Benzyl Alcohol Market: Current Analysis and Forecast (2022-2028)

Benzyl Alcohol Market: Current Analysis and Forecast (2022-2028)

Global Benzyl Alcohol Market is expected to grow at a significant rate of around 6% during the forecast period. Benzyl alcohol is an aromatic colorless liquid with a mild pleasant aromatic order. It is an important solvent due to its low toxicity & polarity along with low vapor pressure with a higher boiling point of 2050 C. In recent years, the demand for benzyl alcohol has grown due to its utilization in the many end-user industries and growing demand for foodstuff & drinks, paints & coating, personal care, and medical industries. Additionally, the use of benzyl alcohol in the perfume industry due to its low poisonousness and divergence is propelling the demand for benzyl alcohol around the world. Moreover, the growing investment and research & development activities in benzyl alcohol manufacturing industries will open the doors for new opportunities in the coming time. For instance, according to the American Chemistry Council chemical companies invested more than 10 billion US dollars in research and development activities in the year 2020.

Merck KGaA, Lanxess Aktiengesellschaft, Emerald Kalama, Greenfield Global Inc, Wuhan Youji Industries Co., Ltd., Alfa Aesar, Hubei Greenhome Fine Chemical Co., Gujarat Alkalies and Chemicals Limited, Finar Limited, and Elan Chemical are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst purity, greater than 99% category to witness robust CAGR during the forecast period”

Based on purity, the market is segmented into greater than 99% and less than 99% segments. The greater than 99% segments witness significant market growth during the forecast period owing to its use in anti-parasite medication. Also, benzyl alcohol with a purity of more than 99% is widely used as the solvent for epoxy resin, waxes as well as in the perfume industry. In addition, it is also used as a solvent for the dielectrophoretic configuration of nanowires, paints, inks, and lacquers among others. Furthermore, it is also used for medicinal purposes and use for the treatment of lice infection as the active ingredient in the shampoo with a ratio of 5% benzyl alcohol.
"Amongst end-users, the food & beverage industry hold a significant share in the market in 2020”

Based on end-users, the benzyl alcohol market has been classified into food & beverage, pharmaceuticals, paints & coating, cosmetic & personal care, and others. The food & beverage industry witness significant market growth during the forecast period owing to the permission to add benzyl alcohol directly to the food for human consumption in the form of the synthetic flavoring additive. The increasing market for food & beverage coupled with the growing disposable income and changing lifestyles propels the demand for benzyl alcohol around the world. For instance, according to FoodDrinkEurope, the European countries’ demand for food & beverage has increased by 8.2 % for the year 2020.
"Asia-Pacific to hold a significant share in the market”

In 2020, Asia-Pacific held a significant share of the global market. This is mainly due to the increasing population coupled with growing urbanization & industrialization backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Additionally, the growing demand from the paint & coating, pharmaceutical, and food & beverage industries is expected to support the market growth. Furthermore, the use of benzyl alcohol as viscosity decreasing reagent, fragrance component and preservatives further accelerates the benzyl alcohol market in the region. Also, the increasing use of benzyl alcohol in solubilizing agents, preservatives, and disinfectants further boost the market. Moreover, the increasing demand for benzyl alcohol for medicinal use also drives the market growth as benzyl alcohol is used for venomous medicine, pediculicides as well as local anesthetics among other. Additionally, according to the EMA (European Medicines Agency), benzoyl alcohol is widely used in anti-inflammatory products, antibiotics, and neuroleptics to reduce pain. For instance, in the year 2020-2021, India exported approximately 45%-50% of the global vaccine and subsequently increases the demand for several chemicals including benzyl alcohol among others.  

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