Press release
Cresols Market 2019 - 2024: Leading Key Players Mitsui Chemicals, Inc., Atul Ltd., Nanjing Datang Chemical Co. Ltd, VDH Chemtech Pvt. Ltd., Ardisons Oils & Electricals (P) Ltd
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This projection in the consumption trend will leave a proportional impact on cresols market as well. Asia Pacific and Europe is observing a lucrative position in the overall industry, owing to the spreading consumer awareness which has resulted in an increase in nutraceuticals demand in this region. As per a report by Global Market Insights, Inc., “Cresols market is poised to record a valuation of USD 474 million by 2024, with a projected CAGR of 3% over the period of 2015-2024.”
Taking into consideration the application landscape, cresols market from chemical intermediates application is anticipated to experience maximum gains at an annual rate of 3.5% over the coming seven years. Cresols are extensively used as a chemical intermediate in the production of Vitamin E. As a result, increasing consumption rate of Vitamin E across the world is proportionally impacting on cresols market dynamics as well. Broad application array of Vitamin E in the human dietary supplement, animal feed additive along with considerable growth in the chemical industries over the past few years has substantially increased the overall market demand.
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Solvent applications also accounted for a notable share in 2015, by collecting a revenue of more than USD 35 million. Polymer industry is the major end use sector that is substantially driving the cresols market from this sector. The industry is also experiencing a huge demand from automotive and electronics sector. Cresols’ unique capability of enduring elevated temperature under mechanical stress with comparatively lesser creep, makes them a good fit for manufacturing of pulleys, natural gas valves, and automotive brake pistons.
Meta cresols, ortho cresols, and para cresols are the three-predominant product thriving the cresols market. Meta cresols are mainly used as a precursor in the production of synthetic vitamin E. It is also commercially used in fenthion and fenitrothion pesticides.
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In addition to this, increasing meat consumption has further escalated the product demand in animal feed additives industry. In 2015, meta cresols market size was over USD 160 million and is expected to witness substantial growth in the years ahead. Para cresols will continue to be one of significant revenue contributors for the overall cresols industry share owing to the rising demand for the product from pharmaceuticals, rubber, and cosmetic sectors. As per estimates, para cresols market is forecast to register an annual growth rate of more than 3% over 2015-2024.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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