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2021
Cresols Market

Cresols Market

by Source (Natural and Synthetic), Product Type (Para-Cresol, Meta-Cresol and Ortho-Cresol), Application (Chemical Intermediate, Solvents, Preservatives and Antioxidants) and End use (Pharmaceuticals, Chemical, Paints and Coating, and Others): Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A14537
Pages: 385
Nov 2021 | 2238 Views
Author(s) : Prakhar J , Eswara P
Tables: 223
Charts: 70
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global cresols market size was valued at $334.8 million in 2020, and is projected to reach $476.7 million by 2030, with the global cresols market forecast expected at a CAGR of 3.6% from 2021 to 2030. 

The COVID-19 pandemic has mixed effect over the Global Cresols Market. Demand of cresols increased at a rapid pace due to rapidly increasing pharmaceutical industry during the pandemic resulted in growth of the cresols market although import and export activities were significantly impacted, which, in turn, adversely affected the industries using cresols and thereby affected the cresols marke.

Cresol is also known as hydroxytoluene and it is a group of aromatic organic compounds. Cresols are widely-occurring phenols, which may be either natural or manufactured. It is a methyl phenol with para meta and ortho isomers. It is used as a disinfectant and antiseptic and have the best antioxidant properties. In addition, Creosote is a mixture of phenols consisting mainly of cresol and guiacol and are used as household remedy for cough. It is found in many proprietary preparations. Moreover, cresols can be used in phenol-formaldehyde resins and m-cresol is also used in development of photos and p-Cresol can be converted to butylated hydroxytoluene (BHT), an important antioxidant in foods. Furthermore, it is metabolized by conjugation and oxidation and has main toxicity due to denaturation and precipitation of cellular proteins and thus poisons all cells directly. Furthermore, it can be absorbed following inhalation, oral, or dermal exposure. Cresol is extremely corrosive and may cause cutaneous damage, and gastrointestinal corrosive injury. 

Global Cresols Market

The global cresols market is segmented on the basis of source, product, application, end use, and region. 

On the basis of source, the global cresols market is segmented into natural and synthetic. By product type, it is divided into para-cresol, meta-cresol, and ortho-cresol. By application, it is divided into chemical intermediate, solvents, preservative, and antioxidants. On the basis of end use, the market is divided into pharmaceuticals, chemical, paint & coating, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe. 

Global Cresols Market, By Source

By source, the synthetic segment dominated the global cresols market in 2020. Rise in the medical advancements increases demand for synthetic cresols in the pharmaceutical industry, which act as the major driving factor for the market. In addition, it is also used in polymerization of resins and rise in use of polymers leads to increase in demand for synthetic cresols and create wide opportunities for the market growth

Cresols Market
By Source

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Synthetic segment is projected as the most lucrative segment.

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Global Cresols Market, By Product Type

By application, the para cresol segment dominated the global cresols market in 2020. It is a colorless solid that is widely used intermediate in production of other chemicals. It is a derivative of phenol and an isomer of ortho-cresol and meta-cresol. Para-cresol is conventionally extracted from coal tar and volatilized materials obtained in roasting of coal to produce coke. This residue contains a few percent by weight of phenol and cresols.

Cresols Market
By Product Type

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Para Cresol segment is projected as the most lucrative segment.

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Global Cresols Market, By Application

By application, the chemical intermediate segment dominated the global cresols market in 2020. Rise in the chemical industry and chemical dependency leads to increase in demand of cresols. In addition, cresols are widely used in the production of whiskey, wine, and other alcohol components, which lead to rise in demand for such products. However, cresols are highly toxic in nature, which acts as the main restraining factor for the market. 

Cresols Market
By Application

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Chemical Intermediate segment is projected as the most lucrative segment.

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Global Cresols Market, By End-use

By end use, the chemical segment dominated the global cresols market in 2020. Rise in demand for phenols in various industries increases demand for cresols and acts as the major driving factor for the market. In addition, cresols are also used in medical products such as spirits, sanitizers, and many other, which rises demand for such products. Moreover, rapid expansion of the chemical industry in developing countries and excessive rise in population also lead to increase in demand for cresols, which propels the market growth.

Cresols Market
By End-use

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Chemical segment is projected as the most lucrative segment.

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Global Cresols Market, By Region

By region, Asia-Pacific dominated the global cresols market in 2020. The cresols market in this region is increasing in demand at a rapid rate as developing countries have started various new farming technique projects, which increases demand of fertilizers, in turn, leading to rise in demand for cresols in the region

Cresols Market
By Region

2030
Asia Pacific 
North America
Europe
LAMEA

Asia-Pacific holds a dominant position in 2020

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Key Benefits For Stakeholders

  • This report provides a detailed quantitative analysis of the current global cresols industry market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities. 
  • An in-depth global cresols industry market analysis of various countries in this region is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
  • A comprehensive analysis of the factors that drive and restrain the growth of the global cresols industry market is provided.
  • Europe region-wise and country-wise market conditions are comprehensively analysed in this report.
  • The projections in this report are made by analysing the current trends and future market potential from 2020 to 2030 in terms of value and volume.
  • An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
  • Key market players within the market are profiled in this report and their strategies are analysed thoroughly, which help to understand the competitive outlook of the global cresols industry market.

Impact Of Covid-19 On The Global Cresols Market

The pharmaceutical garners a major share in terms of consumption of cresols globally. The pharmaceutical industry is major commodity used in our daily lives and government-imposed lockdown excluding healthcare sector. However, it shows that there is positive impact on cresols market. Cresols are widely used in the manufacturing of sanitizers, spirit and others and in covid 19 situation sanitizers are highly used however, covid 19 had a positive impact on cresols market. Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using cresols and thereby affected the cresols market. Unavailability or less availability of workforce is expected to directly affect the paint & coating industries which is major buyer of cresols. However, there is highly negative impact on cresols market.

Cresols Market Report Highlights

Aspects Details
BY SOURCE
  • Natural
  • Synthetic
BY PRODUCT TYPE
  • .Para-cresol
  • Meta-cresol
  • Ortho-cresol
BY APPLICATION
  • Chemical intermediate
  • Solvents
  • Preservatives
  • Antioxidants
BY END USE
  • Pharmaceuticals
  • Chemical
  • Paints & coating
  • Others
BY REGION
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players ANHUI HAIHUA CHEMICAL TECHNOLOGY CO., LTD., ATUL, DAKOTA GASIFICATION COMPANY, KONAN CHEMICAL MANUFACTURING CO., LTD., LANXESS AG, MITSUI CHEMICALS, NANJING DATANG CHEMICAL CO., LTD., SABIC, SASOL LIMITED, VDH CHEM TECH PVT. LTD
 

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The global cresols market is expected to witness increased demand during the forecast period, owing to rapidly growing para-cresol and packaging industry throughout the forecast period.

Several health and environmental concerns associated with cresols-based products are anticipated to hinder growth of the cresols market during the upcoming years. However, increase in demand for cresols in the agriculture sector and increase in demand for cresols in several end-use applications such as pharmaceuticals, chemical, and paints & coatings are some of the key factors expected to boost demand for the cresols market during the forecast period. In addition, rapidly increasing per capita income and high urbanization growth across the globe are expected to drive the global cresols market demand during the forecast period.

The COVID-19 pandemic has positively impacted the global cresols market as cresols play a vital in the manufacturing of sanitizers, which are part of basic needs presently. In addition, owing to shutdown of various industry production facilities such as construction and other chemical sectors have led to decline in demand for cresol compounds, thereby hampering the global cresols market for a short span of time.

Moreover, companies are inheriting acquisition strategies to boost growth of the cresols market throughout the forecast period.

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