Market Size of Benzyl Alcohol Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Benzyl Alcohol Market Analysis
The global benzyl alcohol market is projected to register a CAGR of over 5% during the forecast period.
- COVID-19 impacted most industries worldwide. Excluding pharmaceutical applications, the demand for benzyl alcohol in cosmetics decreased in 2020 due to the lockdown scenario and halted production units. However, now the market is stable and growing steadily.
- Over the short term, the increasing demand from the food and beverage, cosmetics, and personal care industries is expected to drive the market's growth. On the flip side, a high concentration of benzyl alcohol causes toxic effects on humans and hinders the market's growth.
- The increasing demand for benzyl alcohol as anti-parasite medicine and a common preservative in injectable drugs and the product's growing popularity because of its wide applications, fragrance component, viscosity-decreasing agent, and preservatives accelerate the benzyl alcohol market growth. The use of benzyl alcohol in preservatives (2%), solubilizing agents (5%) and disinfectants (10%) and its extensive use in antibiotics, anti-inflammatory products, or neuroleptics to reduce pain further influence the benzyl alcohol market.
- Additionally, expansion of the pharmaceutical sector, consumption of aromatic solvents for drug formulation in the pharmaceuticals sector, and surge in investment positively affect the benzyl alcohol market. Furthermore, research and development and intensification of nitro benzaldehydes synthesis from benzyl alcohol extend profitable opportunities to the benzyl alcohol market players in the forecast period.
- Asia Pacific represents the largest market and is expected to be the fastest-growing market over the forecast period due to the increasing consumption from countries such as China, India, and Japan.
