According to a recent report by Reports and Data, the global benzyl alcohol market is expected to reach a size of USD 397.6 Billion by 2032 with a revenue CAGR of 5.8% during the forecast period. The increasing demand for benzyl alcohol for skin medication and its adoption in paints and coatings are some of the key drivers of market revenue growth. Benzyl alcohol is used in a wide range of applications, including inks and polishes, as it eliminates unpleasant odors and provides a mild scent. It is also used to improve the texture and consistency of products, which has increased its demand. Furthermore, benzyl alcohol is a degreasing agent and a bonding agent, which is driving the growth of the market. The adoption of benzyl alcohol in paints and coatings is also expected to contribute to revenue growth.
Benzyl Alcohol Market: Notable Innovation
There have been no recent notable innovations specifically in the benzyl alcohol market. However, some companies are focusing on developing eco-friendly and sustainable benzyl alcohol production methods, which could have a positive impact on the market. For instance, Lanxess India Private Limited was recognized for its efforts in fighting against climate change and making it onto "the climate A list" as one of 200 companies worldwide by the climate initiative protection initiative CDP. This indicates a growing trend of companies striving to reduce their environmental impact and increase sustainability in their operations.
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However, concerns about the harmful effects of benzyl alcohol, such as its toxicity, could hamper market revenue growth during the forecast period. The excessive use of benzyl alcohol can have adverse effects on consumers' health, especially in infant personal care products, which could be life-threatening, according to the Food and Drug Administration (FDA). This may limit the adoption of benzyl alcohol as an ingredient in infant personal care products and restrain the revenue growth of the market.
The cleaning agent segment is expected to account for a larger share of market revenue during the forecast period due to the increasing demand for benzyl alcohol in the manufacturing of cleaning products, such as soaps and detergents. The pharmaceutical segment is expected to hold the largest revenue share in the global benzyl alcohol market between 2022 and 2032 due to its use as an anti-parasite medication to treat lice in hair and as skin medication to treat skin disorders and acne among the younger population.
North America is expected to account for the largest revenue share in the global market during the forecast period, mainly due to the rapid growth of the cosmetic industry and the food industry in the region. The report also includes profiles of companies such as Elan Chemical Company, Inc., Alfa Aesar, Merck KGaA, Valtris Specialty Chemicals Limited, Lanxess India Private Limited, Wuhan Biet Co., Ltd., Finar Limited, Hubei Greenhouse Fine Chemical Co., Ltd., INOES Group Ltd., and Greenfield Global USA, Inc.
Reports and Data has segmented the global benzyl alcohol market based on grade, application, end-use, and region, with food grade, industrial grade, pharmaceutical grade, and others being the grade outlook. The application outlook includes cleaning agent, synthetic solvent, epoxy resins, bacteriostatic preservative, and others. The end-use outlook includes food and beverages, pharmaceutical, paints and coatings, cosmetics and personal care, and others. Finally, the regional outlook includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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