According to a recent report by Reports and Data, the global benzyl alcohol market is expected to reach USD 87.1 million by 2030, with a projected revenue compound annual growth rate (CAGR) of 4.3% over the forecast period. The rising demand for benzyl alcohol in skin medication and its increased adoption in paints and coatings are some of the key factors expected to drive market revenue growth during the forecast period. Benzyl alcohol is also used in inks and polishes, which is expected to boost revenue growth in the near future.
Benzyl alcohol has a mild scent and helps eliminate unpleasant odors from products, making it useful in a wide range of applications. It is also used to improve product texture and consistency, leading to increasing demand. Benzyl alcohol is also used as a degreasing agent, for dyeing polyamide, and as a bonding agent, which is driving demand for benzyl alcohol. Additionally, increasing adoption of benzyl alcohol in paints and coatings is expected to drive revenue growth.
However, concerns regarding toxic and harmful effects of benzyl alcohol may hamper the revenue growth of the market during the forecast period. Excessive use of benzyl alcohol has toxic effects on the health of consumers, and using benzyl alcohol in infant personal care products could be harmful to their health and life-threatening, according to the Food and Drug Administration (FDA).
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Cleaning agent segment is expected to account for larger market share revenue over the forecast period due to the increasing use of benzyl alcohol in manufacturing cleaning products such as soaps and detergents. The pharmaceutical segment is expected to account for the largest revenue share in the global benzyl alcohol market between 2022 and 2030 due to its anti-parasite medication to treat lice in hairs and its use as skin medication to treat skin disorders and acne problems.
North America is expected to account for the largest revenue share in the global market over the forecast period, with rapid growth of the cosmetic and food industries driving demand for benzyl alcohol. Companies profiled in the report include 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., INOES Group Ltd., and Greenfield Global USA, Inc.
The global benzyl alcohol market has been segmented based on grade, application, end-use, and region. Grades include food grade, industrial grade, pharmaceutical grade, and others. Applications include cleaning agent, synthetic solvent, epoxy resins, bacteriostatic preservative, and others. End-use includes food and beverages, pharmaceuticals, paints and coatings, cosmetics and personal care, and others. Regions include North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
Benzyl Alcohol Market: Drive factors
The benzyl alcohol market is driven by several factors, including:
- Increasing demand for benzyl alcohol in various end-use industries such as pharmaceuticals, personal care, and paints coatings.
- Growing usage of benzyl alcohol as a solvent in the synthesis of various chemicals and as a preservative in the food beverage industry.
- Rising demand for benzyl alcohol as a flavoring agent in the production of fragrances, perfumes, and aromas.
- Growing popularity of benzyl alcohol as a plasticizer and intermediate in the production of polymers, resins, and synthetic fibers.
- Increasing adoption of benzyl alcohol in the medical industry for the treatment of head lice and scabies.
- The availability of raw materials for the production of benzyl alcohol, such as toluene and benzene, which are readily available in the market.
- Advancements in technology and increasing investment in RD activities to develop innovative and sustainable manufacturing processes for benzyl alcohol.
Overall, the benzyl alcohol market is expected to continue growing in the coming years, driven by the factors mentioned above and others, such as the increasing demand for green solvents and the emergence of new applications for benzyl alcohol.
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