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.
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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.
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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.
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