H1 2023: During H1 2023, the major producers of Resorcinol on a global scale were Amino-Chem and Sumitomo Chemical Co., Ltd. In H1 2023, Resorcinol prices continuously decreased in the Asian market. As trade activity increased and raw material benzene prices decreased in the Asian market, it led to a decrease in the pricing of the upstream Resorcinol market. The drop in market prices for energy and crude oil delayed the pricing of downstream chemicals like benzene and Resorcinol. Resorcinol suppliers were forced to lower prices to eliminate their massive inventories. Additionally, there were low inquiries from Chinese and foreign suppliers, and the price trend was mostly caused by a decline in sales in final consumption areas. Due to weak consumer demand, decreased sales from downstream sectors, and a lack of fresh inquiries from Chinese suppliers, the Resorcinol market sentiment remained depressed throughout H1 2023. On the other hand, in the European market, resorcinol prices varied in H1 2023 as a result of demand-supply imbalances. The downstream sectors of the pharmaceutical industry saw a rise in demand for Resorcinol in January 2023. Some facilities in northwest Europe continued to run at low-efficiency levels throughout the cold season because of a lack of Resorcinol in the area and rising prices in February 2023. Prices marginally decreased in March 2023 in Europe as a result of persistent demand and sufficient inventory in the European market.
H1 2022: During H1 2022, the top players in the global Resorcinol market were Amino-Chem, Sumitomo Chemical Co., Ltd., and Mitsui Chemicals. However, Amino-Chem held the largest production capacity of Resorcinol in H1 2022. Geographically, Asia Pacific held the position of the largest consumer of Resorcinol during H1 2022. However, the Resorcinol prices in the Asian markets was on the lower side in H1 2022. The substantial falling of raw material benzene prices led to price declines in upstream resorcinol market in Asia Pacific region. Although, demand from the disinfecting end-user industry remained volatile across Asia. However, the Asian market remained stable during H1 2022 due to slow demand and limited supply of Resorcinol. In Asia, energy and crude oil prices fell during H1 2022, and prices for downstream chemicals including resorcinol slumped in the region. Europe also held a significant market share of Resorcinol during H1 2022. Market sentiment for resorcinol remained optimistic and prices were high in the European markets. However, the demand for disinfection had increased steadily across Europe in H1 2022.
H2 2022: In H2 2022, Asia Pacific continued to display a stable demand for Resorcinol. However, November 2022 onwards, Resorcinol prices began to fell down in the Asian markets. Increased trading activity and reduced demand for commodities led to lower feedstock (benzene) prices in Asian markets, leading to lower prices in upstream resorcinol markets. With moderate resorcinol demand and little supply, the market remained stable during this period. Falling energy and oil market prices had depleted the prices of resorcinol. However, the downstream demand for resins was not so significant in the last three months of 2022 with continuous demand from downstream industries such as furniture and tire industries. However, the prices of Resorcinol were quite stable in the last three months of 2022. The continuous demand of Resorcinol in the region by the downstream industries such as pharmaceutical and sanitation majorly drove the north American Resorcinol market. The imports of resorcinol from Asian countries were impacted by port congestion during the October 2022. Increased demand in the disinfection sector led to increased feed prices in the region and the resorcinol supply in the US market fluctuated between moderate and low. However, higher resorcinol import costs around November 2022 pushed the resorcinol prices on the higher side in US.
The global Resorcinol market stood at nearly 70 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 3.94% during the forecast period until 2032.
Resorcinol is a water-soluble organic compound that is commonly produced from benzene through via benzene disulfonation process. It is mainly used in the production of resins and have application in numerous downstream sectors majorly including rubber & tyre industry, pharmaceutical, and others. The main characteristic of Resorcinol is it is being used as a bonding or stiffing agent across numerous industries owing to its ability to bond compounds such as wooden & rubber products well to various types of surfaces. It is widely consumed by the growing automotive & transportation sector in belts, rubber-coated fabric, tires, etc. Resorcinol not only helps in improving the adhesion of rubber to the reinforcing material but also improves the overall mechanical properties of the rubber compound. Meanwhile, the growing pharmaceutical industry utilizes Resorcinol for manufacturing various pharma drugs, and fungicidal creams, which further contribute to the market. Owing to these factors, the Resorcinol market is expected to reach 100 thousand tonnes in 2032.
Regionally, the Asia Pacific region is dominating the Resorcinol market followed by Europe. This region held a market share of approximately 70% in 2022. Europe is the second largest consumer of Resorcinol. Because of the strong demand from growing countries like China and India, the Asia-Pacific region dominated the global market. The fact that the area is the biggest center for automobile manufacturing is driving the region's resorcinol market's expansion. Industrialization and expanding the automotive and construction industry in developing countries like India and increasing government initiatives towards buildings & developing infrastructure would also boost the demand for Resorcinol in the region.
Based on the end-user industry, the global Resorcinol market is segmented into Rubber Products, Wood Adhesives, Flame retardants, UV stabilizers, and Others. Among these, Rubber Products are dominating the Resorcinol market and captured more than 52% of the market in 2022. The primary commercial usage of resorcinol is to use resorcinol and to enhance the adherence of organic and inorganic reinforcing elements to natural and synthetic rubber compositions.
Major players in the production of Global Resorcinol are Sumitomo Chemical Co., Ltd., Amino-Chem, INDSPEC Chemical Corporation, Mitsui Chemicals, Atul Ltd., Jiangsu Zhongdan Chemical Group Company, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Resorcinol which covers production, demand and supply of Resorcinol market in the globe.
• To analyse and forecast the market size of Resorcinol
• To classify and forecast Global Resorcinol market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Resorcinol market in the globe.
To extract data for Global Resorcinol market, primary research surveys were conducted with Resorcinol manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Resorcinol market over the coming years.
ChemAnalyst calculated Resorcinol demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Resorcinol. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Resorcinol manufacturers and other stakeholders
• Organizations, forums and alliances related to Resorcinol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Resorcinol s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Resorcinol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size Volume in 2022
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70 thousand tonnes
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Market size Volume by 2032
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100 thousand tonnes
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Growth Rate
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CAGR of 3.94% from 2023 to 2032
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2032
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2032
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Report coverage
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Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape,
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Segments covered
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By End-Use: (Rubber Products, Wood Adhesives, Flame retardants, UV stabilizers, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
