Stratview Research has launched a new report, titled The Cresols Market is Segmented by Product Type (Meta-Cresols, Para-Cresols, and Ortho-Cresols), by Application Type (Chemical Intermediates, Solvents, Preservatives, Antioxidants, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, Cresols Market is likely to witness a CAGR of 3.5% during the forecast period. Surge in demand for vitamin E in food and dietary supplements, owing to rising consumer focus on healthy diet, is driving the growth of the market. Furthermore, with cresol derivatives gaining traction in the production of vitamin E and electronic encapsulation products, there is an increasing demand for computers, tablets, smartphones, and display devices, which is expected to drive the electronics industry during the forecast period. Although, considering these segments to be the niche applications for the product isomers, both, the electronics and food industries are estimated to offer lucrative growth opportunities for the market, especially across Asia-Pacific and Europe over the forecast period.
Market Segments’ Analysis
Based on the product type, the market is segmented as meta-cresols, para-cresols, and ortho-cresols. Para-cresols captured the largest share of the market in 2021, and are estimated to maintain their vanguard during the forecast period. The growth of the segment is owing to the common use of para-cresols in the manufacture of butylated hydroxytoluene, an antioxidant used in the food, cosmetics and pharmaceutical industries.
Based on the application type, the market is segmented as chemical intermediates, solvents, preservatives, antioxidants, and others. The market for solvents is expected to witness the highest growth during the forecast period. The growth of the segment is driven by meta-cresols, which are mainly used in dissolving polymers such as polyaniline. In addition, growing polymer industry for its use in industrial application is expected to drive the market growth over the forecast period.
In terms of regions, Asia-Pacific held the major share of the cresols market in 2021, and is estimated to maintain its leading position during the forecast period as well. The region’s growth is driven by the growing demand for products in the agrochemical, vitamin E and electronic sectors in the region. Furthermore, the presence of various manufacturing industries in countries such as China has played a major role in boosting the region’s market growth for cresol derivatives in the Asia-Pacific region.
The following are the key players in the Cresols Market
- Asahi Kasei Chemicals
- Atul Ltd
- Dakota Gasification Company
- Henan Hongye Technological Chemical
- Konan Chemical Manufacturing Co., Ltd.
- Lanxess AG
- Mitsui Chemicals
- Rutgers Chemicals GmbH
- SABIC Innovative Plastics
- Sasol Phenolics
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Cresols Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Cresols Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
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