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Published Date: 2016-01-05Number of Pages: 184

Cresols Market (Meta-cresols, Para-cresols, and Ortho-cresols) for Chemical Intermediates, Solvents, Preservatives, Antioxidants and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

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$266.07 mn in 2016 and is poised to reach US$325.01 mn by the end of 2023, progressing at a CAGR of 3.3% 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.

Para-cresol to Lead Revenue Generation through 2023 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 2023, expanding at a CAGR of 3.6% from 2015 to 2023.  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.

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 2023. 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 exhibit a higher CAGR of 3.6% 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 2016 and will retain its position until 2023. 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 CAGR of 3.7% 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. Some of the key players in the global cresols market are Sasol Phenolics, Lanxess Aktiengesellschaft, SABIC Innovative Plastics, Atul Ltd, and Henan Hongye Technological Chemical Co. Ltd.

Cresols are aromatic organic compounds of monomethyl phenols that are widely used as precursors or chemical intermediates in the production of polymer resins, plasticizers, antioxidants, solvents, vitamin E, rubbers, pharmaceuticals, fragrances, dyes, and other chemicals. There are three forms of cresols: ortho-cresol (o-cresol), meta-cresol (m-cresol), and para-cresol (p-cresol). They differ slightly in their chemical structure. These forms occur separately or as a mixture. 

This report forecasts and analyzes the cresols market on global and regional levels. The study provides historic data for 2014 coupled with forecast from 2015 to 2023 based on volume (kilo tons) and revenue (US$ Mn). It includes drivers and restraints for the cresols market along with their impact on demand during the forecast period. Additionally, the study comprises opportunities available in the cresols market. Detailed value chain analysis has been included to provide a comprehensive view of the cresols market. Analysis of Porter’s Five Forces Model for the cresols market has also been included to help understand the competitive landscape in the market. 

The study analyzes the cresols market by segmenting it based on products, applications, and regions. Regional segmentation includes current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The segmentation comprises demand for cresols in products and applications across all regions. Product segmentation includes meta-cresols, para cresols, and ortho-cresols, while application segmentation comprises chemical intermediates, solvents, preservatives, antioxidants, and other applications. 

Prices of cresols vary in each region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Regional average price has been considered while breaking down the market into product segments and applications in each region. Market numbers have been estimated based on demand for various types of cresols such as meta-cresols, para-cresols, and ortho-cresols and applications such as chemical intermediates, solvents, preservatives, antioxidants, and others. Other applications include fragrances and dyes. The chemical intermediate segment includes application of cresol in the synthesis of vitamin E, insecticide, herbicide, antioxidants, pharmaceuticals, and plant protection. The solvent segment includes application of cresol in wire enamels, whereas the preservative segment consists of pharmaceutical items such as injection solutions for insulin. Market size and forecast for each product segment and application have been provided in the context of the global and regional market. The cresols market has been analyzed based on expected demand. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturer feedback and application requirement. 

In order to compile the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities. 

The report also offers competitive landscape of the overall market with company profiles of players such as Sasol Phenolics, Saudi Basic Industries Corporation, Lanxess AG, Dakota Gasification Company, RÜTGERS Group, Mitsui Chemicals, Inc., Atul Ltd., Nanjing Datang Chemical Co., Ltd., VDH Chemtech Pvt. Ltd, Ardisons Oils & Electricals (P) Ltd., and Xiamen Hisunny Chemical Co., LTD. Detailed description of the company overview in terms of headquarters, inception, upcoming capacities, key mergers & acquisitions, financial overview, and recent developments provides a thorough idea about the competitive positioning of players in the market. 

This report segments the global cresols market as follows:

Cresols Market – Product Segment Analysis

  • Para-cresol
  • Meta-cresol
  • Ortho-cresol

Cresols Market – Application Analysis

  • Chemical Intermediates
  • Solvents
  • Preservatives
  • Antioxidants
  • Others (Including perfumes & dyes)

Cresols Market - Regional Analysis

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA


 
 
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