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.
In 2015, world-wide synthetic vitamin E intake was approximately 100 kilo tons and might surpass 150 kilo tons in coming years, at over 4% CAGR. Furthermore, rising meat consumption and synthetic vitamin E will result in growth of animal feed and feed additives, that will in turn drive growth by 2024. Increasing nutraceutical demand, as a result of rising consumer awareness regarding improved nutrient intake, will also favor industry growth.
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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.
U.S cresols market share, by application, 2015 - 2024 (USD Million)
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.
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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.
Browse key industry insights spread across 90 pages with 146 market data tables & 12 figures & charts from the report, “Cresols Market Size By Product (Meta-Cresols, Para-Cresols, Ortho-Cresols), By Application (Chemical Intermediates, Solvents, Preservatives, Antioxidants), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Potential, Price Trends, Competitive Market Share & Forecast, 2013 – 2024” in detail along with the table of contents:
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 intermediates 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.
- 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.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.