structural
integrity. Unique properties of resorcinol formaldehyde resin include
good heat resistance, electrical insulation, dimensional stability,
and chemical resistance.
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Resorcinol
Formaldehyde Resin Market: Drivers & Restraints
Growth
in the automotive industry is a major factor driving the demand for
resorcinol formaldehyde resins. Resorcinol formaldehyde resin is
widely used in tire manufacturing and as an adhesive. Increase in
applications of resorcinol formaldehyde resins in paints and coatings
is anticipated to fuel the resinol formaldehyde market. Demand for
resorcinol formaldehyde resins in tires, hoses, and belts has been
rising in the automotive industry. Recent advancements in the
construction industry are also expected to propel the demand for
resorcinol formaldehyde. These resins are used as adhesives and
coatings that can be applied over furniture and laminates. Expansion
in rubber and plastics industries is likely to boost the demand for
resorcinol formaldehyde resins. Rise in demand for binders in the
paints & coatings industry is estimated to boost the resorcinol
formaldehyde resin market. Emerging economies such as Asia Pacific
and Latin America offer lucrative growth opportunities to the
resorcinol formaldehyde resin market.
Resorcinol
Formaldehyde Resin Market: Key Segments
Based
on type, the resorcinol formaldehyde resin market can be classified
into self-erecting resorcinol formaldehyde, flat top resorcinol
formaldehyde resin, and others (Hammerhead and Luffing). In terms of
end-user industry, the global resorcinol formaldehyde market can be
segmented into automotive, building & construction, paints &
coatings, chemical, textile and industrial. Based on application, the
global resorcinol formaldehyde market can be divided into tires,
hoses, belts, rubberized plastics, furniture, textile laminates, and
others.
Resorcinol
Formaldehyde Resin Market: Regional Outlook
The
global resorcinol formaldehyde market expanded significantly in 2017.
This trend is estimated to continue during the forecast period. Asia
Pacific holds significant share of the resorcinol formaldehyde
market. Rise in population, progress made in the automotive sector,
technological advancements in the textile sector, and changes in
lifestyle are projected to boost the resorcinol formaldehyde market
in Asia Pacific during the forecast period. Advancements in the
automotive industry in China and India are estimated to offer
lucrative opportunities to the resorcinol formaldehyde market in Asia
Pacific. Expansion in automotive, industrial, and construction
sectors is driving the market in Europe. Development in dyes, rubber,
and coating industries is also anticipated to propel the demand for
resorcinol formaldehyde in the region. Demand for resorcinol
formaldehyde in North America is driven by the increase in demand for
resorcinol formaldehyde in the automotive sector in the region.
Increase in usage of resorcinol formaldehyde as linking agent in the
automotive sector is also fuelling the demand for resorcinol
formaldehyde in North America. The resorcinol formaldehyde market in
Latin America and Middle East & Africa is estimated to expand at
a significant pace during the forecast period, owing to the recent
economic development in these regions.
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Resorcinol
Formaldehyde Resin Market: Key Players
Key
players operating in the global resorcinol formaldehyde market
include BASF SE, Georgia Pacific Chemicals LLC, Ask Chemicals, and
Sumitomo Chemical.
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