The global neopentyl glycol (NPG) market is projected to reach a valuation of US$ 2,148 million by 2033, with sales growing at an average CAGR of 4.6% from 2023 to 2033. In 2023, the target market is expected to be worth $1,542.4 million USD. During this observation period, the neopentyl glycol market is predicted to grow by 1.6 times due to increased acceptance of NPG in applications such as adhesives and sealants, paints and coatings, lubricants, and plasticizers. According to FMI, the top players in the neopentyl glycol market will account for around 60% to 65% of the global market share in 2022.
Neopentyl glycol is a crystalline chemical with flammable properties. It is an organic chemical that is soluble in chloroform, benzene, and water. The increased demand for neopentyl glycol is being driven by its higher chemical and thermal stability. The low volatile organic compound (VOC) level is expected to increase demand for neopentyl glycol. NPG is used in closed-system functional fluids, dyes, paint and coating additives, and lubricants due to its good characteristics. The increasing use of NPG in lubricating engines in vehicles and aircraft will benefit the market since the global aircraft and automobile sectors are predicted to thrive in the future years.
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Historically, the market observed a CAGR of 4.4% from 2018 to 2022. FMI predicts significant recovery from this growth rate with countries like India, Indonesia, Mexico, and Korea will emerge as highly opportunistic markets for neopentyl glycol. This is due to the rapid development of the economies in these countries. Again, attributes like superior resistance to weather, chemicals, and hot water, 65% water solubility, 210 degrees Celcius sublimation temperature, easy solubility in aromatic compounds, ethers, lower ketones, lower alcohol, and its hygroscopic and odorless natures encourage market growth of neopentyl glycol. Additionally, initiatives of regulatory agencies will also push for the adoption of NPG across multiple industrial verticals in the coming years. The market for neopentyl glycol looks at positive prospects in the upcoming years.
In spite of a positive outlook, the neopentyl glycol market is not without its share of limitations and restraints. The availability of alternatives and substitutes such as 2-Methyl-1, 3-propanediol, and ethylene glycols will have an adverse impact on the market. These alternatives are affordable and possess features that are ideal for specific products compared to NPG. This will likely act as a hindrance to the growth of the NPG market.
Key Takeaways:
- Rapid industrialization will push India’s neopentyl glycol market to account for a 33.3% share in the South Asia market.
- Strong presence of key manufacturers and the expanding paints and coatings industry will drive the market in the US.
- Based on the form, the flakes segment will register high demand during the assessment period.
- By end-use industry, the building and construction category will dominate the global market.
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Competitive Landscape
BASF SE, TCI Chemicals India Pvt. Ltd., QQ Chemicals, LG Chem Ltd., and OXEA GmbH, among others, are some of the key players in the neopentyl glycol (NPG) market profiled in the full version of the report.
The international NPG market is a highly consolidated one with key players accounting for a significant portion of the market share. Leading market participants are focusing on product development, expanding their production capacities, and competitive pricing. Joint ventures, mergers, acquisitions, collaborations, and partnerships are also employed by these businesses. For example, in 2022, QQ Chemicals launched a new derivative of NPG while BASF SE declared its investment in a new NPG plant.
Top Key Player in the Market
- BASF SE
- Eastman Chemical Company
- MITSUBISHI GAS CHEMICAL COMPANY, INC.
- OXEA GmbH
- Wanhua Chemical Group Co., Ltd.
- TCI Chemicals ?India? Pvt. Ltd.
- LG Chem Ltd.
- Perstorp Holding AB
- Shandong Dongchen Ind. Group. Corp.
- Zouping Fenlian Biotech Co., Ltd.,
- Hefei TNJ Chemical Industry Co., Ltd.
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Key Segmentation of the Neopentyl Glycol (NPG) Market
By Physical Form:
- Flakes
- Molten
- Slurry
By Grade:
- Pharmaceutical Grade
- Technical Grade
By Application:
- Paints & Coatings
- Adhesives & Sealants
- Lubricants
- Plasticizers
- Insulation Materials
By End-Use Industry:
- Automotive & Transportation
- Building & Construction
- Industrial Plant & Equipment
- Furniture & Interiors
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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