Benzyl Alcohol for Industrial Applications: Producers and Technological Advancements
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Gain insights into the contributions of leading benzyl alcohol companies in driving growth in the global market and their applications in various industries.
VANCOUVER, B.C., CANADA, April 13, 2023 /EINPresswire.com/ -- The global benzyl alcohol market size was USD 57.20 Million in 2021 and is expected to register a revenue CAGR of 4.2% during the forecast period, according to latest analysis by Emergen Research. Rising demand for benzyl alcohol as an anti-parasite medication and popular preservative in injectable pharmaceutical drugs, growing use of benzyl alcohol in paints and coatings, and growing consumer demand for benzyl alcohol as a preservative in skin creams in place of paraffin are primarily factors driving market growth of the benzyl alcohol market.
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The global market for benzyl alcohol is predicted to increase significantly over the next 10 years due to vast number of industries where the chemical is used as an ingredient, particularly in paint & coatings and cosmetics industries. A growing number of people are using commercially produced personal goods that have the chemical as an active element. Additionally, elderly people require ongoing medical assistance in the form of intravenous drugs that contain benzyl alcohol as a preservative. Benzyl alcohol can be used to make a wide variety of products due to its low toxicity and volatility including paints and coatings, taste and fragrance, personal care items, and pharmaceuticals.
Other applications for benzyl alcohol include degreasing, polyamide dyeing, and bonding aid. In addition, benzyl alcohol is increasingly being used in cosmetics and personal care products due to its pleasant flavor and texture, which will rise of benzyl alcohol market's revenue. It is most frequently utilized as an aromatic chemical compound in cosmetics and personal care products due to stable ring-shaped molecule of benzyl alcohol, which is characterized as an aromatic alcohol and is typical of all aromatic compounds. There are numerous medical applications for benzyl alcohol aside from commercial manufacturing procedures, which is a key factor contributing to market revenue growth. FDA has approved the use of lotion containing 5% benzyl alcohol as a therapy for head lice in those older than six months.
Additionally, researchers have closely examined the significant changes in the market following the coronavirus outbreak. This is the latest report examining the economic situation of the Benzyl Alcohol industry after the current pandemic. The COVID-19 pandemic has significantly changed various aspects of the global Benzyl Alcohol market scenario. The latest report provides a comprehensive COVID-19 impact analysis of the market, helping readers to know about the significant impact of the outbreak on the current and future scenarios of this business.
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Some Key Highlights From the Report
The paints & coatings segment is expected to grow at a steady CAGR during the forecast period. Benzyl alcohol functions as a solvent and is an ingredient in lacquers, paints, epoxy resin coatings, and inks. Benzyl alcohol is the active component of several paint strippers because it works well as a solvent for coatings including paint, shellac, and lacquer. In addition, benzyl alcohol is a powerful solvent that is free of dangerous air pollutants when coupled with a viscous material to assist it adhere to coatings. Paint strippers that don't include Hazardous Air Pollutants (HAPs), such as methylene chloride paint strippers, are being replaced with benzyl alcohol and benzyl alcohol blends.
The epoxy resins segment accounted for a significant revenue share in 2021. In compositions comprising cured epoxy, benzyl alcohol is a typical nonreactive ingredient. Benzyl alcohol is a key element in many chemical compounds used in the construction industry. It is utilized in paint strippers, epoxy resin systems, and cleaning products having a stripping effect due to its lower volatility and relatively high boiling point of 205 °C. Benzoyl alcohol also promotes flow by acting as a diluent, a viscosity reducer, and other similar functions because it is miscible with reactive elements.
The Europe market accounted for a significant revenue share in 2021. This is attributed to rising government initiatives and regulations regarding use of benzyl alcohol as excipients in medical products and also for evaluating safety and efficacy of benzyl alcohol product applications in various end-use industries, which are also contributing significantly to demand for benzyl alcohol, hence driving revenue growth of the market in this region.
Competitive Terrain:
The global Benzyl Alcohol industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Some major companies in the global market report include Hubei Greenhome Materials Technology, Inc., Merck KGaA, Valtris Specialty Chemicals Limited, Finar Limited, Greenfield Global Inc., INEOS Group Ltd., Elan Chemical Company, Inc., Alfa Aesar, Wuhan Youji Industries Co., Ltd., and Lanxess Aktiengesellschaft.
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Market Overview:
The report bifurcates the Benzyl Alcohol market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Emergen Research has segmented the global benzyl alcohol market based on grade, application, end-use and region:
Grade Outlook (Revenue, USD Million; 2019-2030)
Industrial Grade
Food Grade
Pharmaceutical Grade
Others
Application Outlook (Revenue, USD Million; 2019-2030)
Cleaning Agent
Synthetic Solvent
Epoxy Resins
Bacteriostatic Preservatives
Dielectric Solvent
Others
End-Use Outlook (Revenue, USD Million; 2019-2030)
Food & Beverages
Pharmaceutical
Paints & Coatings
Cosmetics & Personal Care
Others
Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
Research Report on the Benzyl Alcohol Market Addresses the Following Key Questions:
Who are the dominant players of the Benzyl Alcohol market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Benzyl Alcohol market?
What are the key growth drivers and restraining factors of the Benzyl Alcohol market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Benzyl Alcohol market and its key segments?
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