Press release
Cresols Market Due to Rising Demand for Antioxidants Progressing at a CAGR of 3.3% therein 2023
The lowering levels of essential nutrients is also caused by adulteration in food noted, leading to deficiency in these nutrients, adding to growth of dietary supplements.
It is also important to note here that the global cresols market will also see growth owing to an increase in demand for antioxidants.
And, as per a Transparency Market Research study on the global cresols market, a steady growth of 3.3%, compounded annually will be observed between 2015 and 2023, owing to such reasons. And, this CAGR (Compound Annual Growth Rate) will lead to an improvement in market worth to a USD 325.01 million by the end of the forecast period. This notable rise from the USD 266.01 million, pegged at in the year of 2016.
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The only restraint in the global cresols market is the consumption and prices of BHT (butylated hydroxytoluene), which are components widely criticized about the market. Other factors marring growth are environmental protection regulations which are quite stringent in terms of disposal of cresols, transportation, usage, and even production and packaging.
But, it is pertinent to note here that as use of cresols becomes common and wider in the automotive industry, the global cresols market will overcome restraints to chart a steady, upward facing curve on the growth chart.
The Global Cresols Market - A Fragmented Landscape
Over the forecast period, the global cresols market will show a fragmented competitive landscape owing to presence of a large number of players. Some of the most important players operating the playfield are Sasol Phenolics, Lanxess Aktiengesellschaft, SABIC Innovative Plastics, Atul Ltd, and Henan Hongye Technological Chemical Co. Ltd, among others.
Asia Pacific to Lead the Global Cresols Market over the Forecast Period
Owing to massive expansion in the industrial sectors of some of the most impressive economies in the Asia Pacific (APAC) such as India, China, and Japan, the region will chart an impressive CAGR. The growth can also be fairly attributed to the expansion of the chemical industry in the region. And, as these economies do better, they contribute to the growth of region in a substantial manner.
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