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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.
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.
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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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