Cresol Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Cresol Industry Hit Worst due to Russia-Ukraine War Impact?
The global cresol market size is set to enter a period of dynamic expansion on account of the increasing demand for cresol from the chemicals industry. This information is contained in a report by Fortune Business Insights™, titled “Cresol Market, 2022-2029”.
Cresols are a group of aromatic organic compounds. They are widely-occurring phenols which may be either natural or manufactured. There has been an increasing demand for cresol from the chemicals industry as these compounds can be utilized as precursor or synthetic intermediates to other compounds including pesticides, dyes, and others. Thus, this is a crucial factor responsible for the growth of this market during the forecast period.
However, the exposure to cresol can have adverse effects on human health, which is projected to restrict the growth of this market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Cresol Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Cresol Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
On the basis of product, this market is classified into ortho-cresol, meta-cresol, and para-cresol. Based on end-user industry, the market is divided into medical, pharmaceutical, chemical, agrochemical, industrial, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This report contains an in-depth analysis of the market drivers, trends, and restraints, along with a granular assessment of the various segments of the market. In addition, valuable insights into the regional opportunities impacting the market are also incorporated into the report, as well as a holistic examination of the major market players and their dominant strategies.
Rising Government Initiatives towards the Production of Cresol to Fuel the Market
The cresol is used in several end-user industries such as medical, agrochemical, industrial, and others. Hence, in order to increase the production capabilities of this type of organic compound, the governments of several countries are focusing on increasing the investments and initiatives towards the manufacturing of cresol. Thus, this is a crucial factor contributing to the growth of this market.
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Increasing Number of Chemical Industries to Propel the Asia Pacific Market Growth
Asia Pacific region is projected to witness significant growth in the cresol market share on account of the increasing number of chemical industries in the countries such as India and China.
North America region is anticipated to grow at a decent pace in this market due to the rising demand for cresol from the industrial and agrochemical sectors in this region.
Strategic Alliances by Key Players to Boost Competition
The leading companies in the cresol market are focusing on the strategic partnerships with the small-scale as well as large-scale companies in order to increase the cresol production across several regions in the market. This has resulted in the increasing competition among key companies which will enable them to expand their business operations and widen their market foothold.
November 2019: Lanxess, a specialty chemical company and one of the major producers of m-cresol announced force majeure on m-cresol due to unanticipated technical issues.
List of Key Players Covered in the Cresol Market Report:
Lanxess AG, Atul Ltd, Anhui Haihua Chemical Technology Co., Ltd, Mitsui Chemicals, Mitsui Chemicals Inc, Nanjing Datang Chemical Co., Ltd, Konan Chemical Manufacturing Co., Ltd., Sasol Ltd, SABIC.
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