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Cresols are organic compounds, which occur naturally and depend on the temperature; cresols can be solid or liquid because they have melting points not far from room temperature. They are intermediates to other compounds and materials including plastics, pesticides and dyes. Growing vitamin E demand in food and dietary supplements has driven the demand of the global cresols market. Mostly cresols are of three forms Ortho-cresol, meta-cresol and Para-cresol. These forms can occur separately or as a mixture.
Global cresols market is expected to achieve USD XXX million by 2023 and currently, it accounts for USD XXX million by 2017. Further, the increasing usage of cresols for wider automotive applications is likely to shape the growth of the global cresols market.
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(1) Cresols are used to dissolve other chemicals and to make other chemicals.
(2) They are found in foods, wood, tobacco, crude oil etc.
(3) They can be used in making photographic developer and explosives.
(4) They are used in household products and as intermediates for industrial synthesis.
The global cresols market is segmented based on product type and by the application. The product type is bifurcated into Para-cresol, Meta-cresol and ortho-cresol. By application, it is further bifurcated into chemicals intermediates, solvents, preservatives, antioxidants, perfumes and dyes. The Para-cresol will be leading revenue contributor to the market in near future because of the rising production of antioxidants and its usage in food and beverages, cosmetics, oil and rubber.
The cresol market is one of the fastest growing markets and is currently running in five major countries that are North America, Asia –Pacific, Europe, Russia and Africa. The Asia Pacific is one of the leading in terms of revenue collection due to the rapid expansion of chemical and industrial sectors, which aim at improving the economic conditions of the region. The Asia Pacific is followed by Europe and then Latin America in terms of revenue generated and the products manufactured during the forecast period.
The key competitors in the market currently working are Sasol Phenolics, Saudi Basic Industries Corporation, Lanxess AG, Dakota Gasification Company, RÜTGERS Group, Mitsui Chemicals, Inc., Atul Ltd., Nanjing Datang Chemical Co. Ltd., VDH Chemtech Pvt. Ltd, Ardisons Oils & Electricals (P) Ltd., Xiamen Hisunny Chemical Co. LTD. and Other Major & Niche Key Players. All the companies are providing tough competition in the market and continuously working to grab the required share in the market.
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The global cresol markets us single-handedly driven market and is widely used in automotive applications, food adulteration and dietary supplements that boost the growth of the market at global levels.