January 06, 2020
According to the research report titled ‘Neopentyl Glycol Market Size By Type (Flakes, Molten, Slurry), By Application (Automotive Parts/Insulation, Construction Insulation, Furniture/Footwear, Plasticizers, Electronic Products, Fibers, Automotive/Construction Additives, Lubricants, Pharmaceuticals, Agrochemicals, Dyes) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, Spain, UK, Poland, China, India, Japan, South Korea, Australia, Thailand, Malaysia, Indonesia, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global neopentyl glycol market is expected to grow significantly by the year 2025.
According to the report, the surging demand for durable and mechanical & chemical resistant compounds from paints & coatings industry are major factors driving the neopentyl glycol market growth. Neopentyl glycol compounds improve the aesthetic appearance and are scratch & strain resistant. Moreover, increasing applications of powder coating in construction, electronic appliances, aerospace, and automotive industries are aiding the expansion of the market.
Growth of construction sector primarily due to surging government investment on residential construction will amplify the size of neopentyl glycol market. Product features such as corrosion resistance, durability, and improved insulation will boost its demand in construction additives and insulation.
As per type, the market can be segmented into Flakes, Molten, and Slurry. The report cites that flakes segment is expected to grow with a CAGR of more than 7% during 2019-2025. Neopentyl glycol flakes can be used in various applications and are easy to handle during transportation and usage. However, stacking of pellets for long periods of time during storage may increase the risk of cake formation and deter product quality, which in turn will hamper the growth of the segment.
Based on application spectrum, automotive parts and insulation segment holds the largest share in neopentyl glycol market and is expected to be worth over USD 300 million by the year 2025. Rapid urbanization coupled with rising per capita income is increasing the demand for automotives across the globe and thereby fueling the growth of the segment.
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Considering the geographical landscape, Asia-Pacific neopentyl glycol market is estimated to expand with 7.5 % CAGR through 2025. Rising adoption of electronic appliances in rural areas in consort with favorable government initiatives to boost economy are contributing towards the segmental growth. Moreover, rapid urbanization and industrialization especially in developing countries such as Indonesia, Japan, India, and China are augmenting the demand for neopentyl glycol compounds across the region.
The prominent companies operating in neopentyl glycol market are Zouping Fenlian Biotech Co. Ltd., Zibo Ruibao Chemical Co. Ltd., Wanhua Chemical Group Co. Ltd., Kowa India Pvt. Ltd., Mohini Organics Pvt. Ltd, and Celanese Corporation among others.
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