The global benzyl alcohol market size is expected to reach USD 87.1 Million in 2030 and register a revenue CAGR of 4.3% over the forecast period, according to a latest report by Reports and Data. Rising demand for benzyl alcohol for skin medication and increasing adoption of benzyl alcohol in paints and coatings are some of the key factors expected to drive market revenue growth during the forecast period. Increasing use of benzyl alcohol in inks and polishes is expected to boost revenue growth of benzyl alcohol market in the near future. Benzyl alcohol helps to eliminate the unpleasant odor from the products and provides mild scent, which has increased its use in wide applications. Benzyl alcohol is also used to improve the texture and consistency of the products, leading to increasing demand for benzyl alcohol. This is expected to drive the revenue growth of the market in the near future. Benzyl alcohol is also useful as a degreasing agent, for dyeing polyamide, and as a bonding agent, increasing demand for benzyl alcohol. This is expected to drive the revenue growth of the market in the near future. Additionally, increasing adoption of benzyl alcohol in paints and coatings is also expected to drive the revenue growth of the market.
However, concerns regarding toxic and harmful effects of benzyl alcohol are some of the factors that could hamper the revenue growth of the market during the forecast period. Excessive use of benzyl alcohol has toxic effects on the health of the consumers. According to Food and Drug Administration (FDA), using benzyl alcohol in infant personal care products could be harmful to their health and life threatening. This may lead to challenges in adopting benzyl alcohol as an ingredient in infant personal care products, which is expected to restrain the revenue growth of the market.
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Market Dynamics
The global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients, and matting agents among others. Population explosion along with rapid economic growth is expected to propel market growth. Moreover, the growing urbanization, rapid industrialization, and high investment in infrastructure development create market demand over the forecast period.
Key companies profiled in the report are:
Elan Chemical Company, Inc., Alfa Aesar, Merck KGaA, Valtris Specialty Chemicals Limited, Lanxess India Private Limited, Wuhan Biet Co., Ltd., Finar Limited, Hubei Greenhouse Fine Chemical Co., Ltd., INEOS Group Ltd., and Greenfield Global USA, Inc.
The report offers an extensive summary of the top companies and also provides strategic recommendations for market players and new entrants to provide a competitive edge to the readers. The reports were collected using primary and secondary research methodologies.
Grade Outlook (Revenue, USD Million, Volume, Metric Tons; 2019-2030)
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
- Others
Application Outlook (Revenue, USD Million, Volume, Metric Tons; 2019-2030)
- Cleaning Agent
- Synthetic Solvent
- Epoxy Resins
- Bacteriostatic Preservative
- Others
End-use Outlook (Revenue, USD Million, Volume, Metric Tons; 2019-2030)
- Food & Beverages
- Pharmaceutical
- Paints & Coatings
- Cosmetics & Personal Care
- Others
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Some Key Highlights in the Report
- The cleaning agent segment is expected to account for larger market share revenue over the forecast period. The increasing use of benzyl alcohol for manufacturing the cleaning products such as soaps and detergents is driving revenue growth of the segment. Increasing chronic diseases and the increasing need for cleaning products is other factors that is increasing the demand for benzyl alcohol.
- The pharmaceutical segment is expected to account for the largest revenue share in the global benzyl alcohol market between 2022 and 2030. The increasing use of benzyl alcohol due to its anti-parasite medication to treat lice in hairs is increasing its demand and is driving the growth of the segment. Benzyl alcohol is also widely used as skin medication to help treat skin disorders and acne problems among the younger population, which is another factor increasing its demand and propelling the growth of the segment.
- The North American benzyl alcohol market is expected to account for the largest revenue share in the global market over the forecast period. The rapid growth of the cosmetic industry in the countries in the region is expected to drive market revenue growth. Rapid growth in the food industry is another factor increasing demand for benzyl alcohol in North America, which is expected to drive the revenue growth of the benzyl alcohol market.
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