Cresols Market to be at Forefront | 2023
Transparency
Market Research has published a new market report titled “Cresols
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2023.” According to the report, the global cresols
market was valued at US$338.9 mn in 2014 and is anticipated to reach
US$452.1 mn in 2023, expanding at a CAGR of 3.3% from 2015 to 2023.
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Report Overview @
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.
Demand
for vitamin E is rising owing to its extensive application in dietary
supplements, animal feed additives, etc. This, in turn, is
anticipated to fuel growth of the cresols market during the forecast
period. Cresols are subject to strict mandates from the Environmental
Protection Agency (EPA) as they are harmful air pollutants. This is
likely to be a restraining factor for the market growth in the near
future. Increasing demand for cresols in industrial applications such
as automotive and electronics is estimated to open up new growth
avenues for the market.
Para-cresols
was the largest product segment of the cresols market in 2014,
accounting for about 45% of the global cresols market followed by
meta-cresols, in terms of volume. However, meta-cresols is expected
to be the fastest-growing application segment of the cresols market
during the forecast period owing to rising demand for vitamin E in
dietary supplements.
Major
applications of cresols include chemical intermediates, solvents,
preservatives, antioxidants, and others. In terms of volume, chemical
intermediates accounted for more than 60% share of the global cresols
market in 2014. It is estimated to be the fastest-growing segment
during the forecast period owing to significant demand from chemical
industries in Asia Pacific and Europe. Rising demand for vitamin E in
dietary supplements is expected to drive demand for cresols in the
chemical intermediates segment in the near future.
In
terms of volume, Asia Pacific dominated the global cresols market in
2014, accounting for more than 45% of the global cresols market.
China’s economy has grown rapidly in the past 10 years. This trend
is expected to continue during the forecast period. The country
offers immense potential for the chemical sector. Growth in the
chemical sector in China and other emerging countries in Asia Pacific
is anticipated to fuel the cresols market in the next few years. In
terms of volume, Europe is likely to be the second-fastest regional
segment of the global cresols market during the forecast period.
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Key
players in the cresols market include 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.
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