Cresol Market is forecast to reach $737.5 million by 2025, after growing at a CAGR of 3.5% during 2020-2025. Cresol is an organic compound obtained from coal tar or petroleum, also known as methyl phenol. Increasing use of cresol derivatives as a raw material or reactant in the development of personal care antioxidants and chemical intermediates is expected to drive demand for the product over the forecast period. Growing demand in the chemical industry for efficient stabilizers and the production of pesticides is also expected to drive cresol market demand.
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Increasing demand for vitamin E in food and dietary supplements is expected to drive cresol demand in the coming years due to rising customer emphasis on a healthy diet.
Chlorinated ortho-cresol derivatives are used in plant protection agents. Growing concerns about crop protection are expected to drive product demand in various agricultural sectors.
Product – Segment Analysis
Para-Cresol holds the largest share in the cresol market in 2018. P-Cresol is commonly used in the manufacture of butylated hydroxytoluene, an antioxidant used in the food, cosmetics and pharmaceutical industries.
Meta-Cresol acts for resole synthesis as a chemical intermediate that are used in brake and clutch linings. Meta isomer’s anti-microbial feature has seen significant growth in applications of antiseptics and disinfectants.
Application – Segment Analysis
Vitamin E segment holds the largest share in the cresol market in 2018. Cresols are mostly used in the processing of vitamin E in chemical intermediates. Rising vitamin E consumption and its wide range of application from human nutritional supplements, animal feed additives to polymer antioxidants will drive industry growth.
Geography – Segment Analysis
Asia Pacific holds the largest share of the Cresol market in 2018, up to 30%, due to the growing demand for products in the agrochemical, vitamin E and electronics sectors in the region. The presence of various manufacturing industries in China has played a dominant role in the region’s high market penetration of cresol derivatives.
Drivers – Cresol Market
Growing demand for high capacity cresol.
Cresol vendors are introducing high storage capacity products specifically for applications that need to store large amounts of data, such as action cameras, video surveillance systems and drones. The trend of capturing high-definition images and video and implementing automation technologies across different sectors is driving the need for high-capacity Cresol.
Challenges – Cresol Market
Stringent health and safety regulations.
Stringent health and safety regulations regarding cresol content in consumer products, such as cosmetics, disinfectants and other personal care products, are expected to hinder long-term demand for cresol. The global cresol market has witnessed the implementation of strict regulations on the adverse impact of its manufacturing process. Waste from toluene-based cresol processing is toxic to the aquatic environment. Therefore, before discharge, industry participants are concentrating on waste management.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cresol Market. In 2019, the market of Cresol has been consolidated by the top five players accounting for xx% of the share. Major players in the Cresol Market are Lanxess AG, Sasol Ltd, Atul Ltd, and SABIC, Anhui Haihua Chemical Technology Co., Ltd., Konan Chemical Manufacturing Co., Ltd., Mitsui Chemicals, Inc., RÜTGERS Group, Merisol Group of Companies, Mitsui Chemicals Inc., and Nanjing Datang Chemical Co., Ltd., among others.
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