Cresylic Acid Market size is expected to foresee significant growth over the projected timespan owing to rising technological innovations in electronics industry and rapid consumer inclination towards purchasing high quality & durable electronics gadgets.
Cresylic acid is widely used in manufacturing electronic circuit boards for gadgets such as laptops, tablet systems, home appliances & mobiles as it used for initial phase cleaning of circuit board to remove impurities thereby enhancing battery life. Increasing research trends in electronics industry such as automation and miniaturization of circuits to reduce weight may boost the overall electronics market. In U.S., the sale of electronics and appliances was valued at above USD 95 billion in 2017 owing to rising inclination to purchase latest technological products. The product is used as a major component in the manufacturing of different types of circuit boards such as single sided, double sides, rigid, flexible, and multilayer thereby providing durability, and reducing power wastage which positively impact cresylic acid market demand.
Increasing demand of these products from automotive and construction industries in emerging economies such as India & China may foster cresylic acid market share. Para cresylic acid is widely used in manufacturing various types of carbon nanotubes such as single and double walled. The product offers affinity with water & high boiling point which helps in dispersion of carbon nanotubes at high concentration providing properties such as high viscoelastic strength and flexibility. In Japan, over 195 thousand fuel cell vehicles were sold in 2016 owing to stringent regulations to control fuel emissions. Rising technological trends in improving electric & vehicle battery life and pick up speed may boost the automobile industry.
Rising demand for crude oil derivatives such as diesel, petrol, and gasoline owing to rising consumption in automotive and aviation industry is encouraging on shore and offshore oil exploration activities. Cresylic acid isomer meta cresol is widely used in oil well cleaning applications owing to its compatibility with the chemical alkoxyamine which helps in removing impurities such as kerosene and alkyl phenols which reduces quality of oil with respect to color and viscosity. In 2018, ExxonMobil’s oil exploration expenses were valued at over USD 1.2 billion in 2018 owing to increased oil demand & stringent regulations to extract and purify high quality petroleum products to reduce toxic emissions. Stringent government regulations on toxic fuel emissions has increased the frequency of oil well cleaning thus boosting the meta cresylic acid market to maintain high quality in crude oil derivatives end products.
North America cresylic acid market size led by the U.S., and Canada may observe substantial growth during forecasted period owing to rise in geriatric population, increasing prevalence of autoimmune diseases, and increasing demand for vitamin E supplements. Cresylic acid isomer ortho cresol is widely used in the production of Vitamin E for usage in human nutrition & animal feed owing to antioxidant properties & compatibility with various delivery forms such as tablets and capsules. According to U.S. census bureau, total population over the age of 65 was over 45 million in 2016. Increasing cases of musculoskeletal problems & vision deterioration in geriatric population as vitamin E cannot be synthesized naturally in the body will accelerate cresylic acid market share.
Europe driven by UK, Germany, Italy, and France cresylic acid market size may witness substantiate growth during forecasted period. Increasing demand for electric and hydrogen fuel cars owing to supportive government initiatives such as exemption from vehicle & road maintenance tax may boost the market for para cresol an isomer of cresylic acid. It is widely used in manufacturing high performance carbon nano tubes as it aids in imparting flexibility while retaining strength. In Germany sales volume of electric cars were 65 thousand units in 2018 owing to rising consumer awareness on environment sustainability and supportive government policies such as subsidies and tax exemptions for electric and hybrid vehicles. Stringent government initiatives on electrical vehicle & hybrid vehicles manufactures to produce high quality electric motors and fuel cells may enhance cresylic acid demand.
Asia Pacific cresylic acid market demand led by China, India, and Japan may see significant growth during forecasted period. Increasing demand for animal derived products such as cheese, milk, eggs, white & red meat, caviar, cod liver oil, and fish roe may trigger the market for aromatic para cresol an isomer of cresylic acid. Beef consumption in Hong Kong was valued at 500,00 metric tons of beef in 2018 owing to rising consumer inclination to try different types of cuisine and increasing awareness on potential benefits of red meat. Increasing consumer awareness on overall animal health, nutrition, and importance of balanced animal feed for high quality end products may stimulate regional market share.
Global cresylic acid market share is consolidated as market consist of limited players. Companies such as SABIC, Asahi Kasei, RÜTGERS, Nippon Crenol, Sasol, SI group, and Lanxess AG are key players in this market.
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