Neopentyl Glycol Market 2023 - Global Trends and Future Scope Forecast to 2030
The global neopentyl glycol market is segmented by type, application, end-use industries, and region.
Neopentyl glycol is available in various types including flakes, molten, and slurry. The type to be used is determined on the basis of the conditions specified for manufacturing and application. The molten type neopentyl glycol is used in saturated polyesters, unsaturated polyesters, and esters for powder coatings, gel coats, reinforced plastics, and synthetic lubricants respectively. The molten form is leading the market due to its wide consumption for manufacturing powder coatings, which emit less VOC. The slurry or suspension form is 90% neopentyl glycol by weight in water and is transported at a temperature ranging from 50–70ºC. The slurry form allows rapid esterification and high chemical & thermal stability. The neopentyl glycol flake is shipped at below 30ºC to prevent cake formation.
The application segment includes coatings, adhesives & sealants, insulation, plasticizers, fibers, agrochemicals, fuel additives, dyes, emollient, and others. Among these applications, the coatings emerged as the leading segment due to high demand from construction, automotive, aerospace, shipbuilding, and other industries. This can be attributed to the corrosion resistant nature and high thermal stability of the Neopentyl Glycol Market. The demand for neopentyl glycol based adhesives & sealants is increasing due to their durability, stability, moisture & chemical resistance, and heat-resistant properties. Moreover, its usage in automotive insulation and agrochemicals is another factor propelling the product demand.
On the basis of the end-use industries, the market is segmented into paints & coatings, automotive, construction, chemicals, plastics, textiles, pharmaceuticals, cosmetics & personal care, and others. The paints industry is dominating the market owing to its use for applications such as powder coating, can & coil coating. The product is highly consumed for the manufacturing of adhesives & sealants and additives used in construction and automotive, which is expected to drive the market growth further. Also, it is used as a dye in the textile industry, which is likely to augment its demand over the review period. Growing opportunities for the product in pharmaceuticals such as the production of ibuprofen drug for generic diseases are likely to propel the market growth. The increasing penetration of personal care products as skin-conditioner and viscosity increasing agent is projected to augment the market growth over the assessment period.
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Competitive Analysis
Some of the manufacturers operating in the global neopentyl glycol market are BASF SE (Germany), Celanese Corporation (U.S.), Eastman Chemical Company (U.S.), LG Chem (South Korea), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), OXEA GmbH (Germany), Perstorp Orgnr (Sweden), Polioli S.p.A. (Italy), Oleon NV (Belgium), and Shandong Dongchen New Technology Co,Ltd. (China).
Regional Analysis
Regionally, the global Neopentyl Glycol Market Value Chain Analysis is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific was leading the global neopentyl glycol market in 2020 on account of the high demand for manufacturing paints & coating, which are further used in automotive and construction industries. Moreover, the rising demand for neopentyl glycol in agrochemicals, textiles, and personal care products is expected to spur the market growth during the forecast period 2021-2028.
The high demand for neopentyl glycol as an additive in the powder coatings for resistance and stability led the North American market in 2020.
The European market is projected to witness a moderate growth due to the demand from automotive production in Western Europe.
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