Neopentyl glycol market is increasingly demanded in polymers, paints, plastics, lubricants, and other commercial industrial verticals. It is a chemical compound which is used in various processes of synthesis of various products such as polymers, paints, thereby enhancing the stability of products towards water, light, heat, and others. The product is highly thermal and ensures superior performance providing an advantage to the customers.
The rising demand for consumer durables is expected to fuel the market. Majority of these consumer durables are derived chemically among which the majorly used chemical is polyols. Polyols are used with multi-functional hydroxyls such as tetrols, triols, and diols. These polyols are used in several commercial productions and polymeric synthesis such as polyurethanes, polyesters, polyether polyols, and others. (NPG) constitutes to be one of the majorly applied polyols.
Geographically, global neopentyl glycol market is segmented into five major regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe is expected to dominate the market for neopentyl glycol market during the forecast period. This is attributed to the considerable growth in automotive, mining, steel, electronics manufacturing, and agriculture sector. These sectors have encouraged the need for automation and digitization of European industrial ecosystem thus anticipating growth for the automotive lubrication system market in this region. Additionally, growing demand of company’s building block for eco-efficient powder coating and resins continues to grow over the forecast period. For instance, France, being an industrially advanced country particularly in the manufacturing segment follows to be a country for enormous opportunity in the automotive lubricant system market.
Asia Pacific is expected to observe considerable growth in the neopentyl glycol market. This is ascribed to the prevalence of developing countries such as India, South Korea, China, and others. Additionally, rapid urbanization, growing industrialization, and rising consumerism are the major factors contributing to the growth of the market in these regions.
The market for neopentyl glycol in North America is expected to witness a noteworthy growth owing to increasing infrastructural demand from highly populated countries such as United States, Mexico, Canada, and others. NPG includes superior characteristics that are widely applicable to non-residential verticals such as industrial, infrastructure, and commercial.
The neopentyl glycol market in MEA is predicted to witness a steady growth owing to opportunities generated because of developing infrastructure in Middle East.
Latin America is likely to witness sluggish growth in the market during the forecast period. Neopentyl glycol market players are focusing on cost reduction of NPG products, and the development of new techniques used in the production of neopentyl glycol, thus, are witnessing a rise in the demand for NPG.
Global neopentyl glycol market is segmented into product form, production method, and End users.
On the basis of product form, neopentyl glycol market is segmented into flakes, molten, slurry. Flake segment is likely to witness huge demand in the market. NPG flakes, in the form of a clear flake, is a polyalcohol that can be used in resins for powder coatings and glues. This product is normally used in the production of polyester resins.
Based on the production method, neopentyl glycol market is segmented into hydrogenation of HPA and disproportionation. Hydrogenation of HPA segment is expected to lead the production segment during the forecast period 2019-2026. This is because HPA has a higher selectivity of NPG (Neopentyl Glycol) and the selectivity can be not less than 97%. The initial application in industrial verticals is prominently in the production of butenes and high purity ethylene from propylene. Additionally, technological advancements have led to positive production of long-chain linear products as plasticizer alcohol, synthetic lubricants, and several other preparations of surfactant.
On the basis of end users, neopentyl glycol market is segmented into paints & coatings, automotive, construction, chemicals, plastics, textiles, pharmaceuticals, cosmetics & personal care, and others. Paints & coatings segment is expected to witness significant growth in the forecasted period, it is primarily used as a building block in polyester resins for coatings, alkyd resins, unsaturated polyester, lubricants, and plasticizers. Government initiatives such as “Make in India”, “House for all”, and “Smart cities development” are expected to propel the market growth.
Global Neopentyl Glycol Market Segmentation
By Physical Form
By Production Method
By End Users