Author: Vikas Kumar
08 October 2022
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 2050C. 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.
The Benzyl Alcohol Market is expected to grow at a steady rate of around 5% 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.
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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. 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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For a better understanding of the market adoption of the benzyl alcohol industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of 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.
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.
Global Benzyl Alcohol Market Segmentation
Market Insight, by Purity
Market Insight, by End-users
Market Insight, by Region
Top Company Profiles
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