Cresol Market Growth Factors, Competitive Landscape and Revenue Forecast till 2024
28th Jan 2021 - 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.
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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.
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 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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Global Cresol Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2014 - 2024)
• North America
• U.S.
• Europe
• France
• Germany
• UK
• Asia Pacific
• China
• India
• Middle East & Africa
• Central & South America
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