Cresols Market Progresses for Huge Profits During 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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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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