The global neopentyl glycol (NPG) market is on a steady growth trajectory, projected to reach a substantial valuation of US$ 2,148 million by 2033, with sales experiencing an average CAGR of 4.6% from 2023 to 2033. In 2023, the target market is expected to hit an estimated US$ 1,542.4 million, and over the observation period, it is set to expand by 1.6 times. This growth is primarily attributed to the increasing adoption of NPG in various applications, including adhesives and sealants, paints and coatings, lubricants, and plasticizers. As per reports by FMI, the top players in the neopentyl glycol market held a significant global market share, accounting for about 60% to 65% in 2022.
Neopentyl glycol is a crystalline substance with combustible characteristics. It is an organic compound that is chloroform, benzene, and water soluble. The superior chemical and thermal stability of neopentyl glycol drive the growing demand in the international marketplace. It is estimated that low volatile organic compound (VOC) content will spur the demand for neopentyl glycol. Owing to its excellent properties, NPG finds industrial applications in closed-system functional fluids, dyes, paint & coating additives, and lubricants. The rising adoption of NPG in lubricating engines of automobiles and aircraft will bode well for the market as the global aircraft and automobile industries are expected to prosper in the upcoming years.
Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-6546
Historically, the market observed a CAGR of 4.4% from 2018 to 2022. FMI predicts significant recovery from this growth rate with countries like India, Indonesia, Mexico, and Korea will emerge as highly opportunistic markets for neopentyl glycol. This is due to the rapid development of the economies in these countries. Again, attributes like superior resistance to weather, chemicals, and hot water, 65% water solubility, 210 degrees Celcius sublimation temperature, easy solubility in aromatic compounds, ethers, lower ketones, lower alcohol, and its hygroscopic and odorless natures encourage market growth of neopentyl glycol. Additionally, initiatives of regulatory agencies will also push for the adoption of NPG across multiple industrial verticals in the coming years. The market for neopentyl glycol looks at positive prospects in the upcoming years.
In spite of a positive outlook, the neopentyl glycol market is not without its share of limitations and restraints. The availability of alternatives and substitutes such as 2-Methyl-1, 3-propanediol, and ethylene glycols will have an adverse impact on the market. These alternatives are affordable and possess features that are ideal for specific products compared to NPG. This will likely act as a hindrance to the growth of the NPG market.
Key Takeaways:
- Rapid industrialization will push India’s neopentyl glycol market to account for a 33.3% share in the South Asia market.
- Strong presence of key manufacturers and the expanding paints and coatings industry will drive the market in the US.
- Based on the form, the flakes segment will register high demand during the assessment period.
- By end-use industry, the building and construction category will dominate the global market.
Access the Report Brochure Here: https://www.futuremarketinsights.com/reports/brochure/rep-gb-6546
Competitive Landscape
Key Companies Profiled in the Global Market
- BASF SE
- Eastman Chemical Company
- MITSUBISHI GAS CHEMICAL COMPANY, INC.
- OXEA GmbH
- Wanhua Chemical Group Co., Ltd.
- LG Chem Ltd.
- Perstorp Holding AB
- Shandong Dongchen Ind. Group. Corp.
The international NPG market is a highly consolidated one with key players accounting for a significant portion of the market share. Leading market participants are focusing on product development, expanding their production capacities, and competitive pricing. Joint ventures, mergers, acquisitions, collaborations, and partnerships are also employed by these businesses. For example, in 2022, QQ Chemicals launched a new derivative of NPG while BASF SE declared its investment in a new NPG plant.
Discover the Global Influence: Learn How Other Regions and Countries Shape the Neopentyl Glycol (NPG) Market. Speak to an Expert Now! https://www.futuremarketinsights.com/ask-question/rep-gb-6546
More Insights Into Neopentyl Glycol (NPG) Market
FMI offers the latest, unbiased, and detailed analysis of the global neopentyl glycol (NPG) market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of physical form, grade, application, end-use industry, and region.
According to the reports, based on segmentation, the flakes form will continue to dominate the global market as they are often used for synthesizing several materials. In terms of end-use, the building and construction sector will create high demand for NPG due to the growing need for paints, insulation materials, resins, and coatings. Based on region, the neopentyl glycol market in North America will present impressive growth with a market share of 13.1% during 2023 and 2033. This regional market will be mainly driven by the strong presence of market players in the US. The heightened popularity of eco-friendly and powder forms of paints and coatings coupled with increasing automobile production will also aid the growth of the market in North America. During the forecast period, countries like India, Japan, Germany, and China also contribute to the global growth of the neopentyl glycol market.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube