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Global Cresols Market is forecast to exhibit impressive growth of CAGR during the period 2019-2024

Author : Ravi Chawat | Published Date : 2020-09-07 

Cresols Market size is forecast to exceed USD 474 million by 2024; according to a new research report by Global Market Insights, Inc.

Increasing vitamin demand in food &beverage fortification and dietary supplements will boost global cresols market size by 2024. Robust dietary supplement demand is chiefly driven by unbalanced food nutrition adulteration coupled with improving consumer food habits and lifestyles.

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Butylated hydroxytoluene (BHT) is useful in food &beverage applications due to its antioxidant characteristics, which makes it preferred to stabilize fats and to retain color, flavor and aroma. BHT is used as an antioxidant in gum, cereals, processed potatoes, fast food, snack foods and drink mixes. In addition, it is used in pharmaceuticals, cosmetics, food packaging, plastics and rubber. However, BHT more than over 0.02% concentration in the food additive is categorized as GRAS by the FDA, as its excessive consumption is injurious and may damage lungs, kidneys and livers. Furthermore, countries including Romania, Japan, Australia and Sweden have banned the product use in food &beverage which may negatively influence cresols market share during future years.

Global cresols market share has a notable application in electrical &electronics and automotive sector owing to its capability to endure high temperature under mechanical stress with less bend or creep. The mentioned characteristics makes the product ideal in automotive brake pistons, pulleys and natural gas valves. This as a result, has opened new growth opportunities for cresols market from 2016 to 2024.

Key report insights:

Global cresols market size will reach USD 474.2 million by the year 2024, growing at 3.4% until 2024.

In 2015, meta-cresols market revenue size was in excess of USD 160 million. These are used as a chemical intermediate of synthetic vitamin E. Increasing vitamin E demand owing to enhanced consumer lifestyle and eating habits shall drive industry growth.

Para-cresols market is analyzed to witness 3% growth by 2024 owing to its application spectrum across pharmaceuticals, cosmetics, rubber and transformer oil.

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Chemical intermediates shall witness growth above 3.5% by 2024. Cresols are largely used as a chemical intermediate to produce vitamin E. Increasing vitamin E demand due to its applications in animal feed additive and human dietary supplement along with substantial rise in the chemical industry will further push cresols market size.

Asia Pacific will experience highest gains owing to upgrading consumer life food habits, which results in increasing dietary supplement demand and will consequently propelling cresols demand share over the forecast timeframe. Asia Pacific will exhibit CAGR exceeding 3.5% in the same period.

In 2015, cresols market share was highly consolidated and key industry players including Henan Hongye Technological Chemical, Lanxess, SABIC, Sasol Phenolics and Atul Ltd, accounted for over half the global demand share. Other industry participants are Rutgers Chemicals, Dakota Gasification and Asahi Kasei Chemicals.

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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