Resoform Market: Introduction
Resorcinol Formaldehyde or resoform are crosslinked polymers, it was first synthesized in 1989 by Pekala. It has multiple alternate names such as RF resin; Resorcinol formaldehyde resin; Resorcinol homopolymer. Resoform is dark brown solid pastilles in color with a faint, characteristics odor. It is also hygroscopic in nature and hence is utilized in multiple moisture absorbing applications. Chemical properties such as good heat resistance, electrical insulation, chemical resistance and dimensional stability. Resoform is used in manufacturing tires, belts along with its primary use is in the manufacturing of glued timber structure as it cures under neutral conditions and at room temperature. Resoform is also used as adhesive for wood veneers, plywood, and rubber-textile laminates. The target industries for resoform are automotive and construction industries. Resorcinol is a chemical species that imparts these adhesives their characteristic cold-setting behavior. Resoform is also used to synthesize other derivatives, they are added to phenol−urea−formaldehyde and modified as resin adhesives for wood manufacturing.
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Resoform Market: Dynamics
Resoform Market: Driver
Primarily resoform is used for synthesizing adhesives, automotive industry is one of the most extensive user of adhesive for multiple applications such as
- Sealing heat exchanger tubes
- Bonding interior dashboard and trim
- Structural bonding of drive shaft and chassis
- Threadlocking and retaining bolts, pins and bearings
- Potting and sealing of electronics and LEDs
- Bonding of sensors and other components
Growth in the automotive sector is anticipate to increase the demand for resoform over the coming years although there was a slowdown owing to decrease in a demand however, the automotive sector is expected to grow pick up and grow over the coming years hence driving the demand for resoform. Increasing rubber and plastic industry is expected to contribute to the growth of the resoform market owing to its usage as an adhesive. Market of Paints & coatings are growing owing to the increase in infrastructure & construction activities globally, use of resoform to produce binder in paints & coating is also expected to drive the market.
Resoform Market: Restraints
Resoform illustrate multiple end use in the automotive, wood and paints & coating industry however, the high cost of raw materials has affected the market of resoform extensively. Raw material such as resorcinol procurement at a cost effective and economical rate is difficult for manufacturers and hence is expected to affect the market of resoform. Resorcinol is a very expensive chemical and only selected locations around the world produce resorcinol commercially. It being expensive dictates the market of resoform prominently.
Resoform Market: Opportunity
The market of resoform is dictated by the expensive raw material resorcinol which implies that the market holds high opportunity for new entrants with high resources. However, new Tier II & Tier III players are not likely to survive in the market for long term.
Resoform Market: Segmentation
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Resoform Market: Regional outlook
The global market of resoform has been growing on a steady rate over the recent years and is expected to follow suit over the coming years as well. Owing to availability of resorcinol in U.S., Germany and Japan, region such as North America, Europe and Asia Pacific are expected to prominent over the coming years.
Automotive production hubs such as China, Japan, and India in the Asia Pacific are expected to generate a constant source of demand for resoform over the coming years. Countries in Latin America are also expected to grow at a steady rate and are portrayed as emerging resoform markets owing to increase in demand from the paints & coating industry.
Resoform market is expected to grow at a stable growth rate owing to demand form GCC countries, Turkey and the sub-Saharan parts form Middle East & Africa.
Resoform Market: Key Players
AdCo (UK), Dynea, INDSPEC Chemical Corporation, Singh Plasticisers & Resins, Borden Chemicals, IPIRTI, and Sumitomo Chemical among others
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