The market is subject to witness a substantial growth due to increase in demand for vitamin E to produce food & dietary supplements and growing health consciousness among general population. Shift in trend towards healthy diet intake by young population and robust growth in the food & dietary supplements industry are expected to boost the market growth of cresol in the upcoming years. Globally, the cresol industry is predicted to grow at higher CAGR over the forecast period, providing numerous opportunities for market players to invest in research and development of the market.
Increasing
demand for cresol derivatives for the production of vitamin E and electronic
encapsulation products are expected to positively influence the growth of
cresol market over the forecast period. Soaring demand for computers, display
devices and handheld devices such as smartphones and tablets are anticipated to
stimulate market demand for electronic encapsulation products involving cresol
derivatives. The recent technological advancements in the cresol industry
coupled with development of novel products are projected to drive the market
growth in upcoming years. Rapid growth in food processing and electronic
industry, particularly in the Asia Pacific region are expected to foster market
growth as well.
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Easy
availability of the raw materials such as coal, tar and petroleum or toluene,
which are essential for the manufacturing of Meta, para and ortho isomers are
boosting overall market performance, in the recent years. Selection of the raw
material is purely based on the overall manufacturing efficiency and waste
management costs in regards to the manufacturing process. Toluene is considered
as vital element in product manufacturing. Thus, variation in the cost of the
raw material involving toluene directly affects price associated with final
product.
Additionally,
production of isomers such as para and ortho, are dependent on the supply of
the toluene. Increasing demand of toluene for manufacturing of xylene and
toluene diisocyanates (TDI) has led to establishment of long-term contracts by
key industry players with suppliers. These factors are expected to fuel market
growth over the forecast period.
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However,
stringent laws and regulation by regional governments associated with adverse
effects on atmosphere due to manufacturing waste is considered as major
challenge for sustained market growth. The manufacturing waste contains harmful
elements, especially for the aquatic environment. Substantial need for
efficient waste management system for manufacturing plant is expected to
increase overall production cost, thus limiting market growth to a certain
extent. Yet, recent technological advancement are expected to minimize waste
disposal cost and enhance the waste recovery efficiency, thus driving market
growth further.
The
cresol market is broadly categorized into two major types based on the product
type such as p-Cresol and m-Cresol. p-Cresol is considered as one of the
fastest growing segment in the m-cresol market with substantial revenue
generation in the last couple of years. Growing popularity of the p-Cresol
market segment is attributed to increasing consummation for production of
butylated hydroxytoluene (BHT), which is an antioxidant, largely utilized in
the food, cosmetics, and pharmaceuticals sector. m-Cresol has also witnessed
massive growth, in the recent years owing to the rising adoption of m-Cresol as
a chemical intermediate for producing resoles.
The
cresol industry is divided by region as North America, Europe, Asia-Pacific,
Latin America and Africa. European region has shown major growth in recent
years owing to the rise in the implementation of latest technologies, constant
demand for aroma chemicals and pharmaceuticals, and existence of
well-established industrial infrastructure. Asia-Pacific region is predicted to
hold major market share in the cresol market with massive growth in forecast
period.
Countries
such as India and China are leading the Asia-Pacific’s market with increasing
demand for cresol in the agrochemicals products, rising vitamin E demand for
production of food & dietary supplements, and robust growth of electronics
sector, and significant investment by leading industry players considering
potential growth opportunities in the region.
The
key players in the cresol industry are Lanxess GmbH, Sasol Ltd., Atul Ltd.,
Anhui Haihua Chemical Technology Co., Ltd., Dakota Gasification Company, Konan
Chemical Manufacturing Co., Ltd., Mitsui Chemicals, Inc., Rutgers Infratec
GmbH, and Saudi Basic Industries Corporation (SABIC).
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