As per Transparency Market Research study on the global cresols market, a steady growth of 3.5%, compounded annually will be observed between 2019 and 2027. And, this CAGR (Compound Annual Growth Rate) will lead to an improvement in market worth to a USD 386.95 million by the end of the forecast period. This notable rise from the USD 283.92 million, pegged at in the year of 2018.
Market Dynamics of Global Cresols Market
One of the biggest factors driving the demand for cresols is increase in demand for vitamin E, which is used extensively in supplements and fortification of foods and beverages. It is pertinent to note here that as work day is getting longer, will and time to prepare full-fledge meals from natural and fresh ingredients is no more a thing. More and more people are looking for easy to consume and ready to eat options in food. But, because this leads to multiple deficiencies and health issues, people are now asking for fortified food and efficient supplements for vitamins and minerals.
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The lowering levels of essential nutrients is also caused by adulteration in food noted, leading to deficiency in these nutrients, adding to growth of dietary supplements. It is also important to note here that the global cresols market will also see growth owing to an increase in demand for antioxidants.
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The only restraint in the global cresols market is the consumption and prices of BHT (butylated hydroxytoluene), which are components widely criticized about the market. Other factors marring growth are environmental protection regulations which are quite stringent in terms of disposal of cresols, transportation, usage, and even production and packaging.
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But, it is pertinent to note here that as use of cresols becomes common and wider in the automotive industry, the global cresols market will overcome restraints to chart a steady, upward facing curve on the growth chart.
Asia Pacific Dominated the Global Cresols Market in 2018
Owing to massive expansion in the industrial sectors of some of the most impressive economies in the Asia Pacific (APAC) such as India, China, and Japan, the region will chart an impressive CAGR. The growth can also be fairly attributed to the expansion of the chemical industry in the region. And, as these economies do better, they contribute to the growth of region in a substantial manner.
Global Cresols Market Highly Fragmented
Over the forecast period, the global cresols market will show a fragmented competitive landscape owing to presence of a large number of players. Some of the most important players operating the playfield are Sasol Phenolics, Lanxess Aktiengesellschaft, SABIC Innovative Plastics, Atul Ltd, and Henan Hongye Technological Chemical Co. Ltd, among others.