Cresol market bear high demands in the production of antioxidants such as butylated hydroxytoluene
Sellbyville, DE -- (SBWIRE) -- 11/16/2018 -- Cresol Market is projected to exceed USD 474 million according to this new research report. Globally increasing vitamin E demand will be the major growth prospect for the cresol market in the coming years. Global vitamin E consumption is likely to exceed 150 kilo tons by 2024 with an estimated gain more than 4% CAGR over the forecast timeframe. This growth is attributed to the escalating dietary supplement demand which is driven by unbalanced food nourishment. Also, the improving consumer food preferences leading to increasing nutraceuticals demand will consequently propel the cresol market share.
Global cresols market has prominent applications in automotive and electrical & electronics sector for their capability to withstand higher temperature under mechanical stress. These characteristics makes the product ideal in automotive brake pistons, pulleys and natural gas valves. This as a result, has opened new growth opportunities for cresols market from 2016 to 2024.
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Cresol market bear high demands in the production of antioxidants such as butylated hydroxytoluene (BHT). However, certain stringent regulatory discouragements regarding the BHT usage might restrain the market growth. The U.S. Food and Drug Association (FDA) has declared 0.02% of BHT consumption as GRAS (Generally recognized as safe), exceeding which is hazardous. Few countries including Japan, Sweden, Australia, and Romania have banned the product use in food & beverage which may negatively influence cresols market share during future years.
Meta-cresols will exhibit moderate CAGR during the projected timespan on account of increasing consumer awareness towards nutritious food consumption and thereby increasing vitamin E demand. Meta-cresols are used as synthetic vitamin E chemical intermediates and their market growth is driven by the growing vitamin E demand.
Para-cresols will exhibit gains upto 3% CAGR from 2017 to 2024 which is driven by their rising demand in the pharmaceuticals, cosmetics, rubber and electrical industrial applications. The globally increasing meat consumption has driven animal feed and additives demand which is in direct proportion to the cresol market growth.
Solvent will experience growth close to 3% CAGR by 2024, which is attributed to their growing demand in polymers industry for industrial applications. Chemical intermediates will witness the highest gains exceeding 3.5% over the forecast timeframe. Increasing vitamin E demand due to its applications in dietary supplement and animal feed coupled with rise in the robust growth in chemical industry will further push cresols market by 2024
Asia Pacific is projected to witness highest gains over 3.5% CAGR in the forecast period. The regional cresols market share will be driven mainly due to the enhanced consumer lifestyles leading to the preference of nutrient enriched food consumption.
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The thriving regional pharmaceutical sector will propel the demand for chemical intermediates in North America, thereby driving the cresol market growth. In addition to that, the significant packed food demand in the region is likely to complement growth for preservatives.
Key industry players are Saudi Basic Industries Corporation (SABIC), Sasol Phenolics, Lanxess AG, RÜTGERS Group, Atul Ltd, Mitsui Chemicals, Inc, Ardisons Oils & Electricals (P) Ltd, Nanjing Datang Chemical Co., Ltd, Dakota Gasification Company, VDH Chemtech Pvt. Ltd, and Xiamen Hisunny Chemical Co., Ltd.
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