LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global cresol market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global cresol market will grow at a CAGR of over 4% during the forecast period. The growing end-use applications is a major factor driving the market’s growth.
The rising demand from applications such as agrochemicals, rubber manufacturing, cosmetics, pharmaceuticals, electronics, antioxidants, pesticides, dyes, and specialty resins is driving the global cresol market growth. The increasing demand for cresol can be attributed to the rise in R&D of niche applications. Its derivatives have gained significant importance in the production of vitamin E and to encapsulate electronic products. The demand for cresol in the electronics industry is expected to increase further due to the high demand for tablets, smartphones, computers, and display screens.
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In this report, Technavio highlights the rising demand for m-cresol as one of the key emerging trends driving the global market:
Rising demand for m-cresol
M-cresol is gaining popularity in the market due to the growing significance and the number of applications of m-cresol in various end-use industries. It is extensively being used in the food and beverage, pharmaceuticals, and agrochemicals segments. It is widely used as a bactericide in the processing of pharmaceuticals, pesticides, and other disinfectants, owing to its antimicrobial properties. In pharmaceuticals, it is also being used as a preservative. M-cresol is used as a pesticide for the treatment of the stems of fruit trees and plants, in agrochemicals.
“M-cresol and p-cresol are coupled to produce antioxidants such as BHT and arylphosphates. They are used as plasticizers, flame retardants, and catalysts. Another significant usage of m-cresol is its use in the production of synthetic vitamin E and fragrances and flavoring agents for food products, preservatives, and other chemicals. Certain application areas such as lubricating oils, solvents, paints, fire and wood preservatives, and dyes and pigments are witnessing an increase in consumption of m-cresol,” says a senior analyst at Technavio for research on specialty chemicals.
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Global cresol market segmentation
This market research report segments the global cresol market into the following products (p-cresol, m-cresol, and o-cresol) and key regions (the Americas, APAC, and EMEA).
The p-cresol segment held the largest market share in 2017, accounting for nearly 40% of the market. The market share for this product is expected to increase by 2022. The fastest growing product is m-cresol, which will account for nearly 34% of the total market share by 2022.
APAC was the leading region for the global cresol market in 2017, accounting for a market share of nearly 44%. By 2022, APAC is expected to witness a decline in its market share, whereas the Americas will see the highest growth among the three regions.
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