Role of Benzyl Alcohol Market as a preservative and flavoring agent

The use of benzyl alcohol as a preservative and flavoring agent will be one of the major factors that will have a positive impact on this growth of the benzyl alcohol market till 2021. Benzyl alcohol is increasingly used as a flavoring agent in the food and beverages industry to increase the shelf life of food products. With the busy lifestyles of people and the shift in food habits, the demand for ready-to-eat meals will increase in the coming years. This will subsequently drive the growth of the market since benzyl alcohol is mainly used as a taste enhancer, especially in processed and ready-to-eat food products. Our market research analysts predict that this market will grow at a CAGR of more than 5% by 2021.

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The expansion of pharmaceutical and wellness industries will be one of the key trends that will gain traction in the benzyl alcohol market in the coming years. Owing to the increasing health concerns and the rise in elderly population, there is a growing need for injectable drugs. This will drive the need for benzyl alcohol since it increases the shelf life of injectable drugs and is also used as an anesthetic. Moreover, it is also used as an excipient in medicines. With the growth of the pharmaceutical industry and new approvals by FDA, the demand for benzyl alcohol will increase in the coming years, fueling market growth.

Competitive landscape and key vendors  

The benzyl alcohol market is concentrated with the presence of few multinational benzyl alcohol manufacturers. The entry of new players is limited owing to the need for high investments to set up manufacturing plants. To increase their revenue shares, the vendors invest heavily in R&D activities to introduce product innovations, which in turn, intensifies the level of competition among the existing benzyl alcohol manufacturers.

The leading vendors in the market are –

Emerald Performance Materials

Gujarat Alkalies and Chemicals

INEOS

LANXESS

Merck

The other prominent vendors in the market are Capri Enterprise, Charkit Chemical, Elan-Chemical, Expo Essential Oils, First Source Worldwide, Haihang Industry, Haviland USA, Hydrite Chemical, Innova Chemicals, Krishna Chemicals, PHARMCO-AAPER, Premier Group, Shimmer Chemicals, SOVIKA GROUP OF COMPANIES, Sudha Chemicals, TCI Chemicals, The Chemical Company, Triveni Interchem, and Vigon International.

Segmentation by end-user and analysis of the benzyl alcohol market

Paints and coatings

Personal care

Pharmaceutical

During 2016, the paints and coatings sector was the major end-user to the benzyl alcohol market. The growth of the construction industry due to the increasing number of commercial and residential buildings will be the major factor contributing to the growth of the market in this end-user segment.

Geographical segmentation and analysis of the benzyl alcohol market

Americas

APAC

EMEA

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This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market throughout the forecast period. The growth of the construction industry, the rise in sales of pharmaceutical products, and the approved usage of benzyl alcohol in cosmetics, will propel the growth prospects of the benzyl alcohol market in this region.