Knowledge Sourcing Intelligence announces the publication of a new report on “Global Cresol Market - Forecasts from 2020 to 2025" to their offering.
Cresols can be defined as organic compounds which belong to the family of methyl phenols. These, also referred to as hydroxytoluene, occur naturally in abundance and are grouped with organic compounds, which are called phenols. Since melting point of cresols does not vary much from room normal temperature, these can exist both as solids or liquids. Cresols are similar to phenols in a way that they also get oxidized gradually on being exposure to air for a fairly long time, and often inhibit a yellowish brown red tint owing to the presence of impurities in cresols. In terms of odour, cresols smell similar to phenols.
According to the report, the Global Cresol Market was valued at US$643.780 million in 2019.
The global cresol market growth is closely tied to the growth of chemical industry across the globe. The global chemical industry is witnessing a fairly good growth on account of a continuous increase in demand from sectors which are aligned to this sector. Continuous increase in demand for chemicals, reagents and other products, which are manufactured across the chemical industry, from other manufacturing sub-sectors which use them as raw materials is pushing industry players towards pumping more investments into the sector. This trend can be seen across all key regions for this industry. For instance, all the member countries of the European Union have been registering a good growth in the chemical manufacturing sector which is evident from increasing sales and increase in volume and value of investments which are put back into the sector. A data from the European Chemical Industry Council (CEFIC) shows that the chemical sales rose from €530 billion in 2008 to €565 billion in 2018. Over the decade, the total investments by companies across these countries into research and innovation witnessed a surge of more than 23% which translates into an increase in the value of investments from €8 billion in 2008 to around €10 billion in 2018. In conjunction to these investments, the total capital spending by the companies in these regions also remained solid between 2008 and 2018. The value of these investments was nearly €21.3 billion in 2008 and it rose to around €22.8 billion in 2018. Similarly, companies in other countries across the globe are also showing the same trend. As this continues, the demand for raw materials in the sector will continue to grow, thus increasing the demand for cresols. Rapid growth of pharmaceutical industry worldwide is also a major contributor to the market growth. Since cresols are used as raw materials in the production of many products across the sector, the growth of this sector is driving with it the demand for cresols, thus fuelling the market growth.
Asia Pacific and Europe together account for a considerably large share in the global cresol market
Geographically, the global cresol market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific and Europe together account for a fairly large market share and the market growth in these regions is being contributed to by the presence of state-of-the-art research infrastructure across countries. Huge investments by industry players in these regions into sectors such as pharmaceutical and chemical are increasing the demand for raw materials among them, thus fuelling the cresol market growth. The Asia Pacific cresol market is expected to grow at a good CAGR over the projected period.
The major players covered as part of the report are Honshu Chemical Industry Co., Ltd., Deepak Novochem Technologies Limited, Konan Chemical Manufacturing Co., Ltd. and Mitsui Chemicals, Inc. among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-cresol-market
This report has segmented the global cresol marketon the basis of following terms:
By Product Type