Global Benzyl Alcohol Market Estimated to Reach US$ 299.2 Mn by 2024: Transparency Market Research
Transparency Market Research has released a new market report titled “Benzyl Alcohol Market for Personal Care, Food & Beverages, Pharmaceutical, Paints & Coatings, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global benzyl alcohol market was valued at US$ 198.0 Mn in 2015 and is projected to reach US$ 299.2 Mn by 2024, expanding at a CAGR of 4.7% between 2016 and 2024.
Benzyl alcohol occurs naturally in various plants, some edible fruits, and black and green tea. It can also be manufactured synthetically through multiple sources. Benzyl alcohol is manufactured by hydrolysis of benzyl chloride in the presence of soda ash through the toluene oxidation process. It can also be produced from benzyl acetate by hydrolysis or by transesterification with methanol. Benzyl alcohol is employed in various end-user industries such as personal care, food & beverages, pharmaceutical, and paints & coatings. Increase in usage of personal care products and rise in demand for pharmaceutical products is likely to augment the global benzyl alcohol market in the next few years. However, toxic effects of benzyl alcohol are expected to restrain market growth. High growth potential in developing economies is anticipated to offer opportunities to the benzyl alcohol market during the forecast period.
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In terms of application, paints & coatings was the largest end-user segment of the global benzyl alcohol market, constituting more than 60% share in 2015. Personal care and pharmaceutical are also anticipated to be major end-user segments between 2016 and 2024. Pharmaceutical is estimated to be the fastest growing end-user segment during the forecast period. Significant increase in consumption of benzyl alcohol in the pharmaceutical industry in developing regions is projected to propel the demand for benzyl alcohol in the near future.
Developed regions are likely to dominate the benzyl alcohol market in the next few years, owing to high consumption of benzyl alcohol in the paints & coating industry. North America is projected to be the largest market for benzyl alcohol, followed by Europe, during the forecast period. The benzyl alcohol market in Asia Pacific is also expected to expand at a significant rate, owing to the increasing demand for pharmaceutical and personal care products. The global market for benzyl alcohol is estimated to expand at a moderate pace in the near future.
The global benzyl alcohol market is highly consolidated. Key players operating 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.
Browse The Full Research Report At : http://www.transparencymarketresearch.com/benzyl-alcohol-market.html
The report segments the global benzyl alcohol market as follows:
Benzyl Alcohol Market – End-user Analysis
Food & Beverages
Paints & Coatings
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