The global benzyl alcohol market is extremely consolidated, with the
top two players accounting for a share of over 75% in 2015. Emerald
Performance Materials and Hubei Greenhome Fine Chemical Co. Ltd.
exhibit an almost equal market size and share. Considering that the
remainder of the market is up for grabs, Transparency Market Research
notes an extremely competitive vendor landscape owing to a low profit
margin. The threat of new entrants in the benzyl alcohol market is
predicted to be quite low owing to the capital-intensive nature of
the market and multiple entry barriers.
“A number of companies have been focused on innovation as a key to
development and a better future in the benzyl alcohol market,” the
author of the study observes. “Manufacturers are looking to product
advanced specialty chemicals in order to enhance the performance of
their products.”
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Expansion of production as well as distribution capacity is also a
key growth strategy identified by TMR in the benzyl alcohol market.
US-based Avantor Performance Materials recently set up a production
facility in Panoli, India. Similarly, Massachusetts-based Alfa Aesar,
a subsidiary of Thermo Fisher Scientific Inc., opened a new
distribution center in Nevada to cater to the rising demand in the
western states of the U.S.
Increased
Sales of Pharmaceutical Drugs, Personal Care Products Driving Demand
for Benzyl Alcohol
The global expansion of the pharmaceutical market is one of the major
factors driving the benzyl alcohol market. In pharmaceuticals, benzyl
alcohol is used as an excipient, in pediculicides, as an
anti-parasite, and as a preservative solution for intravenous drugs
and local anesthetics.
“A rise in aging population as well as the incidence of chronic
illnesses has resulted in the higher consumption of medicines. This
has driven the pharmaceutical industry, thereby fueling the demand
for benzyl alcohol,” states the author.
A consistent growth in the construction activities and automobile
production has resulted in the increased demand for benzyl alcohol.
The demand is also spurred by the rising sales of personal care
products and various foods and beverages.
Mild
Toxicity of Benzyl Alcohol Limits Usage in Certain Applications
The benzyl alcohol market is hampered by the mild toxicity of the
ingredient, which prevents its extensive use in applications.
Exposure to benzyl alcohol has been proven to cause substantial harm
to infants. After several neonatal deaths associated with the use of
benzyl alcohol in the U.S., the FDA restricted its use in various
medications for newborns and infants. The European Union has also
limited the use of benzyl alcohol in cosmetics and personal care
products.
“However, the growing demand for products in various end-use
industries augurs well for the benzyl alcohol market in the near
future,” the TMR author predicts.
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Demand
for Benzyl Alcohol to Witness Steady Rise
The opportunity in the global benzyl alcohol market is predicted to
rise from US$198 mn in 2015 to be worth US$299.2 mn by 2024,
registering a CAGR of 4.7% therein. The demand for benzyl alcohol is
anticipated to rise at a 4.1% CAGR during the forecast period. By
volume, the paints and coatings industry led the global market in
terms of end use and will account for a share of over 60% by 2024.
The demand for benzyl alcohol in the paints and coatings industry is
likely to rise at a 3.9% CAGR from 2016 to 2024.
However, the pharmaceutical industry is projected to exhibit the
fastest growth in terms of demand for benzyl alcohol. Regionally,
North America leads the global benzyl alcohol market on the basis of
demand, with Asia Pacific expanding at the fastest pace during the
course of the forecast period.
This review is based on the findings of a TMR report titled “Benzyl
Alcohol Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
Benzyl
Alcohol Market - End-user Analysis
- Personal Care
- Food & Beverages
- Pharmaceutical
- Paints & Coatings
- Others
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Us
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