Cresols Market

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. 

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

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.

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. 

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.

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

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