Benzyl Alcohol Market Growth Analysis 2024
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“A number of companies have been focused on innovation as a key to development and a better future in the benzyl alcohol market,” the author of the study observes. “Manufacturers are looking to product advanced specialty chemicals in order to enhance the performance of their products.”
Expansion of production as well as distribution capacity is also a key growth strategy identified by TMR in the benzyl alcohol market. US-based Avantor Performance Materials recently set up a production facility in Panoli, India. Similarly, Massachusetts-based Alfa Aesar, a subsidiary of Thermo Fisher Scientific Inc., opened a new distribution center in Nevada to cater to the rising demand in the western states of the U.S.
Increased Sales of Pharmaceutical Drugs, Personal Care Products Driving Demand for Benzyl Alcohol
The global expansion of the pharmaceutical market is one of the major factors driving the benzyl alcohol market. In pharmaceuticals, benzyl alcohol is used as an excipient, in pediculicides, as an anti-parasite, and as a preservative solution for intravenous drugs and local anesthetics.
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“A rise in aging population as well as the incidence of chronic illnesses has resulted in the higher consumption of medicines. This has driven the pharmaceutical industry, thereby fueling the demand for benzyl alcohol,” states the author.
A consistent growth in the construction activities and automobile production has resulted in the increased demand for benzyl alcohol. The demand is also spurred by the rising sales of personal care products and various foods and beverages.
Mild Toxicity of Benzyl Alcohol Limits Usage in Certain Applications
The benzyl alcohol market is hampered by the mild toxicity of the ingredient, which prevents its extensive use in applications. Exposure to benzyl alcohol has been proven to cause substantial harm to infants. After several neonatal deaths associated with the use of benzyl alcohol in the U.S., the FDA restricted its use in various medications for newborns and infants. The European Union has also limited the use of benzyl alcohol in cosmetics and personal care products.
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“However, the growing demand for products in various end-use industries augurs well for the benzyl alcohol market in the near future,” the TMR author predicts.
Demand for Benzyl Alcohol to Witness Steady Rise
The opportunity in the global benzyl alcohol market is predicted to rise from US$198 mn in 2015 to be worth US$299.2 mn by 2024, registering a CAGR of 4.7% therein. The demand for benzyl alcohol is anticipated to rise at a 4.1% CAGR during the forecast period. By volume, the paints and coatings industry led the global market in terms of end use and will account for a share of over 60% by 2024. The demand for benzyl alcohol in the paints and coatings industry is likely to rise at a 3.9% CAGR from 2016 to 2024. However, the pharmaceutical industry is projected to exhibit the fastest growth in terms of demand for benzyl alcohol. Regionally, North America leads the global benzyl alcohol market on the basis of demand, with Asia Pacific expanding at the fastest pace during the course of the forecast period.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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