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

Report Description

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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global benzyl alcohol market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Benzyl Alcohol Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global benzyl alcohol market were the three major steps undertaken to create and analyze the adoption of benzyl alcohols in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Benzyl Alcohol market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the benzyl alcohol market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the benzyl alcohol market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as purity and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the benzyl alcohol market. Further, we conducted factor analysis using dependent and independent variables such as various purity and end-userss of benzyl alcohols. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the benzyl alcohol market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global benzyl alcohol market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the benzyl alcohol market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global benzyl alcohol market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global benzyl alcohol market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of purity and end-users in the global benzyl alcohol market.

The main objective of the Global Benzyl Alcohol Market Study

The current & future market trends of the global benzyl alcohol market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the benzyl alcohol market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of purity and end-users.
• Define and analysis of the regulatory framework for the benzyl alcohol
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the benzyl alcohol market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Benzyl Alcohol market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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