Benzyl Chloride Market Overview
According to MRFR analysis, the Benzyl Chloride Market is projected to register a CAGR of above 4% during the forecast period, 2020–2027.
Market Boosters and Barriers
The benzyl chloride market is witnessing a healthy growth backed by consistent socio-economic improvement in developing countries. This has led to a higher purchasing capacity of people and has resulted in the growth of major end-use sectors like pharmaceutical, paints coatings, agrochemicals, personal care, and more. Benzyl chloride’s escalating use in alcohol production seems to be favoring the global market. Benzyl esters have extensive use in production of scents such as banana and strawberry rose, in view of their ability to impart a pleasant aroma. On top of that, the mounting demand for beauty care products as well as the lifestyle changes in line with rising urbanization has raised the sales of perfumes and different fragrances, which should work in favor of the benzyl chloride industry in the years to come.
Benzyl chloride is enjoying a heightened demand in the pharmaceuticals industry while also witnessing surging use in the preparation of dye intermediates. The market size is also anticipated to burgeon owing to the product’s extensive use in benzyl peroxide production, which helps treat acne as it has antibacterial properties. Benzyl peroxide is sold as a generic medication and is an over-the-counter drug. The chemical can be blended with antibiotics such as erythromycin, clindamycin, salicylic acid and sulfur to develop skin care products. As a result, given the burgeoning market for personal care worldwide, the benzyl chloride industry is bound to experience substantial growth over the following years.
Vendors in the market are shifting their focus on technical integration during the value chain, which should foster the competitive quotient. Rising deployment of innovative technologies such as drones, Internet of Things (IOT), robotics, blockchain, artificial intelligence and cloud computing is expected to change several aspects of benzyl chloride manufacturing process, for the better. The use of these technologies has increased majorly for bolstering the safety level, fostering efficiency as well as reliability and facilitating accurate monitoring across the supply chain.
Application and end-use industry are the key segments outlined in the MRFR report, in order to present an exhaustive layout of the global market for benzyl chloride.
Some of the top applications of benzyl chloride include production of benzyl cyanide, production of benzyl alcohol, production of benzyl quaternary ammonium compounds and others. The others segment covers production of benzyl esters, phthalates, benzyl lithium compounds, biocides and benzyl magnesium compounds. Out of all these, the Production of Benzyl Alcohol segment, in 2019, took the lead with the highest share of more than 50%. Benzyl alcohol’s expanding application range in pharmaceuticals, solvents, natural health products, cosmetics, textile dyes and flavor products have fostered the segmental expansion in the global market.
End-use industries considered in the MRFR market study include personal care, pharmaceuticals, paints and coatings, agrochemicals and more. The paints coatings category secured the biggest share of over 40% in the year 2019, given benzyl alcohol’s rising use as a solvent for inks, paints, epoxy resin coatings and lacquers. Its use is also quite extensive in paint strippers in architectural stripping as well as industrial paint stripping applications. The consistently expanding construction sector, especially across developing economies in Asia Pacific as well as the Middle East and Africa could bolster the growth of the said segment over the ensuing period.
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The benzyl chloride industry has been geographically segmented with respect to Europe, the Middle East Africa (MEA), Asia Pacific (APAC), Latin America along with North America.
In 2019, the Asia Pacific market for benzyl chloride grabbed the highest share of more than 50% and can potentially remain the leader throughout the conjectured period. Considerable product demand in the growing paints coatings and pharmaceutical industries in India, and China are responsible for the rapid market growth. Also, thanks to the strong presence of established manufacturers, cheap labor costs, and the surge in industrialization rate, the APAC market will continue to maintain its winning streak between 2020 and 2027. China stands at the vanguard of the regional market, mostly due to the low labor costs and the significant quality control and the rampant use of modern technologies during the manufacturing process. Other countries like South Korea, Indonesia and Japan are also making remarkable progress, as a result of the expanding industries like beauty, personal care products and cosmetics that make heavy use of benzyl chloride.
North America owns close to 12% of the total global market share and is touted to be one of the strongest players in the coming years. The market growth can be accredited to the fact that the region is home to several renowned manufacturers that focus on innovations in benzyl chloride and strive to explore new applications for its derivatives for use in major end-use industries.
KLJ Group (India), Charkit Chemical Company LLC (US), Henan GP Chemicals Co., Ltd (China), LANXESS (Germany), The Chemical Company (US), Shimmer Chemicals Pvt. Ltd (India), Henan Haofei Chemical Co., Ltd (China), Jiangyin Jianheng Chemical Co., Ltd (China), Danyang Wanlong Chemical Co., Ltd (China), Valtris Specialty Chemicals (US), are the key manufacturers active in the benzyl chloride industry.
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