Resorcinol Formaldehyde Resin Market: Overview
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.
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.
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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