Cresols Market is anticipated to grow at over 3% CAGR by 2024 | Sasol Phenolics, Lanxess AG, SABIC Innovative Plastics, Atul Ltd

Pressing need of vitamin E as animal feed additives owing to the growing meat consumption across various developed and developing economies of the world is expected to provide a push to the cresols market in the upcoming years. Studies claim that the world consumes in total over 315 million tons of meat annually. In fact, the number has been predicted to rise up to 435 million tons every year.

This surge globally, has produced an escalating need for cresols, thereby adding to the overall market growth. On grounds of this, demand for meta-cresols has been dramatically rising over the past few years, reason being their use as chemical intermediates of synthetic vitamin E. besides, meta-cresols product segment seized a revenue share of USD 160 million in 2015.

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Vitamin E primarily enters the body either through consumption of food or beverages or via dietary supplements. Apparently, the demand for dietary supplements is driven by unbalanced food nutrition paired with improving consumer lifestyles and food habits. The average intake of vitamin E in 2015 was nearly about 100 kilo tons which was then expected to exceed 150 kilo tons over the span of four years.

Elaborating further on meta-cresols, it has been observed that these products are generally synthesized with the co-production of butylated hydroxytoluene, BHT, which is an essential element in F&B applications owing to its antioxidant characteristics. Adding to its positives, the lipophilic organic compound is also been considered Generally Recognized As Safe (GRAS) as a food additive with up to 0.02 per cent concentration by the Food and Drug Administration.

These compounds stabilize fats and retain flavor, aroma, and color of the food and are abundantly used in cereals, gum, cosmetics, plastics, food packaging, and rubber. However, use of BHT in more than 0.02 per cent concentration, has been labelled as injurious for human health as it might damage kidneys, liver, and lungs. And this is the reason for the ban of product in F&B items across countries such as Japan, Australia, Romania, and Sweden.

Aside meta-cresols, para-cresols market has also been touted to accrue substantial growth, say nearly 3 per cent through 2024, considering its applications across pharmaceutical, cosmetics, rubber, and transformer oil sectors.

Cresols have been poised to demonstrate notable applications across the automotive as well as electrical and electronics sector. This can aptly be credited to its capability of enduring high temperatures under mechanical stress with less creep or bend. These characteristics allow cresols to stand as an ideal choice in automotive brake pistons, natural gas valves, and pulleys.

Given that chemical intermediates have played an eminent role in meta cresol product, it is anticipated to witness prodigious growth of over 3.5 per cent over 2016-2024, thereby boosting the market dynamics. Global Market Insights, Inc., predicts that the global cresols market size would reach USD 474.2 million by 2024, exhibiting a growth rate of 3.4 per cent.

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Regionally, Asia Pacific has been considered to witness prolific gains in the upcoming years perhaps due to the upgrading consumer lifestyle and food habits, producing an upsurge in dietary supplement demands, consequently propelling cresols market trends. As per estimates, APAC cresols market is likely to depict a CAGR of 3.5 per cent over 2016-2024.

The overall cresols industry is highly consolidated has boasts of the presence of market players including Lanxess, Henan Hongye Technological Chemical, Sasol Phenolics, Asahi Kasei Chemicals, Dakota Gasification, and multiple others. These players have been engaging themselves in various M&As, product launches, and facility expansion with an intent of scoring a competitive edge over other market rivals.

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