The Global Benzyl Alcohol Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Benzyl alcohol is used in the formulation of paints and coatings as a solvent, which further finds its application in the end-user industries such as automotive and construction. Considering the pandemic scenario, the construction and automotive manufacturing were on a temporary halt during the lockdown, thus led to a decrease in the consumption of paints and coatings, which in turn negatively impacted the demand for the benzyl alcohol market. Moreover, Benzyl alcohol is also used as a bacteriostatic preservative at low concentration in intravenous medications, cosmetics, and topical drugs. Excluding for the pharmaceutical applications, the demand from cosmetics was also reduced in 2020 due to the lockdown scenario coupled with halted production units. However, the demand is expected to recover in 2021.
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Key Market Trends
Food and Beverage Industry Segment to Dominate the Market
– Food additives and preservatives derived from benzyl alcohol are intensively used in the food & beverage industry. The food and beverage industry is anticipated to register a CAGR of more than 8% during the forecast period.
– The food preservative market is expected to register 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.
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-user industries, such as paints and coatings, adhesives and sealants, chemical processing, and cosmetics and personal care. China’s consumption of adhesives accounts for about a 32% share of global consumption.
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