Benzyl Alcohol Market Expected to Reach USD 87.1 Million By 2030

The global benzyl alcohol market size is expected to reach USD 87.1 Million in 2030 and register a revenue CAGR of 4.3% over the forecast period, according to a latest report by Reports and Data. Rising demand for benzyl alcohol for skin medication and increasing adoption of benzyl alcohol in paints and coatings are some of the key factors expected to drive market revenue growth during the forecast period. Increasing use of benzyl alcohol in inks and polishes is expected to boost revenue growth of benzyl alcohol market in the near future. Benzyl alcohol helps to eliminate the unpleasant odor from the products and provides mild scent, which has increased its use in wide applications. Benzyl alcohol is also used to improve the texture and consistency of the products, leading to increasing demand for benzyl alcohol. This is expected to drive the revenue growth of the market in the near future. Benzyl alcohol is also useful as a degreasing agent, for dyeing polyamide, and as a bonding agent, increasing demand for benzyl alcohol. This is expected to drive the revenue growth of the market in the near future. Additionally, increasing adoption of benzyl alcohol in paints and coatings is also expected to drive the revenue growth of the market.

However, concerns regarding toxic and harmful effects of benzyl alcohol are some of the factors that could hamper the revenue growth of the market during the forecast period. Excessive use of benzyl alcohol has toxic effects on the health of the consumers. According to Food and Drug Administration (FDA), using benzyl alcohol in infant personal care products could be harmful to their health and life threatening. This may lead to challenges in adopting benzyl alcohol as an ingredient in infant personal care products, which is expected to restrain the revenue growth of the market.

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Some Key Highlights in the Report

• Cleaning agent segment is expected to account for larger market share revenue over the forecast period. Increasing use of benzyl alcohol for manufacturing the cleaning products such as soaps and detergents is driving revenue growth of the segment. Increasing chronic diseases and increasing need for cleaning products is another factor that is increasing demand for benzyl alcohol.
• Pharmaceutical segment is expected to account for largest revenue share in the global benzyl alcohol market between 2022 and 2030. Increasing use of benzyl alcohol due to its anti-parasite medication to treat lice in hairs is increasing its demand and is driving growth of the segment. Benzyl alcohol is also widely used as skin medication to help treat skin disorders and acne problems among the younger population, which is another factor increasing its demand and propelling growth of the segment.
• North America benzyl alcohol market is expected to account for largest revenue share in the global market over the forecast period. Rapid growth of the cosmetic industry in the countries in the region is expected to drive market revenue growth. Rapid growth in food industry is another factor increasing demand for benzyl alcohol in North America, which is expected to drive the revenue growth of the benzyl alcohol market.
• Companies profiled in the global market report include 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.
• In December 2021, Lanxess India Private Limited was recognized for its fight against climate change. In the latest assessment by the renowned climate initiative protection initiative CDP, the group has made it into “the climate A list” as one of 200 companies worldwide.

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