The Asia Pacific has been experiencing an escalating demand for dietary supplements in recent times, pertaining to the dynamic change in consumer lifestyles, which is certain to sketch a bright growth potential for Asia pacific Cresols Market in the years ahead. Estimates claim this industry to record a CAGR of more than 3.5% over the duration from 2016 to 2024.
The inevitable initiatives undertaken by major corporations to expand existing capacities further has stimulated cresols market share. The 2016 Songwon-Heraeus collaboration is an apt instance demonstrating the same. In June 2016, Songwon, a leading player across South Korea specialty chemicals market, collaborated with Heraeus, a Germany based firm specializing in metals, materials, & medical technology, to promote its products across the semiconductor and electronics sectors. As per the agreement, both the firms are expected develop specialty chemical products such as alkyl phenols, plasticizers, polyurethanes, etc., jointly with Songwon manufacturing the products and Heraeus promoting the same.
Way back in November 2013, Laxness AG, a specialty chemicals industry giant based in Germany, had also increased its cresol producing capacity at its manufacturing plant at Leverkusen in Germany. The capacity expansion raised the firm’s high-quality cresol contribution toward global specialty chemicals market by nearly 20%. This strategic move had significantly influenced the growth of cresols market in Germany back then.
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Cresols find its applications as synthetic intermediates to dyes, plastics, pharmaceuticals, and pesticides. In addition to this, the derivatives of cresols which find applications as beta-blockers, calcium indicators, antiseptics, solvents, anti-oxidants, and household disinfectants, further contribute profoundly toward the business space. Reportedly, cresols market size from solvent applications application was valued at USD 35 million in 2015 and is expected to witness a lucrative roadmap over the coming seven years. High product penetration across the thriving polymer industry will provide new growth opportunities for cresols market.
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North America cresols market share, on the other hand, is likely to be augmented on account of the escalating requirement for the preservation of food products. Stimulated by the ever-expanding pharmaceutical sector, this regional industry is expected to register appreciable gains ahead, having accrued over USD 45 million in 2015.
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A recently compiled market study report states that cresols industry is projected to surpass a revenue of USD 474 million by 2024. This does not come as a surprise, given that the competitive profile of cresols market comprises of key companies such as Henan Hongye Technological Chemical Company Limited, Lanxess AG, Asahi Kasei Chemicals Corporation, Rutgers GmbH, SABIC Innovative Plastics, and Dakota Gasification Company.
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