Cresols Market Analysis | 2022-2028

Market Insights

The cresols market was estimated at USD 439.9 million in 2021 and is likely to grow at a CAGR of 3.5% during 2022-2028 to reach USD 563.5 million in 2028.

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Market Dynamics

Introduction

Cresol is an organic compound belonging to the phenol family, consisting of a benzene ring with a hydroxyl (-OH) and methyl (-CH?) group. It exists in three isomeric forms: ortho-cresol, meta-cresol, and para-cresol, differing by the position of these groups on the ring. Found naturally in coal tar and petroleum, it is also produced synthetically. Cresols are used in resins, disinfectants, pharmaceuticals, and solvents. With antimicrobial and preservative properties, they play a vital industrial role. However, cresols are toxic and can irritate the skin, eyes, and respiratory system, necessitating careful handling to ensure safety in industrial and laboratory settings.?

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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Key Players

The following are the key players in the cresols market:

• 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

Segment Analysis

By Product Type

"Para-cresols captured the largest share of the market in 2021"

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

"The market for solvents is expected to witness the highest growth during the forecast period"

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.

Regional Analysis

"Asia-Pacific held the major share of the cresols market in 2021"

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.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s cresols market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both 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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 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)

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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 three players)
• SWOT analysis of key players (up to three players)

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 the 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 to sales@Stratviewresearch.com