Industrial Benzyl Alcohol market Analysis by 2017
The global industrial benzyl alcohol market size has a high probability of dynamic growth in the forthcoming years as concluded by Fortune Business Insights™ in its report “Industrial Benzyl Alcohol Market, 2022-2029“.
Benzyl alcohol is an aromatic colorless liquid that has a single hydroxymethyl substituent. This alcohol is highly versatile, acting as an antioxidant, fragrant, metabolite, and solvent. As a solvent, industrial benzyl alcohol is used for the production of epoxy resins, paints, inks, and paint strippers. It also is useful as a stimulant of density in the paintwork. It also has its uses in the pharmaceutical sector as an anti-parasite medication, commonly employed to treat head lice.
The imposition of lockdowns by several countries to contain the COVID-19 pandemic led to the shutdown of almost all non-essential industries and businesses, which resulted in huge economic losses. Similarly, the industrial benzyl alcohol market growth was also affected owing to the reduced demand for various products such as paints, epoxy resins, and inks. Moreover, transportation issues during the covid-19-time span created hindrances in the supply chain of raw materials for producing benzyl alcohol. These situations have effectively shrunk the revenues of prominent players in the market. Borders were also sealed during this time and allowed only limited traffic, which further declined the sales of various industrial chemicals.
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This market is segmented by product type, application, end-use, and geography. By product type, the market’s segments include liquids, powders, solids, and others. Based on application, the market is divided into coating solvents, stabilizers, resin solvents, medicine preservatives, and others. On the basis of end-use, this market is classified into personal care, food & beverage, pharmaceutical, paints & coatings, and others. In terms of geography, the market is distributed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report contains key trends in the global market. The various drivers and restraints of the market have been highlighted by our expert team and strategies provided to deal with the same. The research has been meticulously conducted to define the forthcoming market dynamics. Primary and secondary data were collected with precision to reduce the chance of errors to minimal. The overall size of the market is analyzed using the historical data available as well as by predicting future opportunities in the market via an in-depth study of the regional developments and competitive landscape.
Increasing Demand for Benzyl Alcohol in the Pharmaceutical Sector to Fuel Growth
The demand for industrial benzyl alcohol in the pharmaceutical and personal care sectors has grown in the last decade. The pharmaceutical application of this alcohol in certain chronic ailments supports the growth of benzyl alcohol-based products in the healthcare sector, generating high revenues for companies. The utilization of benzyl alcohol in various paints is a major driver for this market. With the growing global population and escalating demand for real estate, there are high chances of this sector to bring huge profits to market players. The various investments in the chemical industry and innovations are also expected to boost the market’s growth. Also, the chemical giants are focused on advanced technology to make developments in this market, which makes growth in this market highly plausible.
Various issues surrounding the disposal of waste products as well as the toxicity of benzyl alcohol are creating environmental issues. This is a major restraint of this market.
Widespread Demand for Benzyl Alcohol across Industries to Propel the Asia Pacific Market
Asia Pacific is expected to lead the industrial benzyl alcohol market share in commercial terms. The supply of this alcohol in the cosmetic and pharmaceutical sectors is in excess in this region, making it a highly demanded and utilized ingredient in various industries.
The North America market is also expected to witness significant positive changes. This is primarily due to the increased demand from the coatings, personal care, and pharmaceutical industries in the region.
The Middle East & Africa region is also expected to grow steadily with applications of industrial benzyl alcohol in various end-use industries. Also, the development of the healthcare sector is expected to boost the regional market.
Key Players to Focus on Innovations, Expansions, and Launch of New Products
Manufacturers of industrial benzyl alcohol are focused on product innovations, extension and expansion of brands, and introduction of new products. The prominent players of this market usually have wide coverage of industries, high operational scalability, and strong finances. However, the competitive nature of the market is not favorable for new entrants. Various collaborations, acquisitions, partnerships, expansions, product launches, and others are keeping the dynamics of this market in a constant state of evolution.
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November 2019: Hy2gen Canada and Greenfield Global Inc. announced a business partnership to produce green hydrogen in Quebec City.
List of Key Players Profiled in the Industrial Benzyl Alcohol Market Report:
- Hubei Greenhome Fine Chemical
- Wuhan Youji Industries
- Emerald Performance Materials
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