Cresols Market Report

Market Insights

Cresols Market is expected to grow from USD 439.9 million in 2021 to USD 563.5 million by 2028 at a CAGR of 3.5% during the forecast period of 2022-2028.

What is Cresol?

Cresol is formulated from coal tar and petroleum, which are some of the important components of creosote, a wood preservative. Cresols find major application in the processing of vitamin E in chemical intermediates.

Market Drivers

Surge in demand for vitamin E in food and dietary supplements, owing to rising consumer focus on healthy diet, is driving the growth of the market. Furthermore, with cresol derivatives gaining traction in the production of vitamin E and electronic encapsulation products, there is an increasing demand for computers, tablets, smartphones, and display devices, which is expected to drive the electronics industry during the forecast period. Although, considering these segments to be the niche applications for the product isomers, both, the electronics and food industries are estimated to offer lucrative growth opportunities for the market, especially across Asia-Pacific and Europe over the forecast period.

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Segment Analysis

By Product Type

Based on the product type, the market is segmented as meta-cresols, para-cresols, and ortho-cresols. Para-cresols captured the largest share of the market in 2021, and are estimated to maintain their vanguard during the forecast period. The growth of the segment is owing to the common use of para-cresols in the manufacture of butylated hydroxytoluene, an antioxidant used in the food, cosmetics and pharmaceutical industries.

By Application Type

Based on the application type, the market is segmented as chemical intermediates, solvents, preservatives, antioxidants, and others. The market for solvents is expected to witness the highest growth during the forecast period. The growth of the segment is driven by meta-cresols, which are mainly used in dissolving polymers such as polyaniline. In addition, growing polymer industry for its use in industrial application is expected to drive the market growth over the forecast period.

By Region

In terms of regions, Asia-Pacific held the major share of the cresols market in 2021, and is estimated to maintain its leading position during the forecast period as well. The region’s growth is driven by the growing demand for products in the agrochemical, vitamin E and electronic sectors in the region. Furthermore, the presence of various manufacturing industries in countries such as China has played a major role in boosting the region's market growth for cresol derivatives in the Asia-Pacific region.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The cresols market is segmented into the following categories.

By Product Type:

• Meta-Cresols
• Para-Cresols
• Ortho-Cresols

By Application Type:

• Chemical Intermediates
• Solvents
• Preservatives
• Antioxidants
• Others

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the key players in the cresols market are-

• Asahi Kasei Chemicals
• Atul Ltd
• Dakota Gasification Company
• Henan Hongye Technological Chemical
• Konan Chemical Manufacturing Co., Ltd.
• Lanxess AG
• Mitsui Chemicals
• Rutgers Chemicals GmbH
• SABIC Innovative Plastics
• Sasol Phenolics

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.