The global market for benzyl alcohol has been expanding at a steady pace over the years owing to the consistent demand arising from various end-use industries. The growing applications of benzyl alcohol in the paints and coatings, food and beverages, pharmaceutical, and personal care industries are likely to continue driving the demand for the same over the course of the forecast period. The global benzyl alcohol market was valued at US$198 mn in 2015 and is projected to reach US$299.2 mn by 2024, expanding at a CAGR of 4.7% therein.
This highly consolidated market is marked by the presence of multinational manufacturing companies with a strong regional foothold. Retaining a high degree of competition throughout the forecast period, the benzyl alcohol market will present numerous growth opportunities for players in various avenues.
Pharmaceutical Industry Presents Lucrative Options for Market Players
Benzyl alcohol plays an important role in a wide range of end-use industries such as personal care, food and beverages, pharmaceutical, and paints and coatings. By application, paints and coatings was the leading end-use segment in the global benzyl alcohol market, constituting more than 60% in 2015. Benzyl alcohol is employed in several applications in the paints and coatings industry. It is used as a solvent for manufacturing paints, inks, and epoxy resins and as a paint stripper in industries such as automotive and aviation.
The pharmaceutical sector is estimated to be the fastest growing end-use segment during the forecast period. A significant increase in the usage of benzyl alcohol in the pharmaceutical industries in developing regions is projected to propel this segment in the near future.
Asia Pacific to Gain Considerable Traction by 2024
The global benzyl alcohol market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In terms of volume, North America accounted for a share of more than 35% in 2015. The region is estimated to maintain its lead during the forecast period, with the U.S. likely to be one of the prime manufacturers and consumers of benzyl alcohol in the next few years. The growth of the North America market can be attributed to the increased demand for benzyl alcohol from the paints and coatings, pharmaceutical, and personal care industries. However, the benzyl alcohol market is likely to expand at a sluggish rate in North America and Europe over the course of the forecast period.
Asia Pacific is anticipated to be the fastest growing regional market for benzyl alcohol. Increased demand for benzyl alcohol in the pharmaceutical and personal care industries is estimated to be the key factor driving the market in the region. This trend is projected to shift the momentum of demand between 2016 and 2024 from the developed markets to developing regions.
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Key players in the global benzyl alcohol market include Emerald Performance Materials, Lanxess, Pharmco-Aaper, Avantor Performance Materials, Merck KGaA, Alfa Aesar, Finar Limited, Gujarat Alkalies and Chemicals Limited, Elan Chemical Company Inc., Wuhan Youji Industries Co., Ltd., Wuhan Biet Co., Ltd., Hubei Greenhome Fine Chemical Co., Ltd., and Ineos AG.