Cresols Market Size Expected to Reach $476.7 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, "Global cresols market by source, product type, application and by end use: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global cresols market was valued at $334.8 million in 2020, and is projected to reach $476.7 billion by 2030 with expected cresols market forecast at a CAGR of 3.6% from 2021 to 2030.

Rapid in increase of per capita income across the globe, especially in developing countries such as India, Brazil, and Indonesia has led to increase in sales of paints & coatings, which, in turn increases demand for cresols. In addition, cresols are used in manufacturing of synthetic resins, disinfectants, fumigants, and industrial solvent. Moreover, cresols play a vital role in the phenolic resins, tricresyl phosphate, ore flotation, textile scouring agent, organic intermediate, manufacture of salicylaldehyde, coumarin, and herbicides, surfactant, and synthetic food flavors. However, rise in demand for such products and applications lead to increase in demand for cresols. Furthermore, demand for preservatives witnessed growth in demand for cresols in recent years and are anticipated to further support growth of the global cresols market during the forecast period.

In addition, maximum governments are planning to deal with pollution in an effective way and cresols are used in ore flotation and fiber treatment, as metal degreasing and cutting oils, as extracting solvents, and as agents for removing carbonization deposits from internal combustion engines, however, government regulation on cresols is expected to possess high growth opportunities for the cresols market throughout the forecast period.  

The global cresols market is segmented on the basis of source, product, application, end use, and region.

On the basis of source, the global cresols market is segmented into natural and synthetic. By product type, it is divided into para-cresol, meta-cresol, and ortho-cresol. By application, it is divided into chemical intermediate, solvents, preservative, and antioxidants. On the basis of end use, the market is divided into pharmaceuticals, chemical, paint & coating, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.

The key players operating in the digital textile printing market industry are Anhui Haihua Chemical Technology Co., Ltd., ATUL Dakota Gasification Company, Lanxess AG, Konan Chemical Manufacturing Co., Ltd, Mitsui Chemicals, Nanjing Datang Chemical Co., Ltd., SABIC Sasol Limited, and VDH CHEM TECH PVT. LTD. These players have adopted acquisition strategy to sustain the intense competition in the market.  

Impact Of Covid-19 On The Global Cresols Industry Market

• The pharmaceutical garners a major share in terms of consumption of cresols globally. The pharmaceutical industry is major commodity used in our daily lives and government-imposed lockdown excluding healthcare sector. However, it shows that there is positive impact on cresols market.
• Cresols are widely used in the manufacturing of sanitizers, spirit and others and in covid 19 situation sanitizers are highly used however, covid 19 had a positive impact on cresols market.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using cresols and thereby affected the cresols market.
• Unavailability or less availability of workforce is expected to directly affect the paint & coating industries which is major buyer of cresols. However, there is highly negative impact on cresols market.

Key findings of the study

• By Region, Asia-Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• As per global cresol industry market analysis, by source, the synthetic segment accounted for the largest market share in 2020 in terms of volume.
• On the basis of product type, para-cresol segment holds the largest market share in 2020 in terms of value.
• On the basis of application, chemical intermediate segment is anticipated to witness the highest market share in terms of revenue during the forecast period.
• On the basis of end use, chemical segment is anticipated to witness the highest market share in terms of revenue during the forecast period.