Cresols Market - Global Industry Analysis, Size, Share 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.
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184 page report gives readers a comprehensive overview of theCresols
Market . Browse through to unlock the hidden opportunities in this
market.
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.
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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.
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