Resorcinol Formaldehyde Latex Market Trends

Growth Drivers

• Growing Use of Resorcinol Formaldehyde Latex in Medical Sector - 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.

• Surge in Coal Consumption - 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.

• Rising Demand for Autonomous Vehicles - 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.
• Growth for Drip Irrigation in Agriculture - 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.
• Upsurge in Tiers Manufacturing - 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

• Availability for Substitutes - During the projected period, the presence of alternatives is likely to restrain demand for resorcinol formaldehyde latex. Alternatives, which do not require resorcinol formaldehyde but yet achieve the same degree of performance as traditional methods, are widely employed. One such alternative is Teijin Frontier's THINK ECO adhesive for rubber reinforcing fiber. As a result, the availability of alternatives is anticipated to negatively impact demand for resorcinol formaldehyde latex during the projected period.

• Elimination of Toxic Monomeric Isocyanates During Dipping Process

• Government Strict Regulations