Cresols Market (Product: Meta-cresols, Para-cresols, and Ortho-cresols; Application: Chemical Intermediates, Solvents, Preservatives, Antioxidants, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Global Cresols Market: Snapshot
The global cresols market is single-handedly driven by the burgeoning demand for vitamin E. Vitamin E is primarily used for fortification of food and beverages and in dietary supplements. Changing lifestyles coupled with the increasing incidence of food adulteration is leading to the greater demand for dietary supplements. The opportunity in the global cresols market was worth US$ 283.92 Mn in 2018 and is poised to reach US$ 386.95 Mn by the end of 2027, progressing at a CAGR of 3.5% therein.
However, the market needs to overcome the increasing criticism of the pricing and consumption of butylated hydroxytoluene (BHT) in order to boost its growth rate. Moreover, stringent environmental regulations pertaining to the production, packaging, transportation, usage, and disposal of cresols is hampering the growth of the market. The Environmental Protection Agency (EPA) has listed cresols as hazardous air pollutant and they are, therefore, subjected to challenging regulatory pressures. On the other hand, the increasing usage of cresols for wider automotive applications is likely to shape the growth of the global cresols market.
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Para-cresol to Lead Revenue Generation through 2027 Due to Rising Demand for Antioxidants
On the basis of application, the chemical intermediates segment will continue to dominate the market in terms of revenue until 2027, expanding at a rapid CAGR from 2019 to 2027. A large portion of cresols produced worldwide is used for the manufacturing of organic intermediates such as herbicides (dinitro cresols, MCPA, and MCPP), phenolic and epoxy resins and plasticizers (phosphate esters), deodorizing and odor-enhancing compounds, and pharmaceuticals.
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Based on product, the global cresols market is divided into para-cresol, meta-cresol, and ortho-cresol. Para-cresol will continue to be the leading revenue contributor until the end of 2027. It is primarily used in the production of antioxidants such as BHT. The rising demand for antioxidants for the manufacturing of food and beverages, cosmetics, pharmaceuticals, electrical transformer oil, and rubber is, therefore, augmenting the growth of the segment.
However, meta-cresol is expected to expand at a rapid CAGR during the forecast period. It is commercially used in fenitrothion and fenthion pesticides. It is also used as a precursor for synthetic vitamin E. Thus, the increasing demand for vitamin E is propelling the growth of the segment.
Asia Pacific to Retain Dominance Owing to Expansion of Chemical Sector
The key regional markets methodically examined in the report are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific was the leading segment in terms of value as well as volume in 2018 and will retain its position until 2027. The rapid expansion of the chemical and industrial sectors in China, Japan, and India coupled with the improving economic conditions is contributing to the growth of the region. Owing to this factor, the region is estimated to rise at a rapid CAGR in terms of revenue during the forecast period.
Asia Pacific will be followed by Europe. The presence of a large number of key players in the Europe region is providing a fillip to the market. The growth of Latin America can be attributed to the noteworthy growth of the nutraceutical market in Brazil. North America is anticipated to progress at a moderate pace during the same period.
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Key Players in the Global Cresols Market
Some of the key players in the global cresols market are
- Sasol Phenolics
- Lanxess Aktiengesellschaft
- SABIC Innovative Plastics
- Atul Ltd
- Henan Hongye Technological Chemical Co. Ltd.
Cresols Market – Scope of the Report
Transparency Market Research’s recent report on the global cresols market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global cresols market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global cresols market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.
This study also discusses the underlying trends and the impact of various factors on the global cresols market along with their influence on evolution of the market
This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global cresols market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market
Key Questions Answered in Global Cresols Market Report
- How much value does the global cresols market is expected to reach by the end of the forecast period?
- Which segment currently account for the maximum share of the global cresols market?
- What are the key factors expected to drive the global cresols market?
- Which region is likely to be a lucrative market for cresols during the forecast period?
- What are the essential strategies adopted by key players operating in the global cresols market to expand their geographical presence?
- What are major advancements in the global cresols market?
This report answers these questions about the global cresols market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business
Global Cresols Market: Research Methodology
This TMR report on the global cresols market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global cresols market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global cresols market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global cresols market, by using both bottom-up and top-down approaches
This detailed assessment of the global cresols market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global cresols market is set to expand are based on carefully vetted primary and secondary sources.
Global Cresols Market: Segmentation
This report on the global cresols market provides segmentation of the market based on product, application, and region