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.
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“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.”
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.
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“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.
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.
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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
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
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techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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