Resorcinol Formaldehyde Latex Market: Introduction
In terms of value, the global resorcinol formaldehyde latex market is anticipated to expand at a CAGR of 3% from 2020 to 2030 and cross value of ~US$ 730 Mn by 2030. Asia Pacific dominated the global resorcinol formaldehyde latex market in terms of volume in 2019. It is estimated to be the leading region of the global resorcinol formaldehyde latex market during the forecast period. Automotive manufacturers plan to expand their portfolio in Asia Pacific, thereby offering lucrative growth opportunities for the resorcinol formaldehyde latex market. In July 2019, Bridgestone India invested US$ 47.45 Mn to expand its manufacturing plant in Indore, Madhya Pradesh, India. Currently, the production capacity of the facility stands at up to 20,000 tires a day. This is expected to boost the demand for resorcinol formaldehyde latex during the forecast period.
Resorcinol Formaldehyde Latex Market: Key Drivers and Restraints
Increase in usage of resorcinol formaldehyde latex in tires for various automotive applications is anticipated to boost the resorcinol formaldehyde latex market to during the forecast period. Various high tenacity fibers such as nylon, aramid, polyester have been developed to achieve higher strength reinforcements in tire applications. Thus, combination of adhesives with fibers helps lower the heat build-up and enhance fatigue resistance in tires. Resorcinol formaldehyde latex adhesives are chemically combined to make strong, heat resistant, highly flexible adhesives that are suited for rubber-to-fabric textile bonding.
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The usage of resorcinol formaldehyde latex in the manufacture of conveyer belts has increased significantly in Qatar. In December 2016, Qatar Primary Materials Company (QPMC) launched the longest conveyor belt systems that measures up to 4.8 km at the Hamad Port. The launch and operation of the bulk material handling system is expected to bring various industrial, economic, and environmental benefits to major construction and infrastructure development projects in Qatar. This, in turn, is projected to propel the resorcinol formaldehyde latex market during the forecast period. Increase in regulations over the usage of formaldehyde and availability of substitutes are likely to hamper the resorcinol formaldehyde latex market during the forecast period. Formaldehyde-based adhesives are known to emit formaldehyde; as a result, they are considered carcinogenic. Alternatives such as THINK ECO adhesive for rubber reinforcing fiber are being used extensively, as these do not use resorcinol formaldehyde, but still achieve the same level of performance as conventional methods. Thus, implementation of stringent regulations over the usage of formaldehyde and availability of substitutes are expected to adversely affect the demand for resorcinol formaldehyde latex during the forecast period.
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Competition Landscape of Resorcinol Formaldehyde Latex Market
Major players operating in the global resorcinol formaldehyde latex market include Sumitomo Chemical Co., Ltd.; LANXESS; LGC Limited; Atul Ltd.; JIANGSU ZHONGDAN GROUP CO., LTD.; and Akrochem Corporation