LONDON--(BUSINESS WIRE)--The global benzyl alcohol market is expected to grow by 18.50 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Benzyl alcohol is widely used for painting and coating vehicle surfaces. Low concentration of toxins such as volatile organic compounds (VOC) makes it an excellent choice of solvent for paints and coatings. Moreover, factors such as rising urbanization and increasing purchasing power are driving the demand for automobiles across the world, which is expected to drive the paints and coatings market. In addition, technological innovations such as hybrid vehicles and hybrid electric vehicles are also propelling the demand for paints and coatings that require benzyl alcohol. Thus, the increasing demand from paints and coatings segment will drive the growth of the market in focus.
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As per Technavio, the shifting of manufacturing units to developing countries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Benzyl Alcohol Market: Shifting of Manufacturing Units to Developing Countries
Stringent government regulations in developed countries have led vendors to shift their production units to developing countries where the use of benzyl alcohol is approved by regulatory authorities. The benzyl alcohol market in APAC is witnessing high growth because of an increasing number of applications across various sectors and government approvals. Compared with APAC, regulations on the use of benzyl alcohol in the EU are more stringent. Improved international trade and ease of business because of favorable government regulations have increased growth opportunities for the benzyl alcohol market vendors in developing countries such as India, China, and Japan.
"Factors such as the role of benzyl alcohol as a preservative and flavoring agent, and the growing number of government-driven, large-scale infrastructure projects will have a significant impact on the growth of the benzyl alcohol market value during the forecast period,” says a senior analyst at Technavio.
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Benzyl Alcohol Market: Segmentation Analysis
This market research report segments the benzyl alcohol market by end-user (paints and coatings, personal care, pharmaceutical, and others) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the benzyl alcohol market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the growing pharmaceutical industry, and the presence of several large and small-scale vendors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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