Overview and Scope
Benzyl alcohol is a colorless liquid with a mild, pleasant aroma that is commonly used as a solvent, preservative, and fragrance ingredient. Its purpose is to act as a preservative to extend shelf life, a solvent to dissolve other ingredients, and a fragrance additive to enhance product appeal.
Sizing and Forecast
The benzyl alcohol market size has grown strongly in recent years. It will grow from $3.17 billion in 2023 to $3.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to an increase in the shelf life of food products, increased utilization of benzyl alcohol in the synthesis of epoxy resins, growth in the demand from end-use industries, growth in the construction industry, and growth in the focus on natural products.
The benzyl alcohol market size is expected to see strong growth in the next few years. It will grow to $4.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing demand in the pharmaceutical industry, increasing demand for cosmetics and personal care products, rising demand for paints and coating, increasing the customer base for benzyl alcohol, and increasing demand from the food and beverage industry. Major trends in the forecast period include developing environmentally friendly products, technological advancements, product innovations, research and diagnostics, integration into food packaging, integration into personal care products, developing bio-based alternatives, and technological solutions for stability enhancement.
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Segmentation & Regional Insights
The benzyl alcohol market covered in this report is segmented –
1) By Product: Industrial Grade, Food Grade, Pharmaceutical Grade, Other Products
2) By Application: Dielectric Solvent, Bacteriostatic Preservative, Cleaning Agent, Epoxy Resins, Synthetic Solvent, Other Applications
3) By End User: Food And Beverages, Paints And Coating, Pharmaceuticals, Other End-Users
North America was the largest region in the benzyl alcohol market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the benzyl alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for cosmetics and personal care products is expected to propel the growth of the benzyl alcohol market going forward. Cosmetics and personal care products are substances or preparations intended for application to the human body, including the skin, hair, nails, lips, and oral cavity. The rise in demand for cosmetics and personal care products is due to the emphasis on self-care, influencer marketing, formulation advancements, and the demand for natural ingredients. Benzyl alcohol is necessary in personal care and cosmetics, ensuring safety, stability, and efficacy and offering skin conditioning and fragrance-enhancing properties that enrich the user experience. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based government agency, personal care products and services increased by 12.3% in 2022 from 19.3% in 2021. Therefore, the increasing demand for cosmetics and personal care products is driving the growth of the benzyl alcohol market.
The increasing demand for processed food is expected to propel the growth of the benzyl alcohol market going forward. Processed food refers to any food altered from its original form through various methods to enhance its shelf life, flavor, convenience, or nutritional value. The demand for processed food is due to evolving lifestyles, extended shelf life, advancements in food processing technologies, and convenient accessibility. Benzyl alcohol ensures processed foods’ quality, safety, and stability, offering manufacturers an effective means of preserving product freshness, flavor, and shelf life while ensuring consumer satisfaction and compliance with food safety standards. For instance, in 2023, according to the United States Department of Agriculture, a US-based federal agency, US processed food exports to the nation amounted to $38.17 billion in total value, up from $34.19 billion in 2021. Therefore, the increasing demand for processed food is driving the growth of the benzyl alcohol market.
Key Industry Players
Major companies operating in the benzyl alcohol market are The Dow Chemical Company, Thermo Fisher Scientific Inc., Honeywell Research Chemicals, Merck KGaA, Evonik Industries AG, LANXESS, Avantor Inc., Elan Chemical, Croda International plc, Ashland, Valtris Specialty Chemicals, Ineos Group Limited, Liaoning Kelong Fine Chemical Co. Ltd., Pharmco by Greenfield Global, Connect Chemicals, Santa Cruz Biotechnology Inc., Wuhan Youji Industries Co. Ltd., Finar Limited, Tokyo Chemical Industry Co. Ltd., Emerald Performance Materials, Richman Chemical Inc., Aims Oxygen Pvt Ltd., Shimmer Chemicals Pvt. Ltd., Wuhan Biet Co. Ltd., Heranba Industries Ltd.
The benzyl alcohol market report table of contents includes:
1. Executive Summary
2. Benzyl Alcohol Market Characteristics
3. Benzyl Alcohol Market Trends And Strategies
4. Benzyl Alcohol Market – Macro Economic Scenario
5. Global Benzyl Alcohol Market Size and Growth
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32. Global Benzyl Alcohol Market Competitive Benchmarking
33. Global Benzyl Alcohol Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Benzyl Alcohol Market
35. Benzyl Alcohol Market Future Outlook and Potential Analysis
36. Appendix
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