The market report on the Neopentyl Glycol Market published by Stratview Research indicates lucrative growth opportunities in the Neopentyl Glycol industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Neopentyl Glycol Market Forecast:
The neopentyl glycol market size is estimated at USD 1.5 billion in 2022 and is likely to grow at a CAGR of 4.01% during 2022-2028 to reach USD 1.96 billion in 2028.
The prime factor that is contributing to the demand for Neopentyl Glycol is mainly the increasing demand for low-VOC compounds and a wide arrange of applications.
What is Neopentyl Glycol?
Neopentyl glycol is an organic chemical compound that finds use in the synthesis of paints, polyesters, lubricants, and plasticizers.
COVID-19 Impact
The global pandemic majorly impacted the Neopentyl Glycol Market. The market experienced a downshift in global demand in the year 2020.
Here are the key players in the market –
- BASF
- Eastman Chemicals
- LG Chem
- Mitsubishi Gas Chemical
- OXEA
- Perstorp AB
- Wanhua Chemical Group
Neopentyl Glycol Market Segmentation:
The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.
Based on the type, the market is segmented as flakes, molten, and slurry. The flakes segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. Ease in handling during storage, enhanced usability, and low maintenance in terms of transportation and application has boosted the demand for neopentyl glycol across the resin coating industry.
Based on the application type, the market is segmented as automotive parts/insulation, construction insulation, furniture/footwear, plasticizers, electronic products, fibers, automotive/construction additives, lubricants, pharmaceuticals, agrochemicals, dyes, and others. The automotive parts/insulation segment dominated the market in 2021 and is expected to lead the market during the forecast period as well. Neopentyl glycol is widely used in insulation applications owing to its high thermal stability.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for neopentyl glycol during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. Inclination towards producing environment-friendly powder coatings with low VOC emission is likely to propel the market growth across the regions. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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