Dublin, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The "Benzyl Alcohol Market - Growth, Trends and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for benzyl alcohol is expected to grow at a CAGR of over 5% during the forecast period. Major factors driving the market studied are increasing demand from the food & beverage and growing demand from the cosmetics & personal care industry. On the flip side, a high concentration of benzyl alcohol causing toxic effects on humans and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
Intensification of nitrobenzaldehydes synthesis from benzyl alcohol as an inherently safe continuous flow process in a microreactor is expected to offer various opportunities for the growth of the market over the forecast period.
The food & beverage industry is expected to dominate the global benzyl alcohol market over the forecast period. Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Food & Beverage Industry Segment to Dominate the Market
The global food & beverage industry is anticipated to grow at a CAGR of more than 8%, during the forecast period. Food additives and preservatives derived from benzyl alcohol are intensively used in the food & beverage industry.
The global food preservative market is expected to grow at a CAGR of more than 6% during the forecast period, owing to the rising consumption of processed and packaged food. This will ensure the regular demand for benzyl alcohol as many preservatives are derived from it.
The worldwide food additives market is projected to show rapid growth during the forecast period. Benzyl alcohol is a food additive permitted for direct addition to food for human consumption, as a synthetic flavoring substance.
The food & beverage segment is also expected to be the fastest-growing market over the forecast period, owing to the increasing food demand from the ever-increasing global population, and rising spending power.
Asia-Pacific Region to Dominate the Market
Asia-Pacific is expected to be the dominant market in benzyl alcohol consumption. This is because China dominates the market for the end-use industries such as paints & coatings, adhesives & sealants, chemical processing, cosmetics & personal care, etc. China's consumption of adhesives accounts for a 32% share of the global consumption.
Asia-Pacific is also expected to be the fastest-growing market during the forecast period, owing to the demand from applications like solvents, preservatives, food additives, etc.
The Asia-Pacific food additive market is expected to grow at CAGR of more than 6%, during the forecast period. Benzyl alcohol is regularly used as a food additive in various applications.
The paints & coatings industry, where benzyl alcohol is used as a general solvent, is expected to grow at a CAGR of approximately 6% during the forecast period in the region. This is because in Asia-Pacific, China is expected to witness the highest growth in construction activities, followed by India. In China, government spending on constructing affordable housing facilities has been increasing to cater to the housing demand. In addition, the public-private partnership (PPP) projects have also been increasing in the domestic construction sector.
The Asian cosmetics and personal care market is gaining popularity worldwide, and is expected to grow at a CAGR of more than 5%, during the forecast period, with Japan, Singapore, South Korea, Hong Kong, and China amongst the top 10 global cosmetic exporters. Benzyl alcohol is used in a wide variety of cosmetic formulations as a fragrance component, preservative, solvent, and viscosity-decreasing agent.
Thus, rising demands from the above-mentioned end-user industries are expected to drive the growth in the Asia-Pacific region.
The global benzyl alcohol market is fragmented with the presence of both international and domestic players. The major companies in the market studied include Alfa Aesar, Thermo Fisher Scientific, Elan Chemical, LANXESS, Merck KGaA, and Valtris Specialty Chemicals, among others.
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Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand from Food & Beverage Industry
4.1.2 Growing Demand from Cosmetics & Personal Care Industry
4.2.1 High Concentration of Benzyl Alcohol Causing Toxic Effects on Humans
4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Regulatory Policy Analysis
4.6 Technological Snapshot
5 MARKET SEGMENTATION
5.1 End-user Industry
5.1.1 Cosmetics & Personal Care
5.1.2 Paints & Coatings
5.1.3 Chemical Processing
5.1.5 Food & Beverage
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.2.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.2.4 South America
22.214.171.124 Rest of South America
5.2.5 Middle-East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alfa Aesar, Thermo Fisher Scientific
6.4.2 Elan Chemical
6.4.3 Emerald Performance Materials
6.4.4 Finar Limited
6.4.5 Gujarat Alkalies and Chemicals Limited
6.4.6 Hubei Greenhome Fine Chemical Co.,Ltd.
6.4.8 Merck KGaA
6.4.9 Shimmer Chemicals Pvt. Ltd.
6.4.10 Tokyo Chemical Industry Co., Ltd.
6.4.11 Tosoh Corporation
6.4.12 Valtris Specialty Chemicals
6.4.13 Wuhan Biet Co.,Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Intensification of Nitrobenzaldehydes Synthesis from Benzyl Alcohol in a Micro-reactor
7.2 Other Opportunities
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