The global cresol market is valued at US$663.119 million in 2020 and is anticipated to grow steadily during the forecast period. In Cresol, hydroxytoluene is extracted either naturally from coal tar or synthetically. The chemical is available in the form of ortho, meta, and para cresols to be utilized in many end-user industry verticals. Many are utilized as intermediates to other compounds such as plastics, pesticides, and disinfectants. Using agrochemicals such as herbicides for sustainable farm management is expected to fuel the market growth in the forecast period.
Using cresols as preservatives in pharmaceutical formulations such as insulin and vaccines is significantly impacting the market growth in the forecast period and the growing pharma industry. The growing trend of adopting eco-friendly products is further impetus to fueling the market growth in the forecast period owing to the high aerobic biodegradation rate and low bioaccumulation potential of cresols.
Based on Geography, North America and Europe are estimated to hold a significant market share in the global cresol market owing to the early adoption of technology and innovations. In addition, major market players are based in this region. Additionally, Europe, particularly Western Europe, is the major consumer of o-cresol in the form of a chemical intermediate.
These are mostly used to formulate products, including adhesives, disinfectants, and cleaning products. On the other hand, the Asia Pacific region will witness a high market growth rate during the forecast period due to the presence of a large population base for the consumption of agricultural food products, especially in China and India. Hence, using cresols in pesticides and other agrochemicals is burgeoning the market demand in the forecast period. Additionally, with a large population suffering from non-communicable diseases such as diabetes, the use of cresols in pharmaceutical formulations is expected to propel an increase during the forecast period.
The growing adoption of eco-friendly products is expected to increase the global cresol market growth over the next five years.
It has been significantly assessed that cresols pose no risk in terms of exposure; hence, the chemical has reduced toxicity in the general population. According to the screening assessment of cresols by the Government of Canada, cresols are released into the air and into surface waters and soil. With high water solubility, moderate vapour pressure, and low to moderate sorption potential, cresols are readily biodegradable and have a low bioaccumulation potential. Hence, the exposure potential of these compounds to the organisms is highly reduced. The phenolic compounds are known to demonstrate low to moderate toxicity. At the same time, in the laboratory, many aquatic and terrestrial organisms can metabolize and excrete cresols, reducing the chances of adverse effects. The quantitative analysis predicted that the industries' highest concentrations of cresols in the environment occurred. However, these are expected to be much lower than the experimentally determined no-effect levels. The quantitative analysis predicted that industries would have the highest concentrations of cresols in the environment; however, these are expected to be much lower than the experimentally determined no-effect levels.
The growing chemical industry worldwide is projected to propel the market demand in the forecast period.
Cresol is used as a raw material for many chemical products, including electronic chemicals, solvents, and disinfectants. The global chemical industry, excluding pharmaceuticals, is predicted to surge by over 2% in 2019 from the previous year. China from the APAC region is anticipated to be the world's largest chemical market and thus strongly impacts the global growth rate. It comprises the largest share of approximately 40% of the global total, accounting for over 50% of the chemical growth worldwide. The growing supply chain spending in the chemical industry further contributes to global GDP growth, propelling the market growth in the forecast period. Around two-thirds of the amount spent by the chemical companies was from the APAC region. Furthermore, manufacturers investing heavily in R&D on a global level is providing an impetus for burgeoning the market growth for chemicals during the forecast period.
The COVID-19 pandemic's impact on the global cresols market is uneven. Although import and export activities were considerably damaged, the demand for cresols surged swiftly due to the pandemic's rapid growth in the pharmaceutical industry, leading to the market's expansion even though the industries that use cresols were negatively impacted as a result.
|Market Size Value in 2020||US$663.119 million|
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Source, Product Type, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Honshu Chemical Industry Co., Ltd., LANXESS, Deepak Novochem Technologies Limited, Sasol LTD, Atul Ltd, SABIC, Konan Chemical Manufacturing Co., Ltd., Mitsui Chemicals, Inc.|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global cresol market?
A1. The global cresol market was valued at US$663.119 million in the year 2020.
Q2. Which region holds the largest market share in the global cresol market?
A2. North America and Europe are estimated to hold a significant market share in the global cresol market owing to the early adoption of technology and innovations.
Q3. What factors are anticipated to drive the cresol market growth?
A3. The use of cresols as preservatives in pharmaceutical formulations such as insulin and vaccines is significantly impacting the cresol market growth along with the growing pharma industry.
Q4. How is the global cresol market segmented?
A4. The global cresol market has been segmented by source, product type, application, and geography.
Q5. Who are the major players in the cresol market?
A5. Some of the major companies mentioned as a part of the cresol market are Honshu Chemical Industry Co., Ltd., LANXESS, Deepak Novochem Technologies Limited, Sasol LTD, and Atul Ltd.
Honshu Chemical Industry Co., Ltd.
Deepak Novochem Technologies Limited
Konan Chemical Manufacturing Co., Ltd.
Mitsui Chemicals, Inc.
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