The global benzyl alcohol market is extremely consolidated, wherein Hubei Greenhome Fine Chemical Co. Ltd. and Emerald Performance Materials accounted for over 75% of the market in 2015. Key companies are focusing on the development of advanced specialty chemicals for performance enhancement of products. This is expected to benefit the market in the coming years. The rising geriatric population across the world and the increasing prevalence of chronic diseases are together driving the global benzyl alcohol market. According to a research report by Transparency Market Research (TMR), the opportunity in the global benzyl alcohol market is expected to rise from US$198 mn in 2015 to be worth US$299.2 mn by 2024, expanding at a CAGR of 4.7% from 2016 to 2024.
Demand from Construction and Automotive Industries to Drive Benzyl Alcohol Market
The global demand for benzyl alcohol is increasing with a rise in the production of automobiles and construction activities. In addition to this, a surge in construction activities and infrastructure developments will create a high demand for benzyl alcohol. Emerging nations in Asia Pacific are witnessing industrialization, which in turn is fueling construction activities, subsequently boosting the market. Moreover, the growth of the pharmaceutical industry will also fuel the demand for benzyl alcohol worldwide. The increasing consumption of medicines on account of various illnesses is behind the growth of the pharmaceutical industry, consequently boosting the global benzyl alcohol market. Furthermore, the use of benzyl alcohol in personal care products and food and beverages will heighten its demand.
Toxicity to Limit Use of Benzyl Alcohol
Benzyl alcohol has been proven to be harmful for infants. It has caused numerous neonatal deaths in the U.S., thereby compelling the FDA to limit its use in various medicines for infants and newborns. In addition to this, the European Union has also restricted the use of benzyl alcohol in personal care products and cosmetics. This is because benzyl alcohol is mildly toxic in nature, preventing its extensive use in various applications. However, the growing demand for benzyl alcohol from various end-use industries will ensure the growth of the market, despite all limitations.
North America to Remain Dominant in Benzyl Alcohol Market
In the global benzyl alcohol industry, North America accounted for 35% of the market in 2015, led by the U.S. The presence of many key manufacturers can be ascribed to the growth of the market in the U.S. In addition to this, the high demand for benzyl alcohol from personal care, paints and coatings, and pharmaceutical companies is expected to ensure that North America will continue to lead in the coming years. On the other hand, it is expected that Asia Pacific will emerge as a lucrative market for benzyl alcohol, on account of a surge in construction activities and a high demand from the personal care industry.
Browse the full Global Benzyl Alcohol Market report at : http://www.mrrse.com/benzyl-alcohol-market
Key players operating in the global benzyl alcohol market include Hubei Greenhome Fine Chemical Co., Ltd., Pharmco-Aaper, Merck KGaA, Gujarat Alkalies and Chemicals Limited, Emerald Performance Materials, Wuhan Youji Industries Co., Ltd., Ineos AG, Elan Chemical Company Inc., Avantor Performance Materials, Lanxess, Alfa Aesar, Finar Limited, and Wuhan Biet Co., Ltd.