The global cresol market is valued at US$643.780 million in 2019 and is anticipated to grow steadily during the forecast period. Cresol, a hydroxytoluene is extracted either naturally from coal tar or is made 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 in the form of intermediates to various other compounds such as plastics, pesticides, and disinfectants among others. The use of agrochemicals such as herbicides for sustainable farm management is expected to fuel the market growth in the forecast period. The use of cresols as preservatives in pharmaceutical formulations such as insulin and vaccines are significantly impacting the market growth in the forecast period along with the growing pharma industry. The growing trend of adopting eco-friendly products is further providing an impetus in fueling the market growth in the forecast period owing to the high aerobic biodegradation rate and low bioaccumulation potential of cresols.
On the basis of 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, the presence of major market players is based in this region. Additionally, Europe, particularly, Western Europe is the major consumer of o-cresol in the form of chemical intermediate. These are mostly used for the formulation of 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, the use of cresols in pesticides and other agrochemicals is burgeoning the market demand in the forecast period. Additionally, with a large population base suffering from non-communicable diseases such as diabetes, the use of cresols in pharmaceutical formulations is expected to propel 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 a reduced toxicity effect in the general population. According to the screening assessment of cresols by the Government of Canada, cresols are released into the air and are released in surface waters and soil as well. 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 while in the laboratory, hence, many of the aquatic and terrestrial organisms are able to metabolize and excrete cresols, reducing the chances of adverse effects. The quantitative analysis predicted that the highest concentrations of cresols in the environment occurred from the industries, 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 among others. 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 is having a strong impact on the global growth rate. It comprises the largest share of 40% approximately in the global total, further accounting for over 50% of the chemical growth worldwide. The growing supply chain spending in the chemical industry is further contributing to global GDP growth, propelling the market growth in the forecast period. Around two-thirds of the amount spent by the chemical companies were from the APAC region. Furthermore, with manufacturers investing heavily in the R&D on a global level is providing an impetus in burgeoning the market growth for chemicals during the forecast period.
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