Benzyl Alcohol Market by End-user and Geography - Forecast and Analysis 2020-2024

The benzyl alcohol market share is expected to increase by 18.5 thousand MT from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 2.48%.

This benzyl alcohol market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers benzyl alcohol market segmentation by end-user (paints and coatings, personal care, pharmaceutical, and others) and geography (APAC, Europe, North America, MEA, and South America). The benzyl alcohol market report also offers information on several market vendors, including Charkit Chemical Co. LLC, Elan Chemical Co., Emerald Performance Materials LLC, Greenfield Global Inc., Gujarat Alkalies and Chemicals Ltd., Hydrite Chemical Co., INEOS Group Holdings SA, LANXESS AG, Richman Chemical Inc., and Tokyo Chemical Industry Co. Ltd. among others.

What will the Benzyl Alcohol Market Size be During the Forecast Period?

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Benzyl Alcohol Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and after post COVID-19 era. The role of benzyl alcohol as a preservative and flavoring agent is notably driving the benzyl alcohol market growth, although factors such as the harmful effects of benzyl alcohol may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the benzyl alcohol industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Benzyl Alcohol Market Driver

One of the key factors driving growth in the benzyl alcohol market is the role of benzyl alcohol as a preservative and flavoring agent. Benzyl alcohol is used as a flavoring agent in food and beverages. It increases the shelf life of food products and is thus popularly used in the F&B industry. The emergence of new business models is expected to transform the entire food retail scenario, which will increase the demand for processed food and beverages. Busy lifestyles and changes in food habits fuel the demand for ready-to-eat meals. A rise in the demand for processed foods is expected to increase the demand for benzyl alcohol. Growth in the automobile industry is anticipated to have a positive impact on the global benzyl alcohol market. The rising demand for automobiles in the Americas is expected to drive the paints and coatings market in the region. Factors such as rising urbanization and increasing purchasing power are expected to drive the automobile industry in emerging countries such as China, India, and Japan.

Key Benzyl Alcohol Market Trend

The Increasing use of benzyl alcohol in personal care products will fuel the global benzyl alcohol market growth. Benzyl alcohol is used as a preservative in personal care products and cosmetics such as body lotions, sunscreens, shampoos, soaps, and hair care solutions. It is derived from organic sources and is thus in high demand. The rising demand for perfumed lotions and other fragrant products has increased the customer base for benzyl alcohol. Moreover, the organic sources, i.e., plants and flowers, of the chemical help combat aging and rejuvenate skin and hair. Growing focus on skin and hair has fueled the demand for natural products. Increasing awareness about the side effects of parabens and silicones is driving the demand for benzyl alcohol in eye shadows, face creams, wrinkle-free creams, and other night creams. Such factors will increase the demand for the global benzyl alcohol market during the forecast period.

Key Benzyl Alcohol Market Challenge

The harmful effects of benzyl alcohol will be a major challenge for the benzyl alcohol market during the forecast period. Benzyl alcohol is used in numerous industrial applications, and the global benzyl market is growing at a moderate rate. However, side effects caused by the toxic content in the chemical limit its widespread use. Preservatives used in food and beverages should inhibit the growth of microbial organisms without any adverse effect on human health. Benzyl alcohol used in food and beverages is known to have a mild effect on human cells. It causes mild irritation to the skin, mucous membranes, and eyes. Benzyl alcohol in cosmetics and fragrances causes skin rashes and leads to difficulty in breathing. The chemical is used in perfumes and other cosmetic products and can permeate human cells. As it is used in personal care products, the fragrance or the source plant can cause allergies to an individual. Availability of substitutes The availability of substitutes such as ethyl alcohol, phenoxyethanol, isopropyl alcohol, and toluene pose challenges to the global benzyl alcohol market.

This benzyl alcohol market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global benzyl alcohol market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the benzyl alcohol market during the forecast period.

Who are the Major Benzyl Alcohol Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Charkit Chemical Co. LLC
• Elan Chemical Co.
• Emerald Performance Materials LLC
• Greenfield Global Inc.
• Gujarat Alkalies and Chemicals Ltd.
• Hydrite Chemical Co.
• INEOS Group Holdings SA
• LANXESS AG
• Richman Chemical Inc.
• Tokyo Chemical Industry Co. Ltd. 

 

This statistical study of the benzyl alcohol market encompasses successful business strategies deployed by the key vendors. The benzyl alcohol market is fragmented and the vendors are deploying growth strategies such as are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Charkit Chemical Co. LLC - The company offers benzyl alcohol under its general chemicals market segment. It is used in several end-user industries including flavor and fragrance, food and food additive, pharmaceuticals, personal care, and others.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The benzyl alcohol market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Benzyl Alcohol Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the benzyl alcohol market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global specialty chemicals market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Benzyl Alcohol Market?

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52% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for benzyl alcohol in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The growing pharmaceutical industry will facilitate the benzyl alcohol market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The region is experiencing a decline in the demand for paints and coatings, owing to the outbreak of the COVID-19 pandemic, which has resulted in a temporary halt of several construction activities. The gradual recovery of economic and business activities in APAC, with the restart of operations in Japan and China, among other countries, is expected to propel the growth of the paints and coatings market in the region. This, in turn, will increase the demand for benzyl alcohol in the region during the forecast period.

What are the Revenue-generating End-User Segments in the Benzyl Alcohol Market?

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The benzyl alcohol market share growth in the paints and coatings segment will be significant during the forecast period. The paints and coatings segment accounted for the largest market share in 2021 and is expected to dominate the market during the forecast period. Factors such as the growing construction industry and the increasing number of commercial and residential buildings drive the demand for benzyl alcohol.

This report provides an accurate prediction of the contribution of all the segments to the growth of the benzyl alcohol market size and actionable market insights on post-COVID-19 impact on each segment.

Benzyl Alcohol Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 2.48%
Market growth 2020-2024	18.5 th MT
Market structure	Fragmented
YoY growth (%)	2.34
Regional analysis	APAC, Europe, North America, MEA, and South America
Performing market contribution	APAC at 53%
Key consumer countries	China, Germany, India, US, and Canada
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Charkit Chemical Co. LLC, Elan Chemical Co., Emerald Performance Materials LLC, Greenfield Global Inc., Gujarat Alkalies and Chemicals Ltd., Hydrite Chemical Co., INEOS Group Holdings SA, LANXESS AG, Richman Chemical Inc., and Tokyo Chemical Industry Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Benzyl Alcohol Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive benzyl alcohol market growth during the next five years
• Precise estimation of the benzyl alcohol market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the benzyl alcohol industry across APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of benzyl alcohol market vendors

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