Increasing industrialization and urbanization in Asia, as well as demand for plasticizers, pharmaceuticals, and pesticides, are the key factors expected to drive demand in the market. Sales in the Asia neopentyl glycol (NPG) market sales are projected to increase at a steady 5.0% CAGR over the assessment period, reaching US$ 760.5 million in 2023, finds Future Market Insights (FMI) in a recent analysis. NPG is suitable for industrial use due to its high thermal and chemical stability. Increasing usage of NPG as an intermediate in the production of industrial chemicals and pharmaceuticals will continue boosting sales over the forecast period. As per FMI, the market is predicted to be dominated by China, and the trend is expected to continue during the forecast period. The neopentyl glycol (NPG) market in Asia is projected to top US$ 1.23 billion by 2033.
NPG is primarily used as an intermediate in the manufacturing of a wide range of chemical products such as resins for paints and coatings, plasticizers for plastic products, additives for printing inks, synthetic lubricants, hydraulic fluids, metal-working fluids, greases, and engine lubricants.
Besides this, NPG is also being used in personal care and beauty products, as well as thermal heat storage devices. Emerging applications of NPG across various industries are expected to offer opportunities for growth in the market.
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“Increasing adoption of NPG in the building and construction sectors, along with surging production of low VOC paints and coatings using NPG will augment the growth in the market over the forecast period,” says an FMI analyst.
List of Key Players Covered in Asia Neopentyl Glycol (NPG) Market are:
- BASF SE
- LG Chem Ltd
- Perstrop AB
- Mitsubishi Gas Chemical Company, Inc.
- Shandong Xinhua Pharma
- Dhalop Chemical
- Zibo Ruibao Chemical Co. Ltd
Leading players are expanding their production capacities to enter untapped markets through mergers, acquisitions and collaborations with regional market players. To compete with the key players, new market participants are introducing cost-effective products.
Key Takeaways:
- Based on grade, the technical grade neopentyl glycol (NPG) segment is projected to hold approximately 97 % of the total market share in 2022.
- By product form, sales in the flake segment are anticipated to grow at 5.4 % CAGR through 2032.
- On the basis of application, the paints & coatings segment is expected to reach about US$774.1 Mn by end of 2032.
- Sales in India will increase at a 6.9% CAGR in 2022.
- China will emerge as an attractive neopentyl glycol (NPG) market in Asia and is expected to create incremental dollar opportunity of US$ 335.4 Mn over the forecast period.
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Regional Insights
In India, applications of neopentyl glycol (NPG) in the production of paints & coatings is expected to witness an upsurge in the forthcoming years. Rapid urbanization and increasing establishments of infrastructure projects are favoring the growth of the NPG market.
China is estimated to remain a key producer and consumer of neopentyl glycol (NPG), accounting for about 66% of the Asia market share in 2022.
By Region:
- China
- India
- Japan
- ASEAN
- Rest of Asia
Detailed Table of Content:
1. Executive Summary
1.1. ASIA Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
TOC continued…!
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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