ALBANY, New York, March 22, 2019
ALBANY, New York, March 22, 2019 /PRNewswire/ -- The global cresols market holds a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is because of a large number of small- and large-scale companies operating in the cresols market. Lanxess AG, Saudi Basic Industries Corporation, Mitsui Chemicals, and Dakota Gasification Company are the uppermost players in the global cresols market.
A key strategy adopted by players in the global cresols market to retain their dominance over the market includes constant product improvement along with providing quality products for satisfying end-users' preferences. The leading vendors in the market have taken various initiatives on the marketing front to enhance their growth prospects. The level of competition among players is getting escalated due to the entry of several small and medium sized firms who are looking for fundamental strategies and policies to cementing their foothold in the market. Moreover, many emerging market vendors are also bidding on local markets to sustain themselves amidst hard competition.
According to experts from TMR, the global cresols market is expected to gain revenue worth US$452.1 mn by the end of 2023, elevating up from a valuation of US$338.9 mn in 2014. Experts project this growth to occur at a promising CAGR of 3.3% during the forecast period from 2015 to 2023.
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Among various applications of cresols, chemical intermediates account for a leading share in the market and is expected to boost the global cresols market during forecast period. This is because of their wide range of applications in manufacturing of organic intermediates such as plasticizers, odor-enhancing compounds, herbicides, and pharmaceuticals. Region wise, Asia Pacific is expected to showcase largest share in the global cresols market in the coming years. This is attributed to the rapid expansion of chemical sectors coupled with rising economic conditions in the region.
Need for Vitamin E in Various Dietary Supplements Stoke Demand in Cresols Market
Cresols are aromatic organic compounds, which are obtained from petroleum or coal tar in the form of a mixture of three stereoisomers such as Meta cresols, ortho cresols, and Para cresols. This chemical compound has a wide range of applications, where it is widely used as antiseptics, disinfectants, agrochemicals, and preservatives. Moreover, cresols are extensively used as chemical intermediates or precursors in the production of vitamin E, polymer resins, antioxidants, pharmaceuticals, rubbers, and fragrances. Such USPs are majorly driving the global cresols market. Along with this, growing demand for vitamin E in animal feed additives, and dietary supplements, and rising need for industrial lubricants and pharmaceutical intermediates are also fuelling demand in the global cresols market.
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Furthermore, rapidly changing lifestyles of people and increasing demand for cresols from the food and beverages industry are further propelling expansion in the global cresols market. Apart from these, rising usage of cresols in wider automotive applications is also boosting the global cresols market.
Environmental Regulations against Harmful Chemicals may Hinder Market's Growth
Cresols are considered harmful as they are very toxic in nature. On inhalation by human, cresols may cause serious hazards such as nasal constriction, dryness, and throat irritation. Thus, stringent environmental regulations and strict mandates from the EPA are pertaining the production of cresols along with its transportation, packaging, and disposal. Such factors are hampering the growth of the global cresols market. Nonetheless, persistent demand for cresols from electronics and other various industries is believed to help industry players overcome these challenges in the near future.
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The review is based on a market research report by TMR, titled, "Cresols Market (Meta-cresols, Para-cresols, and Ortho-cresols) for Chemical Intermediates, Solvents, Preservatives, Antioxidants and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023".
The segmentation of global cresols market is based on:
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