Sales in the Asia neopentyl glycol (NPG) market are projected to increase at a steady 5.1% CAGR over the assessment period, reaching US$ 718.7 Mn in 2022, finds Future Market Insights (FMI) in a recent analysis.
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.
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. 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.
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.
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$ 1,186.5 Mn by 2032.
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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.
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.
Competitive Landscape
Key players operating in the Asia neopentyl glycol (NPG) market include BASF SE, Shandong Chemichase Chemical Co., Ltd, Zibo Ruibao Chemical Co., Ltd, Alfa Chemical, Zhengzhou Meiya Chemical Products Co., Ltd and others.
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.
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More Insights into the Asia Neopentyl Glycol (NPG) Market Report
In its latest report, FMI offers an unbiased analysis of the Asia neopentyl glycol (NPG) market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product form (flake, molten, and slurry), grade (pharmaceutical grade and technical grade), application (paints & coatings, adhesives & sealants, lubricants, plasticizers, and insulation materials), end use industry (automotive & transportation, building & construction, industrial plant & equipment, furniture & interiors) and countries ( China, Japan, India, ASEAN and Rest of Asia).
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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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