Neopentyl Glycol Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Russia, China, Japan, India, Thailand, Indonesia, Malaysia, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI1869
Neopentyl Glycol Market size will witness a substantial growth in the forecast period of time, with increasing demand of paints, polymers, lubricants and plasticizers the demand of neopentyl glycol market is simultaneously rising. The product is a chemical compound which is used in the synthesis of various products including paints and polymers to enhance the stability of product towards heat, water and light. The product has high thermal and chemical stability which gives superior performance advantage to the customers.
Its high usage as a base resins for coating, hydraulic fuels, greases and aircraft engine lubricant is driving the demand of neopentyl glycol market. The paint industry will grow at over 10% in forecast period which will escalate the demand for substance at a very high pace. Rise in passenger and freight traffic over 15% and 6% respectively is increasing demand for aviation in the industry, which is positively affecting the growth of neopentyl glycol market, product is also driven by growing construction industry over 3%, and chemical manufacturing industries. It is in cement and manufacturing of fibers and resins.
Industrial and protective coating industry has potential for growth in number of key industries including construction and chemical. The product is the choice for most polymers, it gives superior weathering, chemical and water resistance. Power coating industry is growing at the rate of over 6%, the substance is mainly used in powder coating to give resistance and durability. The lubricating industry is growing at over 4%, which is positively driving demand for product. It is used in the synthetic lubricating oil.
The product in the form of flakes can cake during storage, which results in difficulty to handle the product. To avoid this problem one or two impurities are added in substance, which can affect its quality. The storage problem of product is restraining growth of neopentyl glycol market.
Supply chain of the substance is initiated from chemical factories and it transported to the manufacturers of polymers, paints and lubricants. It is added in them to provide durability and resistance to the respective product. The substance is distributed to various distributors and made available in the stores for customers.
Neopentyl glycol market is segmented into chemical, construction, paint, automotive coating and plastics rubbers industries. The area of application are can and coil coating, powder coating, paints, additive in plastic, concrete and cement, resins, fibers and filaments., automotive parts and insulation, furniture and footwear. Coating majorly contributes in the neopentyl glycol market.
North America will witness a substantial growth in the forecast time period. Increasing powder coating industry over 15% in this region will make it a contributor in neopentyl glycol market. The product is used as an additive in the powder coating for resistance and stability.
Europe based companies are growing the capacity of the product for instance, a Germany based company, Oxea is increasing its capacity to 45000 metric tons, which will increase the overall capacity of Europe. Growing demand of the company’s building block for eco efficient powder coating and resins continues to grow over GDP. Rising in the demand of automotive industry is driving the growth for this region. Car sale surge over 10%, which boost automotive industry and product demand in the region.
Asia Pacific led by Indonesia, Malaysia, India and China will witness a descent growth in the forecast period. The increasing construction industry over 4% in these region will drive the demand for neopentyl glycol market. The substance in majorly used in concrete and cement to provide reliability and durability.
Key contributor in the neopentyl glycol market are BASF, Celanese, Eastman chemicals, Polioli, Mitsubishi Gas Chemicals, Perstorp, Shandong Dongchen, Oxea and Zouping Fenlian. Perstorp invests in extending its capacity of the substance. The company merged with Shandong Fufeng Perstrop Chemical Ltd. to take step towards its presence in Asia. The new capacity will cement its position as a leader of neopentyl glycol market. Growing awareness in Asia Pacific regarding environmental benefits of power coating, the main application of the substance has benefited the neopentyl glycol market.
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