Published: Mar, 2019
The global benzyl alcohol market is a consolidated market due to the presence of numerous manufacturing companies operating in the market. Hubei Greenhome Fine Chemical Co. Ltd. and Emerald Performance Materials are the two companies who held a 75% share in the market in 2015.
In the report published by Transparency Market Research (TMR), competition in this market is expected to rise significantly. Leading vendors in the market are focusing on developing advanced products and using innovative techniques to enhance the performance of their products. The entry of new players in the market is expected to be low as capital is required to enter the market. Moreover, the presence of multiple players also restricts the entry of new entrants. There are few other players operating in the market that includes Alfa Aesar, Gujarat Alkalies, and Chemicals Limited, Finar Limited, and Elan Chemical Company Inc.
As per a report published by TMR, the global benzyl alcohol market is anticipated to accumulate US$0.299 bn by the end of 2024. Whereas, in 2015, the market valuation was US$0.198 bn. To attain this value, the market is required to progress at 4.7% CAGR over the forecast tenure between 2016 and 2024.
In terms of end-users, the application of benzyl alcohol is high in the paints and coatings industry. In 2015, this segment held 60% share in the market and is likely to lead the market over the forecast tenure. On the other hand, the pharmaceutical segment is also expected to rise considerably during this period. On the regional front, North America is leading the market, as there is high demand from various end-user industries. Asia Pacific benzyl alcohol market is also expected to rise at a significant growth rate in the next few years.
Ability to Mix with Diethyl Ether and Other Alcohols to Aid Growth
Globally, the demand for benzyl alcohol has increased substantially in the last couple of years due to its increasing use in various industries. It has a reasonable solubility in water and gets mixed with diethyl ether and alcohol. Benzyl alcohol is used as a solvent for manufacturing inks, epoxy resins, paints, and as a paint stripper in various industries, that has boosted demand in this market. It also works as a thickness enhancers thus, used on painted surfaces.
Pharmaceutical and personal care industries have also shown a huge demand for benzyl alcohol. Pharmaceutical industries are growing due to increasing geriatric population and growing incidence of various chronic diseases will simultaneously benefit the growth of benzyl alcohol products.
Toxicity of Benzyl Alcohol May Deter Market Performance
Despite the fact that states the significant growth of the benzyl alcohol market, there are few restraining factors that might hamper the growth in this market. One of the key restraining factors is the toxicity of benzyl alcohol. Due to this reason, benzyl alcohol is not used in a few industries. Moreover, if an infant is exposed to benzyl alcohol, it can get substantially affected or harmed. In the United States, a couple of neonatal deaths occurred due to the use of benzyl alcohol. Therefore, the FDA restricted its use in various medications that are used for infant or newborns. In Europe, there is a limited quantity in which benzyl alcohol is used personal care products and cosmetics.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Benzyl Alcohol Market (End-user - Personal Care, Food & Beverages, Pharmaceutical, Paints & Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
The global benzyl alcohol market is segmented based on:
- Personal Care
- Food & Beverages
- Paints & Coatings
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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