Resorcinol Formaldehyde Latex Market Segmentation:
Application Segment Analysis
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 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 Segment Analysis
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 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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