The 2,3,6-trimethylphenol market is projected to rise at a moderate CAGR of 4% between 2020 and 2030. The increasing application of 2,3,6-trimethylphenol in pesticide and animal feed production applications are key factors, which are driving sales. Widespread use of 2,3,6-trimethylphenol in the production of vitamin E will continue to aid the growth of the 2,3,6-trimethylphenol market. This extremely promising growth prospect can be attributed to the rising number of health-conscious consumers around the globe, concludes Fact.MR in its new study.
"2,3,6-Trimethylphenol plays a vital role in the production of Vitamin E. The trend of consolidation in the market, driven by adoption of different technologies for 2,3,5-Trimethylhydroquinone could restrict the 2,3,6- Trimethylphenol industry," concludes the Fact.MR report.
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2,3,6-Trimethylphenol Market - Key Takeaways
- Intermediate function will account for a major market share of over 98% of the overall value through 2030.
- Vitamin E production will account for 90% of the global market share for 2,3,6-trimethylphenol.
- The plastics segment will account for a 3% growth rate for the 2,3,6-trimethylphenol industry, driven by vitamin E production applications.
- North America and Europe will maintain a moderate growth rate, restrained by limited producers.
- East Asia will remain a prominent regional market, accounting for over 15,000 tons of production.
2,3,6-Trimethylphenol Market - Key Driving Factors
- The increasing global demand for vitamin E for health and feed applications is driving the adoption of 2,3,6-trimethylphenol.
- Rising foreign investments for production activities concentrated in China is a key growth contributor of global market.
- Low production costs of 2,3,6-trimethylphenol is sustaining market growth.
- Applications as pesticide intermediates, and as a co-monomer for polyphenylene oxide contributes to sales.
2,3,6-Trimethylphenols Market - Key Constraints
- Rising competition from low-cost alternative vitamin E production methods including farnesene and paraxylene processes is likely to hamper market growth.
Impact of COVID-19 on 2,3,6-Trimethylphenol Market
The chemical industry is bearing the brunt of COVID-19 pandemic which is facing the worst financial crisis since 2008. The profits of major players are witnessing a downfall in view of disrupted production and global supply chain. The production facilities of major players such as BASF are based in different parts of the world including China, which was the epicenter of outbreak. The industry never recovered since the pandemic then shifted to Europe and now the United States. Hence, key stakeholders in 2,3,6-Trimethylphenol market must plan massive investments to combat the impact of pandemic. The industry faced global economic headwinds the preceding year due to US-China trade conflict and Brexit. The Coronavirus crisis has further dipped the sales of 2,3,6-Trimethylphenol this year. However, the market will recover through first of 2021 as COVID-19 begins to wane.
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The global 2,3,6-trimethylphenols market is highly consolidated. The leading players profiled in the report include, but are not limited to DSM & Nenter, Zibo Tailitze Chemical Co., Ltd, Honshu Chemical Industry Co., Nanjing Datang Chemical Co.,Ltd., Deepak Novochem Technologies Limited, Hangzhou ZeErRui Chemical Co., Ltd., and Rugao Zhongchang Chemicals co., Ltd. Market leaders are focusing their efforts towards minimizing the production costs for their offerings. Manufacturers are also channeling their efforts towards lateral integration, as indicated by the Fact.MR report.
Press Release: https://www.factmr.com/media-release/1378/global-2-3-6-trimethylphenol-2-3-6-tmp-market