Resorcinol Formaldehyde Latex Market size is expected to surpass USD 226.5 Million by the end of 2033, witnessing around 3.59% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of resorcinol formaldehyde latex was USD 160.7 Million. The growth of the market can be attributed to the growing production of autonomous or electric vehicles. In 2027, the automotive sector in China is projected to produce about 40% of all electric vehicles. It was estimated that approximately 12 million electric vehicles were estimated to be produced worldwide in the year 2022. Further, this increase in production of electric vehicles is driven by growing people’s preference for electric vehicles owing to rising environmental concern such as growing air pollution. Hence, this growing demand for electric vehicles is further estimated to boost the demand for tiers, therefore driving the market growth.
Additionally, there has been growing government initiatives in order to encourage the sale of electric vehicles which is also estimated to boost the market growth. For instance, the government of India intends to create designated electric vehicle mobility zones. In the areas the administration designates, only electric or equivalent cars would be allowed to operate. Many European nations and China have such rules in place. Also, the Production Linked Incentive for Advanced Chemistry Cell Battery Storage (PLI-ACC Scheme) was introduced by the Department of Heavy Industry in June 2021. The organization's objective is to persuade both domestic and foreign investors to make investments in India's Giga scale ACC manufacturing plants. Further, other than tires, rubber is also used for various other applications which includes, diaphragms, hoses, and conveyor belts. Therefore, this is expected to create opportunity for the growth of the market for resorcinol formaldehyde latex.
Growth Drivers
Rayon are extensively used in medical industry in order to manufacture surgical wraps and bandages which are further used for dressing wound especially after surgeries. This dressing is applied directly to the wound bed and offer the benefits of less adhesion to the wound as well as the flexibility to mold into deeper wound depressions in order to fill empty space and offer absorption. Hence the growing number of surgeries is estimated to boost the demand for rayon. A startling 310 million major procedures are carried out every year over the world, with between 40 to 50 million taking place in the United States and 20 million in Europe.
Global coal output in 2019 were expected to be 7.9 billion tonnes, up 116 million tonnes from 2018. 79% of the world's coal production was produced by the top 5 producing nations, which includes China, India, United States, Indonesia, and Australia. Hence, owing to the surge in coal consumption the demand for conveyor belt is growing, which is further estimated to boost the market growth.
It is expected that between 2019 and 2024, there would be an increase in the number of autonomous vehicles with at least Level 1 autonomy (driver assistance). The number of autonomous vehicles worldwide is expected to rise from an estimated 30 million in 2019 to about 53 million in 2024.
Agriculture records indicate that the state in India has the highest drip irrigation coverage in the nation, covering at least 20 lakh hectors of land in 2018. The growth of drip irrigation is therefore estimated to boost the demand for hoses.
Overall tire shipments from the United States reached about 300 million units in 2021. With almost 220 million units, replacement passenger tires accounted for the majority of tire units supplied in 2021.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
3.59% |
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Base Year Market Size (2022) |
USD 160.7 Million |
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Forecast Year Market Size (2033) |
USD 226.5 Million |
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Regional Scope |
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Application (Tires, Power Transmission Bells, Hoses, Conveyor Bells, Diaphragms)
The global resorcinol formaldehyde latex market is segmented and analyzed for demand and supply by application into tires, power transmission belts, hoses, conveyor belts, diaphragms, and others. Out of which, the tires segment is anticipated to garner the highest revenue of USD 98.1 Million by the end of 2033, up from a revenue of USD 66.9 Million in the year 2022. Further, the segment is anticipated to grow at a highest CAGR of 4.01% over the forecast period. This growth of the segment can be attributed to growing demand for autonomous vehicles, which is further estimated to boost the production of tires. Autonomous vehicle sales are predicted to increase between 2019 and 2030. There were about 1 million vehicles sold globally in 2019 that had at least Level 3 autonomy, according to estimates. It is anticipated that approximately 57 million of these vehicles would be sold worldwide in 2030.
Type (Rayon, Nylon, Fiberglass, Polyester)
The global resorcinol formaldehyde latex market is also segmented and analyzed for demand and supply by type into rayon, nylon, fiberglass, polyester, and others, amongst which the nylon segment is anticipated to generate largest revenue of USD 107.4 Million by the end of 2033, up from a revenue of USD 71.7 Million in the year 2022. Additionally, the segment is estimated to grow at a CAGR of 4.23% over the forecast period. This segment growth can be attributed to growing application for the production of conveyer and seat belts, airbags, parachutes, nets and ropes, tarpaulins, thread, and tents using nylon-based resorcinol formaldehyde latex. Further, there has been growth in bulk transportation which in boosting the demand for conveyor, hence driving the growth of the segment.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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APAC Market Statistics
The Asia Pacific, excluding Japan resorcinol formaldehyde latex market, amongst the market in all the other regions, is projected to hold the largest market revenue of USD 124.7 Million by the end of 2033, up from a revenue of USD 83.0 Million in the year 2022. Further, the market in this region is estimated to grow at a CAGR of 4.23% over the forecast period, backed by growing automotive, mining, and textile industry, along with existence of the largest automotive production base in the world and fierce competition amongst various producers in the region, including China, India, Thailand, and others. Additionally, there has been growing demand for electric vehicles in this region. Climatic change is causing havoc in Asia, with climate concerns affecting six of the top 10 Asian countries. Moreover, a major contributor to greenhouse gas emissions is the transportation industry. Hence, the market for electric vehicles is rapidly expanding as a preventative measure against GHG emissions. China had the greatest electric car sales in the Asia Pacific area in 2021, with over 2 million electric vehicles sold. In contrast, approximately 9 thousand electric vehicles were sold in New Zealand in 2021.
ASK Chemicals GmbH has created a novel idea to offer foundries a solution that significantly lowers formaldehyde emissions by more than 70% and doesn't involve the purchase of washers or RTO (i.e. regenerative thermal oxidation). The recently created low-formaldehyde system (LFS) from ASK Chemicals is a carefully designed bundle of binder, additive, and coating that, as a result of its design, creates only a very low basic-load and consequently a significantly decreased formaldehyde potential.
The largest provider of technical fibre reinforcements for hoses and other industrial applications in North America, Beaver Manufacturing Company, recently announced plans to acquire German manufacturer Intercord Thüringen GmbH in order to increase their global reach. According to estimates, this partnership would allow BMC to add RFL treatment technology to its product line and open a third production facility globally.
Author Credits: Smruti Ranjan, Rajrani Baghel
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