Cresol Market Size, Share & Trends
Cresol is a monomethyl derivative of phenols extracted naturally from coal tar, coal gasification extracts or produced synthetically. Cresol in its pure form is a mixture of ortho-, meta-, and para- isomers with same molecular formula but different structures. Cresols are widely used across different industries as an intermediate for materials and compounds such as dyes, disinfectants, agrochemicals, pharmaceuticals, explosives and food antioxidants. The demand for cresols is primarily driven by increased adoption in the production of vitamin E, expansion of agrochemical manufacturing industry, and adoption in production of electronic encapsulation products. Prevalence and outbreak of infectious diseases such as COVID-19 has resulted in increased health awareness across the globe, thereby fuelling the demand for dietary supplements. Vitamin E, along with other essential vitamins and minerals are strongly recommended by healthcare professionals to boost the immune system. With increased demand for vitamin E, the demand for cresol has witnessed prominent growth. Additionally, increasing adoption of cresol in electronic encapsulation products along with expansion of electronic device manufacturing industry is expected to drive the growth of global cresol market during the forecast period.
Asia Pacific contributed a dominating share to the global cresol market in 2019 owing to strong demand for cresol from industrial machinery manufacturing, food processing, pharmaceutical manufacturing, and elastomer/rubber manufacturing industries. China, Japan, Singapore, India and Taiwan cumulatively contributed approximately 75% of the Asia Pacific cresol market in 2019. The market in Asia Pacific is anticipated to offer lucrative opportunities to the leading and regional producers of cresol during the forecast period. North America, being the largest producer of cresol, contributed a prominent share to the global cresol market and is anticipated to grow steadily during the forecast period. North America is anticipated to maintain its position as leading producer of cresol throughout the forecast period, with the United States being the largest producing country.
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Based on applications, the global cresol market is segmented into agrochemicals & pesticides, vitamin E, chemical intermediate, electronics devices, and others. The chemical intermediate application contributed a dominating share to the global cresol market followed by agrochemical & pesticides application. The applications of cresol in vitamin E production is expected to offer lucrative opportunities during the forecast period. The demand for vitamin is anticipated to grow significantly during the forecast period fuelled by increasing health awareness and initiatives taken by global health organizations such WHO to boost, thereby fuelling the growth of global cresol market in coming years.
Based on geography, the global cresol market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global cresol market in 2019 and is anticipated to be a dominating segment throughput the forecast period. China, Japan, Singapore, India, and Taiwan are the leading consumers of cresol owing to the expansion of rubber/elastomers production industry and industrial machinery manufacturing industry. North America contributed a prominent share to the global market and is anticipated to witness steady growth during the forecast period.
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Major players active in the global cresol market include Anhui Haihua Chemical Technology Co., Ltd., Atul Ltd, Konan Chemical Manufacturing Co., Ltd., Lanxess AG, Mitsui Chemicals, Rain Carbon Inc., SABIC, and Sasol Limited.