6th December 2019 – The global Cresol
Market size is expected to value at USD 795.7 million by 2024. The
market is subject to witness a substantial growth due to increase in demand for
vitamin E to produce food & dietary supplements and growing health
consciousness among general population. Shift in trend towards healthy diet
intake by young population and robust growth in the food & dietary supplements
industry are expected to boost the market growth of cresol in the upcoming
years. Globally, the cresol industry is predicted to grow at higher CAGR over
the forecast period, providing numerous opportunities for market players to
invest in research and development of the market.
Increasing demand for cresol derivatives
for the production of vitamin E and electronic encapsulation products are
expected to positively influence the growth of cresol market over the forecast
period. Soaring demand for computers, display devices and handheld devices such
as smartphones and tablets are anticipated to stimulate market demand for
electronic encapsulation products involving cresol derivatives. The recent
technological advancements in the cresol industry coupled with development of
novel products are projected to drive the market growth in upcoming years.
Rapid growth in food processing and electronic industry, particularly in the
Asia Pacific region are expected to foster market growth as well.
Easy availability of the raw materials
such as coal, tar and petroleum or toluene, which are essential for the
manufacturing of Meta, para and ortho isomers are boosting overall market
performance, in the recent years. Selection of the raw material is purely based
on the overall manufacturing efficiency and waste management costs in regards
to the manufacturing process. Toluene is considered as vital element in product
manufacturing. Thus, variation in the cost of the raw material involving
toluene directly affects price associated with final product.
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Additionally, production of isomers such
as para and ortho, are dependent on the supply of the toluene. Increasing
demand of toluene for manufacturing of xylene and toluene diisocyanates (TDI)
has led to establishment of long-term contracts by key industry players with
suppliers. These factors are expected to fuel market growth over the forecast
period.
However, stringent laws and regulation
by regional governments associated with adverse effects on atmosphere due to
manufacturing waste is considered as major challenge for sustained market
growth. The manufacturing waste contains harmful elements, especially for the
aquatic environment. Substantial need for efficient waste management system for
manufacturing plant is expected to increase overall production cost, thus
limiting market growth to a certain extent. Yet, recent technological
advancement are expected to minimize waste disposal cost and enhance the waste
recovery efficiency, thus driving market growth further.
The cresol market is broadly categorized
into two major types based on the product type such as p-Cresol and m-Cresol.
p-Cresol is considered as one of the fastest growing segment in the m-cresol
market with substantial revenue generation in the last couple of years. Growing
popularity of the p-Cresol market segment is attributed to increasing
consummation for production of butylated hydroxytoluene (BHT), which is an
antioxidant, largely utilized in the food, cosmetics, and pharmaceuticals
sector. m-Cresol has also witnessed massive growth, in the recent years owing
to the rising adoption of m-Cresol as a chemical intermediate for producing
resoles.
The cresol industry is divided by region
as North America, Europe, Asia-Pacific, Latin America and Africa. European
region has shown major growth in recent years owing to the rise in the
implementation of latest technologies, constant demand for aroma chemicals and
pharmaceuticals, and existence of well-established industrial infrastructure. Asia-Pacific
region is predicted to hold major market share in the cresol market with
massive growth in forecast period.
Countries such as India and China are
leading the Asia-Pacific’s market with increasing demand for cresol in the
agrochemicals products, rising vitamin E demand for production of food &
dietary supplements, and robust growth of electronics sector, and significant
investment by leading industry players considering potential growth
opportunities in the region.
The key players in the cresol industry
are Lanxess GmbH, Sasol Ltd., Atul Ltd., Anhui Haihua Chemical Technology Co.,
Ltd., Dakota Gasification Company, Konan Chemical Manufacturing Co., Ltd.,
Mitsui Chemicals, Inc., Rutgers Infratec GmbH, and Saudi Basic Industries
Corporation (SABIC).
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