Global Benzyl Alcohol market is heading towards growth phase with 4.26% CAGR through 2025
SOUTHLAKE, TX, UNITED STATES, October 18, 2019 /EINPresswire.com/ — Benzyl Alcohol Market continues to grow significantly at 4.26% CAGR between 2019 and 2025. Increasing use of Benzyl Alcohol across various end-user industries along with potential benefits including PH adjusting ability, stability, and others is augmenting the benzyl alcohol consumption rate.
Further, ongoing industrialization and growth in housing sector along with an increase in consumption of paints and coating across emerging countries is set to shape the Benzyl alcohol market value to $391.1Million during 2019.
Strong demand for consumption of personal care and pharmaceutical products is encouraging key market players to target these sectors and are positively impacting the benzyl alcohol market growth.
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However, fluctuating prices of benzyl alcohol, presence of alternative products, and toxic effects associated with excess consumption of benzyl alcohol along are among factors challenging the Benzyl Alcohol market growth.
Key emerging Benzyl Alcohol Market trends shaping the market size during the estimated period
Key cosmetics companies are set to focus on development and launching of new benzyl alcohol-based products with increased shelf life and broad application range to meet the demands of customers.
Further, prominent Benzyl Alcohol manufacturers are set to expand their operations in emerging countries to attain large market share and gain competitive advantages. For example, in 2019, Lanxess, announced its expansion plans for its Indian plant.
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On the account of stability, antimicrobial effectiveness, and clearance behavior, the use of benzyl alcohol as a shipping and storage solution for chromatography media is an emerging trend in the market.
Prominence of key applications set to foray the market growth over the forecast period- Pharmaceutical and paints & coatings applications
Large consumption of benzyl alcohol by pharmaceutical manufacturers for drug manufacturing to protect the medicines from bacterial attack shapes the market size over the coming fiscal years. Accordingly, increased need for benzyl alcohol across pharmaceuticals sector is encouraging companies to invest more in the development and production of benzyl alcohol.
Further, approval of benzyl alcohol based medical formulations by WHO, FDA and other regulatory bodies are set to create potential market opportunities. For instance, FDA approves 5% benzyl alcohol lotion for non-neurotoxic head lice treatment in both adults and children.
Besides, demand for benzyl alcohol in drug formulations, large consumption of benzyl alcohol is observed by paints & coatings segment as a curing agent for epoxy resins, as a plasticizer, and as co-catalyst.
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Further, Benzyl alcohol market players target the personal care products sector and food processing sectors by offering Benzyl alcohol as a noncarcinogenic preservative, resulting in projecting significant market growth and demand. For instance, Symrise, launched first benzyl alcohol-based preservative blend for personal care in January 2019.
Asia Pacific is set to enter the growth phase with a CAGR of 4.30% through 2025
Asia Pacific dominates the global benzyl alcohol market with a market value of $245.47 million in 2018. Production of benzyl alcohol occurs primarily in China and India charaterized by presence of low manufacturing costs and accounts for more than 70% of the global production.
Key manufacturers in Asia pacific have imminent R&D capabilities for development and expansion of product portfolio as well as to attain large market share. Accordingly, retaining a high degree of competition, the Asia Pacific benzyl alcohol market set to provide numerous growth opportunities for key companies.
However, the substantial need to obtain approvals from regulatory bodies and fluctuating raw material prices are some of the factors that are challenging the benzyl alcohol market players operating in the Asia Pacific region.
R&D investments, expansion of production and product portfolio are key strategies observed by market key players
Benzyl alcohol key market players are investing heavily in R&D to enhance their production capabilities. For instance, in 2019, LANXESS expanded its production capacity for the industrial chemical benzyl alcohol by around 30% for the global market.
In addition, major OEMs are investing in innovative product portfolio. For instance, in 2019, Symrise launched SymOcide BHO, the benzyl alcohol-based preservative blend featuring SymSave H.
Additionally, key companies are gaining competitive edge by introducing new products based on innovative technology. For example, Hubei Greenhome Fine Chemical Co., Ltd, used continuous processing technology and world-class automatic control technology for the production of benzyl alcohol in China.
Key participants operating in the Benzyl alcohol market include Avantor, Inc., Hubei Greenhome Fine Chemical Co. Ltd, Lanxess, Merck KGaA, Gujarat Alkalies, and Chemicals Limited, among others.
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Source: EIN Presswire