The global resorcinol market to grow at a CAGR of 3.12% during the period 2017-2021.
The report, Global Resorcinol Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is technological advances in production process of resorcinol. In the global resorcinol market, the manufacturers have taken notable steps to improve their manufacturing process and to broaden the application of the compound in various industries through product innovations. Various commercial methods of resorcinol production where adopted by resorcinol manufacturers to leverage the advantage of cost-effectiveness.
According to the report, one driver in the market is increased use of value-added paints, coatings, and dye products. Growing preference toward value-added paints, coatings, and dye products has increased the demand for resorcinol. A wide range of these products are used in various applications due to properties, such as UV resistance and flame resistance. Resorcinol is mainly used for manufacturing these products.
Further, the report states that one challenge in the market is high cost of disposal. Resorcinol is widely used for manufacturing tire and rubber, and wood adhesives. The compound is hazardous and must be treated before disposal. This has increased the cost of disposal when compared with the cost of production.