Benzyl Alcohol Market Size, Share, Growth, Trends, Analysis Forecast

According to a new report published by UnivDatos Markets Insights, the Benzyl Alcohol Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Greater Than 99% and Less Than 99%); End-Users (Food & Beverage, Pharmaceuticals, Paints & Coating, Cosmetic & Personal Care, and Others); Region/Country.

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The benzyl alcohol market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the benzyl alcohol market. The benzyl alcohol market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the benzyl alcohol market at the global and regional levels.

Market Overview

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.

The Benzyl Alcohol Market is expected to grow at a steady rate of around 6% owing to the increasing use in the processed food & beverage industry, and cosmetic industry coupled with the changing lifestyle and growing disposable income.  Major companies in the market offer benzyl alcohol for pharmaceutical and cosmetic applications with technologically advanced features. For Instance, CRODA Pharma provides super refined benzyl alcohol which is used as a viscosity-reducing agent & preservation agent due to its higher purity.

Some of the major players operating in the market include 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.

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COVID-19 Impact

Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the benzyl alcohol industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for benzyl alcohol manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China is one of the major benzyl alcohol producers in the world and controls the global automotive industry. China's supply shortages have triggered a chain reaction throughout the world.

The global benzyl alcohol market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        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.

·        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. 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.

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Have a Look at the Chapters

Benzyl Alcohol Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·        Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·        Rest of the World

APAC is anticipated to grow at a substantial CAGR during the forecast period. 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. Moreover, the growing demand from the paint & coating, pharmaceutical, and food & beverage industries is expected to support the market growth. In addition, 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. 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.

The major players targeting the market include

·        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

·        Elan Chemical

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the benzyl alcohol market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the benzyl alcohol market?

• Which factors are influencing the benzyl alcohol market over the forecast period?

• What are the global challenges, threats, and risks in the benzyl alcohol market?

• Which factors are propelling and restraining the benzyl alcohol market?

• What are the demanding global regions of the benzyl alcohol market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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