Cresol is widely used as an antioxidant, a flavoring agent, and a preservative in the pharmaceutical industry owing to its antibacterial and antimicrobial characteristics. In the electronics industry, it is used for plastic-encapsulated microelectronics (PEMs) due to its ability to withstand high temperatures under mechanical load with minimum deformation. Cresol is also widely used in the production of fragrances, lubricating oils, motor fuels, rubber polymers, and various applications. Therefore, the increasing consumption of cresol in end-user applications is expected to fuel the growth of the global cresol market during the forecast period.
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As per Technavio, the rising demand for M-cresol will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cresol Market: Rising Demand For M-Cresol
End-user industries such as food and beverage, pharmaceuticals, and agrochemicals are exhibiting strong demand for m-cresol owing to its antimicrobial properties. The demand for m-cresol is also increasing from end-user applications such as lubricating oils, solvents, paints, fire and wood preservatives. The mixture of m-cresol and p-cresol is used to produce antioxidants such as BHT and arylphosphates, which are used as plasticizers, flame retardants, and catalysts. Therefore, the increasing demand for m-cresol is expected to boost the growth of the global cresol market during the forecast period.
“Rising disposable income of middle-class population and the high demand from the food and beverages industry will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Cresol Market: Segmentation Analysis
This market research report segments the global cresol market by product (p-cresol, m-cresol, and o-cresol) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the cresol market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing consumption of cresol as an intermediate in the production of BHT for food and beverages, cosmetics, personal care, chemicals, pharmaceuticals, and other industries.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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