Press release
Neopentyl glycol flakes market is expected to register 7% gains during the forecast period
The neopentyl glycol market revenue is set to reach a valuation of $1.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Rising demand for powder coatings applications in automotive, aerospace, electronics and construction industry is expected to boost the market size in forecasted time frame.Strong application scope in powder coating resins as an alternative to conventional resins with low VOC emission and enhanced durability supporting neopentyl glycol market size. Factors such as low processing cost, improved environmental performance and low energy consumption will create positive business outlook for industry participants.
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Stringent government regulations pertaining to chemical processing and VOC emission standards is escalating the demand for neopentyl glycol market. Companies are continuously striving to improve the standards for the product to meet and exceed the existing laws and regulations to gain competitive advantage and larger market share. Increasing demand as chemical intermediate in polyesters, paints, adhesives, synthetic lubricants, alkyd resins, and polycarbonate resins manufacturing fueling the market demand over the projected timeframe.
Easy availability and low processing cost will fuel neopentyl glycol market development. It is processed by the catalytic synthesis of formaldehyde and iso-butyraldehyde. Companies are expected to lower their production cost and invest in new technologies to obtain high yield, therefore enhancing profitability to gain competitive edge. For instance, Jiangsu Kaimao Chemical Technology Co., Ltd. has developed one-step synthesis of the product, which is a cost-effective method to produce neopentyl glycol with high stability and purity.
Neopentyl glycol flakes market is expected to witness over 7% CAGR up to 2025. Flakes form of neopentyl glycol is extensively used in polyesters to produce powder coatings, coil coatings, stoving enamels, gel coats and reinforced plastics and in esters for the production of synthetic lubricants. Easy handling, storage and transport of the flake type of product will support enhanced product sales for manufacturers. However, these flakes can form cake when stored for long duration and hence impurities are added to the product which may hamper the quality of the product.
https://www.gminsights.com/industry-analysis/neopentyl-glycol-market
Automotive parts/insulation holds the highest share by application and is expected to generate over USD 300 million by 2025. Rising vehicles production coupled with stringent carbon emission regulations has pushed the automotive and transportation component manufacturers to adopt powder coatings and polyester resins used to produce fabrics, greases, and other insulation containing neopentyl glycol compounds. Increasing demand for environmentally friendly and electric vehicles owing to consumer awareness regarding depleting fossil fuel resources and increasing the cost of energy will support the neopentyl glycol market growth.
Asia Pacific led by China, India and Japan holds the highest share in neopentyl glycol market accounting to over 50% in 2018 by volume. Robust growth in construction, automotive, and electronics industries will fuel product demand. Rising consumer expenditure level, rapid infrastructural development, and stable economy in China, India, Malaysia, and Thailand will influence the market share. Favourable government regulations & policies for promoting the efficient usage of highly eco-friendly plasticizers, paints & coatings will support product penetration across the region. In addition, a significant availability of low-cost raw materials along with changing macroeconomic scenario in the region will further drive the overall industry expansion.
Neopentyl Glycol market is highly consolidated due to the presence of companies including BASF, Eastman Chemicals, LG Chem, Mitsubishi Gas Chemical, OXEA, Perstorp AB, and Wanhua Chemical Group. Major industry participants are adopting strategies including mergers and acquisitions, initiatives to capture a higher market share include geographical expansions, production capacity expansion and R&D investments.
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Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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