The global benzyl alcohol market was valued at US$196.21 mn in 2015

Posted on: Sep-2017

Benzyl alcohol is an aromatic alcohol with the formula C6H5CH2OH.  Benzyl alcohol is a colorless liquid with a mild pleasant aromatic odor. It is a useful solvent due to its polarity, low toxicity, and low vapor pressure.

The global market for benzyl alcohol has been expanding at a steady pace over the years owing to the consistent demand arising from various end-use industries. The growing applications of benzyl alcohol in the paints and coatings, food and beverages, pharmaceutical, and personal care industries are likely to continue driving the demand for the same over the course of the forecast period. The global benzyl alcohol market was valued at US$196.21 mn in 2015 and is projected to reach US$297.72 mn by 2024, expanding at a CAGR of 4.67% therein.

Benzyl alcohol plays an important role in a wide range of end-use industries such as personal care, food and beverages, pharmaceutical, and paints and coatings. By application, paints and coatings was the leading end-use segment in the global benzyl alcohol market, constituting more than 60% in 2015. Benzyl alcohol is employed in several applications in the paints and coatings industry. It is used as a solvent for manufacturing paints, inks, and epoxy resins and as a paint stripper in industries such as automotive and aviation.

The pharmaceutical sector is estimated to be the fastest growing end-use segment during the forecast period. A significant increase in the usage of benzyl alcohol in the pharmaceutical industries in developing regions is projected to propel this segment in the near future.