With the emergence and long-term Impact of COVID-19, Global Cresols Market to reach USD xx billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Cresols Market points towards a potential rise to USD xx billion by 2030. Cresols, also known as methylphenols, are a group of organic compounds with the chemical formula, which is naturally or synthesized derived. Cresols is available in both liquid and solid states, depending on the temperature, with a melting point close to room temperature. Structurally, cresol consists of a phenol ring with a methyl group attached to it.
Cresols serve as essential precursors for the production of various compounds, including medical, pharmaceutical, chemical, agrochemical, industrial, and others. Moreover, the market growth is driven by the rising demand for cresol as a precursor to various derivative compounds, including BHT, MCPA, MCPB, mecoprop, tolimidone, amylmetacresol, and others. Furthermore, the increasing demand for synthetically produced Vitamin E is expected to further boost the market.
Geographically, the global Cresols market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 with the largest market share owing to the presence of a substantial manufacturing base for chemical industries in the region. In addition, the growing pharmaceutical industry, driven by increased healthcare spending and the need for advanced medical treatments, contributes to the demand for cresols. North America is expected to grow significantly during the forecast period, owing to the increasing demand from the industrial and agrochemical sectors, as well as growing investment in research and development activities.
The global Cresols market is highly competitive owing to the presence of several key manufacturers such as Sasol Ltd Lanxess AG Saudi Basic Industries Corporation (SABIC) Mitsui Chemicals Inc Atul Ltd RüTGERS Group Ardisons Oils & Electricals (P) Ltd Dakota Gasification Company Novarina SR Xiamen Hisunny Chemical Co Ltd, and others.
Global Cresols Market Size Study & Forecast, by Product (Ortho-Cresol, Meta-Cresol, Para-cresol), by End-User Industry (Medical, Pharmaceutical, Chemical, Agrochemical, Industrial, Other) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Cresols Market is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030.
- In the Product segment, Para-cresol emerged as the leading market segment in 2023.
- Asia Pacific is anticipated to drive regional growth owing to the presence of a substantial manufacturing base for chemical industries in the region.
- North America is also expected to grow at a higher rate during 2023-2030 owing to growing investment in research and development activities in the region.
Bizwit Research & Consulting has considered following segments for the study:
By End-User Industry:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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