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Benzyl Alcohol Market Size, Market Share, Application Analysis, Regional Outlook
Benzyl Alcohol Market
Benzyl alcohol is an aromatic alcohol that is used as a solvent for waxes, paints, inks, epoxy resin coatings, etc. The chemical formula for benzyl alcohol is C₆H₅CH₂OH. It is somewhat denser than water with a flash point of 194°F. The contact with benzyl alcohol results in skin and eye irritations.
The Global benzyl alcohol market was valued at US$ 220.2 million in the year 2018 and is expected to reach US$ 274.5 million by the year 2023, growing at a CAGR of approximately 4.5%. The global demand for benzyl alcohol has increased substantially due to its increasing usage in various applications such as paints & coatings, pharmaceuticals, and personal care industries.
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However, the highly toxic nature of benzyl alcohol and restrictive regulations placed by the drug authority is expected to impede the growth of the benzyl alcohol market.
In the manufacturing sector, benzyl alcohol is used as a flavouring and perfumery compound. It plays a vital role in some end-use applications like personal care, pharmaceuticals, and paint and coatings. The main end-use application for benzyl alcohol is the paint and coating application where it is used as a paint stripper. Paint strippers are chemical products used to remove paints, coatings, and finishes from surfaces.
Benzyl alcohol is also used in rug cleaning products. The chemical can be used as a dye solvent. Benzyl alcohol enhances the process of dying nylon, leather, and woollen materials.
The paints & coatings application is expected to account for the highest share in the global benzyl alcohol market, whereas the pharmaceutical segment is expected to show significant growth during the forecast period.
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