Market Overview
According to market analysis by the business chiefs, the Benzyl Chloride Market is projected to register a CAGR of above 4% during the forecast period, 2020–2027, with Asia-Pacific dominating the market.
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Benzyl chloride, also known as α-chlorotoluene, can be understood as an organic chemical with a strong, unpleasant odor. It is colorless at room temperature. Benzyl chloride is majorly used as an intermediate in the form of a substrate to produce various chemicals varying from benzyl alcohol, flavor products, dyes, and pharmaceutical products. It is also used as a photographic developer and is further used in producing quaternary ammonium compounds, phthalates, and benzyl cyanide (which is used as a precursor for penicillin G).
As per the global market trends and analysis, the expenditure in the global construction industry was USD 11.2 trillion in 2018 and is rising significantly year-on-year, expected to reach USD 13.4 trillion by the end of 2024. Furthermore, the widespread use of benzyl chloride in the chemical industry is expected to drive the market’s growth in the years to follow. However, the health hazards associated with the use and handling of benzyl chloride are estimated to be a key factor hampering the market growth in the years to follow.
Market Segmentation
The benzyl chloride market has been segmented based on the following to meet the rising needs of the global target audience.
By Application
By End-Use Industry
By Region
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Regional Analysis
In North America, the regional market held an approximately 12% market share in the historic forecast year ended in 2019. Similar trends are expected to follow during the ongoing forecast period ending in 2027. The use of an alternative production process for benzyl alcohol limits the market growth in the North American region. However, the other application segments, including the production of benzyl quaternary ammonium compounds and benzyl cyanide, are expecting to contribute to the global growth of the regional market in the years to follow.
The European countries are expected to register sluggish growth during the forecast period. Stringent regulations are on the way about benzyl chloride that is expected to limit the market growth in the years to follow.
Some of the prominent market players that help in the expansion of the benzyl chloride market are as follows:
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Industry News
In October 2021, the US government sanctioned four alleged members of Mexico’s formidable CJNG cartel, charging that they were in charge of narcotics activities at a Pacific port that serves as a critical entry route for Asian fentanyl and methamphetamine precursor chemicals. Control of the Manzanillo port is important for CJNG’s aspirations to control the lucrative synthetic drug traffic into the United States and the group’s expansion across Mexico.
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