Future Market Insights
Benzoyl alcohol is an aromatic type of alcohol with colourless and pleasant odour characteristics. The benzoyl alcohol has low toxicity, low vapour pressure and polar properties owing to which it is highly used as a solvent in the industrial applications. For instance, in the paints and coatings industry benzoyl alcohol acts as a general solvent and also as a viscosity reducing agent for lacquers, paints, coatings, inks etc. In cosmetic industry, benzoyl alcohol is a precursor for the manufacture of esters used in perfume, soap and flavour industries. Naturally, benzoyl alcohol is found in the essential oils such as jasmine, styrax, almonds, etc. Benzoyl alcohol also acts as an antiseptic and preservative agent in healthcare applications. For instance, in the preservation of ointment and as anaesthesia, benzyl alcohol is used. Other applications include, benzoyl alcohol as a desiccant for plastic films and fibres, as a stabiliser for PVC products, photographic developer etc. The global benzoyl alcohol market is expected to grow at moderate CAGR, as benzoyl alcohol is one of the starting material for other chemical manufacture. For instance, in the manufacture of polypeptides, esters benzoyl alcohol is widely used as a starting or intermediate material.
Global Benzoyl Alcohol Market: Drivers and Restraints
Benzoyl alcohol is a versatile solvent used in wide range of applications. For instance, in paint industry benzoyl alcohol is an important substitute for methylene chloride. The eco-friendly nature is one of the prime factor driving the global benzoyl alcohol market. The growth in the end-use industries such as pharmaceutical, food and personal care which requires benzoyl alcohol as a solvent and co-solvent further drives the global benzoyl alcohol market. The increasing demand for perfumes and fragrances propels the global benzoyl alcohol market. For instance, benzoyl alcohol is high in demand for benzyl acetate preparation which is used as jasmine perfume ingredient.
However, the fluctuations in the raw material prices, macro-economic factors impacts the growth of global benzoyl alcohol market.
Global Benzoyl Alcohol Market: Segmentation
On the basis of type, benzoyl alcohol market can be segmented as follows:-
On the basis of application, benzoyl alcohol market can be segmented as follows:-
Flavours & Fragrances
On the basis of end use industry, benzoyl alcohol market can be segmented as follows:-
Paints & Coatings
Global Benzoyl Alcohol Market: Region wise Outlook
The global benzoyl alcohol market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa (MEA). The benzoyl alcohol market in North America is driven by the pharmaceutical and chemical manufacturing companies. The presence of prominent cosmetic and personal care companies such as Procter & Gamble Company, Johnson & Johnson, etc. in the U.S are the major ones for benzoyl alcohol consumption. The benzoyl alcohol market in APEJ region is expected to grow at significant CAGR owing to the growing FMCG, personal care and paints and coatings industries. The availability of cheap labour in Asian countries propels the manufacturers to shift their production bases in the APEJ regions and boost the consumption of benzoyl alcohol. In Japan, the benzoyl alcohol market is expected to grow at moderate CAGR during the forecast period owing to the inflation, macro-economic factors and slow growth of GDP. The global benzoyl alcohol market is consolidated with established players with the business aligned in the forward or backwards integration.
Global Benzoyl alcohol Market: Key Players
Some of the prominent players identified in the global benzoyl alcohol market include:
Emerald Kalama Chemical LLC
SILVER FERN CHEMICAL, INC.
Shimmer Chemicals Pvt. Ltd.
Gujarat Alkalies and Chemicals Limited
Some of the suppliers in the global benzoyl alcohol market include:
Wuhan Sinocon New chemical Materials Co. ltd.
Tianjin Zhongxin Chemtech Co., Ltd.
Hefei TNJ Chemical Industry Co. Ltd.
Shanghai Macklin Biochemical Co. Ltd.
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