According to the latest analysis, the global benzyl alcohol market is estimated to be valued at US$ 38.3 million in 2024 and will likely total US$ 69.4 million by 2034. Global benzyl alcohol demand is anticipated to rise at a CAGR of 6.0% throughout the forecast period.
The benzyl alcohol industry is set to experience steady growth during the forecast period, driven by several key factors. These include widening applications of benzyl alcohol across diverse sectors, including food & beverage, pharmaceutical, paints, and personal care.
Benzyl alcohol finds applications across various industries. One of the primary drivers of its growth is its widespread use as a solvent in the formulation of numerous pharmaceutical products.
Benzyl alcohol is increasingly used in several pharmaceutical formulations. This is due to its effectiveness as a solvent for a wide range of substances, low toxicity, and favorable safety profile.
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The versatility of benzyl alcohol extends to its use as a precursor in the synthesis of various chemicals and polymers. It serves as a building block in producing numerous derivatives used in applications ranging from paints and coatings to adhesives and plastics.
The expanding industrial sector, particularly in emerging economies, is set to further fuel demand for benzyl alcohol as a key raw material in manufacturing processes. Similarly, the growing adoption of benzyl alcohol as a preservative in food products, cosmetics, and personal care items to extend their shelf life will likely fuel sales.
Key Takeaways from the Report:
- The global benzyl alcohol market value is expected to total US$ 69.4 million by 2034.
- Based on application, the food & beverage segment is set to rise steadily through 2034.
- China is poised to record a CAGR of 7% from 2024 to 2034.
- The United States market size is set to reach US$ 22.4 millionin 2034.
- Benzyl alcohol demand in India is anticipated to rise at 2% CAGR through 2034.
“Extensive applications of benzyl alcohol as a preservative and solvent across diverse industries, including food & beverage and paints & coatings, is expected to boost sales growth during the next ten years.” – Nandini Roy Choudhury, Client Partner at Future Market Insights
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Who is Winning?
Lanxess AG, Elan Chemical Company Inc., Hubei Greenhome Fine Chemical Co., Ltd., Pharmco-AAPER, Wuhan Youji Industries Co., Ltd., Synerzine Inc., Merck KGaA, Emerald Performance Materials and Avantor, Inc., Finar Chemicals, and Ineos are leading benzyl alcohol manufacturers and suppliers listed in the report.
Key players are focusing on increasing their production capacities to meet growing demand for the industrial sector. They are forming partnerships and strategic alliances with end-use industries to boost their revenue.
Recent Development:
- In 2023, LANXESS doubled its high-purity benzyl alcohol production at its site in Kalama, Wash., to support the growth of its customer base in North America.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global benzyl alcohol market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the benzyl alcohol industry based on grade (industrial grade, food grade, and pharmaceuticals grade), end-use (food & beverages, paints & coatings, pharmaceuticals, and others), application (cleaning agent, synthetic solvent, epoxy resins, bacteriostatic preservatives, dielectric solvent, and others), and region.
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