The higher demand for chemical agents that protect objects, automotive, and skin from UV lights, chemicals, and temperature. Furthermore, usage of neopentyl glycol as a phase change material is transforming the search for alternative energy materials
Asia Neopentyl Glycol is a chemical compound used in the production of resins, coatings, and lubricants. It provides excellent stability, durability, and weather resistance, making it a preferred choice in industries like automotive, construction, and paints. Its properties contribute to high-performance and long-lasting end products.
Asia neopentyl glycol market is expected to have a market share of US$ 1.23 billion by 2033. The market is likely to be valued at US$ 760.5 million in 2023
- The restoration of construction and industrial projects coupled with the technological advancements in the production facilities have flourished market growth. The expanding automotive and furniture & interior sector is also flourishing the demand for neopentyl glycol in the Asian region.
- Emerging economies like China and India are building their infrastructure and renovating their city plans are helping the market garner traction in the region. Alongside this, international NPG suppliers setting up their plants in these regions are projected to contribute to the market’s success.
- The application of neopentyl glycol in the automotive industry and paint & coating sector takes a substantial chunk. The factors behind this consumption are the proliferating automotive sector with new innovative startups functioning in India.
- NPG’s properties that help products fight against heat, light, and water also make it the first choice for the cosmetics industry. Products that deal with bigger skin surfaces and help moisturize also garner market growth.
- Different application-specific solutions of NPG and its usage as a heat recovery agent for phase change materials are also expected to transform the market dynamics shortly.
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Key Points
Competitive Landscape
The key vendors work on application-specific flakes and slurry types. Companies also set up new production facilities to increase production. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
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Recent Market Developments
- Shandong Xinhua Pharma has introduced the Neopentyl Glycol CAS 126-30-7 that comes in 25 KGs packaging. It is used as a plasticizer for unsaturated polyester resin. It can also be used as an additive for lubricating oil.
- BASF has launched its 25 Kg advanced Neopentylglykol for different applications with protective properties against heat and light.
List of Key Players Covered in Asia Neopentyl Glycol (NPG) Market are:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Jul 10, 2023