Benzyl alcohol is a sweet-smelling alcohol which is used as a solvent for waxes, paints, and inks. The chemical formula of benzyl alcohol isC₆Hâ‚…CHâ‚‚OH.. It is a little denser than water with 194°F as a flash point. The global benzyl alcohol market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 4.5%.
The global demand for benzyl alcohol has increased substantially due to its increasing use in various end-user industries and its reasonable solubility in water. The major factor to drive the growth of the benzyl alcohol market is the increasing demand for benzyl alcohol in various end-user industries. However, the highly toxic nature of benzyl alcohol and restrictive regulations placed by the drug authority are expected to impede the growth of the benzyl alcohol market.
On the basis of applications, the market is categorized as personal care, food & beverages, pharmaceuticals, and paints & coatings. Based on applications, the paints & coatings segment holds more than 50% of the market share, owing to the wide usage of benzyl alcohol in this segment. In paints industry, benzyl alcohol is used as a paint stripper to remove paints and coatings from surfaces. Benzyl alcohol is also used in other applications such as food & beverages and pharmaceuticals. The pharmaceutical end-user segment is also expected to grow at a significant rate during the forecast period. In the pharmaceutical industry, it is used as a preservative for injectable drugs.
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Geographically, North America holds the largest share in the global benzyl alcohol market owing to its increasing demand in the end-use applications. The Asia-Pacific region is also expected to witness a significant growth during the forecast period.
The key players in the benzyl alcohol market are Hubei Greenhome Fine Chemical Co. (China), Wuhan Biet Co. Ltd. (China), Ineos AG. (UK), Finar Limited (India), Emerald Performance Materials (USA), Elan Chemical Company Inc. (USA), Wuhan Youji Industries Co. Ltd. (China), Merck KGaA (Germany), Alfa Aesar (USA), Pharmco-Aaper (USA), and Lanxess (Germany), amongst others. The benzyl alcohol market is dominated by only 2 players, namely, Hubei Greenhome Fine Chemical Co. and Emerald Performance Materials, who together account for more than 70% of the market share.
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