Benzyl alcohol refers to an aromatic alcohol and is a colorless liquid having a mild pleasant aromatic odor. It is considered to be a useful solvent owing to its low vapor pressure, low toxicity, and polarity. Benzyl alcohol has been extensively employed as a general solvent in epoxy resin coatings, lacquers, paints, shellacs, waxes, and inks. It is also utilized as an intermediate in making a wide range of chemicals. The rising employment of personal care products and the increasing demand for pharmaceutical products, particularly in emerging nations, will provide impetus to the development of the market for benzyl alcohol.
Browse the full Global Benzyl Alcohol Market Report:http://www.mrrse.com/benzyl-alcohol-market
Flourishing Food and Beverage Industry to Stimulate Benzyl Alcohol Market
The global benzyl alcohol market pegged at US$198 mn in 2015 and is predicted to touch US$299.2 mn by 2024, rising at a 4.70% CAGR from 2016 to 2024. The demand for benzyl alcohol is rising at a consistent pace since past few years due to the rising demand from numerous end-use industries. In addition, the expanding food and beverage industry will work in favor of the market.
Furthermore, the increasing paints and coatings demand owing to the development of the automotives and construction industries will positively impact the growth of the market for benzyl alcohol. The growing sales of beauty products and cosmetics in BRIC countries is a key opportunity in the market. On the other hand, the hazardous effects of benzyl alcohol is a prime factor restraining the development of the market.
Growing Use of Benzyl Alcohol as Solvent in Inks to Raise its Application in Paints and Coatings Industry
Benzyl alcohol plays a significant role in a broad range of end-use industries such as paints and coatings, pharmaceutical, food and beverages, and personal care, and others. In terms of application, the segment of paints and coatings led the market and represented a share of over 60% in 2015. This is due to the extensive utilization of benzyl alcohol in numerous applications within the paints and coatings industry. It is employed as a solvent for making epoxy raisins, inks, and paints and in the form of a paint stripper within industries such as that of aviation and automotive. On the other hand, the pharmaceutical sector is predicted to be the most swiftly developing end-use segment in the coming years.
Asia Pacific to Hold Lucrative Prospects for Benzyl Alcohol
In terms of regions, the global benzyl alcohol market is categorized into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. Of these, the North America benzyl alcohol market constituted a share of over 35% in 2015 in terms of volume and is predicted to maintain its superiority all through the forecast period. In North America, the U.S. will emerge as the key consumer and manufacturer of benzyl alcohol in the coming years. The increasing demand from personal care, pharmaceutical, and paints and coatings industries in North America will boost the growth of the market in this region.
On the other hand, Asia Pacific is predicted to emerge as the most swiftly developing region in the market. This is due to the rising demand for benzyl alcohol in personal care and pharmaceutical industries within this region.
Browse the full Press Release of Global Benzyl Alcohol Market at :http://www.mrrse.com/global-benzyl-alcohol-market
Emerald Performance Materials, Avantor Performance Materials, Alfa Aesar, Elan Chemical Company Inc., Wuhan Biet Co., Ltd., and Ineos AG, among others, are the leading players in the global benzyl alcohol market.