Neopentyl glycol is a crystalline substance with combustible characteristics. It is an organic compound that is chloroform, benzene, and water soluble. The superior chemical and thermal stability of neopentyl glycol drive the growing demand in the international marketplace. It is estimated that low volatile organic compound (VOC) content will spur the demand for neopentyl glycol. Owing to its excellent properties, NPG finds industrial applications in closed-system functional fluids, dyes, paint & coating additives, and lubricants. The rising adoption of NPG in lubricating engines of automobiles and aircraft will bode well for the market as the global aircraft and automobile industries are expected to prosper in the upcoming years.
The global neopentyl glycol (NPG) industry is poised to reach a valuation of US$ 1,542.4 million in 2023, with a projected slow acceleration at a CAGR of 4.6% from 2023 to 2033. By the year 2033, the market is anticipated to achieve a valuation of US$ 2,418 million. Neopentyl glycol, with the Chemical Abstracts Service (CAS) number 126-30-7, plays a crucial role in various industries, and its steady growth underscores its significance in the global market landscape.
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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.
Competitive Landscape
Key Companies Profiled in the Global 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.
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.
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Neopentyl Glycol (NPG) Industry by Category
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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