Growing Usage of Benzyl Alcohol in Personal Care Products to Promote Market Growth | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
benzyl alcohol market is expected to grow at a CAGR of more than 5%
during the period 2017-2021, according to a new market research study by Technavio.

The report categorizes the global benzyl alcohol market by end-user that
comprises of paints and coatings, personal care, and pharmaceutical. The
report also determines the geographic breakdown of the market in terms
of detailed analysis and impact, which includes key geographies such as
APAC, the Americas, and EMEA.

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Market driver: role of benzyl alcohol as a preservative and flavoring
agent

Benzyl
alcohol is used as a flavoring agent in food and beverages. It
increases the shelf life of food products, and therefore, it is
popularly used in the food and beverage industry. The emergence of new
business models is expected to transform the entire food retail
scenario. This will increase the demand for processed food and
beverages. Busy lifestyles and change in food habits fuel the demand for
ready-to-eat meals.

According to Kurva Samba Sivudu, a lead analyst at Technavio for specialty
chemicals research, “Benzyl alcohol is usually used as a
taste enhancer in processed and ready-to-eat food products. The rise in
the demand for processed foods is expected to increase the demand for
benzyl alcohol. It is derived from plants and lends a natural flavor to
candies, jellies, and marshmallows in the confectionery segment.”

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Market trend: increasing use of benzyl alcohol in personal care
products

Benzyl alcohol is used as a preservative in personal care products and
cosmetics such as body lotions, sunscreens, shampoos, soaps, and hair
care solutions. It is derived from organic sources and therefore, it is
in high demand. The rising demand for perfumed lotions and other
fragrant products has increased the customer base of benzyl alcohol.
Organic sources of benzyl alcohol such as the plants and flowers, help
to combat aging and rejuvenate skin and hair. Growing focus on skin and
hair has fueled the demand for natural products. Increasing awareness
about the side effects of parabens and silicones is driving the demand
for benzyl alcohol in eye-shadows, face creams, wrinkle-free creams, and
other night creams.

Market challenge: availability of substitutes

Availability of substitutes such as ethyl alcohol, phenoxyethanol,
isopropyl alcohol, and toluene pose challenges to the global benzyl
alcohol market. Phenoxyethanol is easily available and inexpensive
and is thus used in cosmetics and personal care products. Ethyl alcohol
is used as a preservative in the F&B industry. It is extracted from
natural resources and by fermentation of food crops such as sugarcane,
corn, and beetroot. Toluene is used as a solvent in the paints and
coatings industry.

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Key vendors in the market

• Emerald Performance Materials
• Gujarat Alkalies and Chemicals
• INEOS
• LANXESS
• Merck

The global benzyl alcohol market is highly concentrated by a few
multinational players. Emerald Performance Materials, Gujarat Alkalies
and Chemicals, INEOS, LANXESS, and Merck are some of the key vendors in
the market. The threat of new entrants is relatively low because of high
investments required for setting up manufacturing plants.

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