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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.
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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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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.
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:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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