This prediction stems from increasing neopentyl glycol demand across a variety of applications such as adhesives & sealants, paints & coatings, lubricants, and plasticizers.
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. The target market will likely reach an estimated US$ 1,542.4 million in 2023.
The neopentyl glycol market is expected to grow by 1.6 times during this observation period under the influence of increasing adoption of NPG in applications such as adhesives and sealants, paints and coating, lubricants, and plasticizers.
As per FMI reports, in 2022, top players in the neopentyl glycol market accounted for about 60% to 65% of the global market share. 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.
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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.
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. Despite 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 hurt 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:
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.
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Neopentyl Glycol (NPG) Industry by Category
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More Insights Into Neopentyl Glycol (NPG) Market
FMI offers the latest, unbiased, and detailed analysis of the global neopentyl glycol (NPG) market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented based on physical form, grade, application, end-use industry, and region.
According to the reports, based on segmentation, the flakes form will continue to dominate the global market as they are often used for synthesizing several materials. In terms of end-user, the building and construction sector will create high demand for NPG due to the growing need for paints, insulation materials, resins, and coatings.
Based on region, the neopentyl glycol market in North America will present impressive growth with a market share of 13.1% during 2023 and 2033. This regional market will be mainly driven by the strong presence of market players in the US.
The heightened popularity of eco-friendly and powder forms of paints and coatings coupled with increasing automobile production will also aid the growth of the market in North America. During the forecast period, countries like India, Japan, Germany, and China also contribute to the global growth of the neopentyl glycol market.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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.
Apr 27, 2023
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