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Neopentyl Glycol (NPG) Market worth US$ 1.93 Bn by 2028 - Comprehensive Research Report by FMI

Neopentyl Glycol (NPG) Market- Analysis, Outlook, Growth, Trends, Forecasts

/EIN News/ -- DUBAI, United Arab Emirates, Jan. 14, 2022 (GLOBE NEWSWIRE) -- Neopentyl glycol (NPG) market is projected to expand at a 4.6% CAGR between 2022 and 2028, totalling a valuation of US$ 1.93 Bn by 2028. Global Neopentyl Glycol (NPG) Market consumption was registered over 680 thousand tons in 2018, which is likely to witness a moderate 4.2% Y-o-Y increase in 2019.

As per the findings of a new research study of Future Market Insights (FMI), Neopentyl Glycol of technical grade currently accounts for over 95% share in the NPG market and will remain dominant over its pharma-grade counterpart through the course of coming years.

Attribute Details
Neopentyl Glycol (NPG) Market Estimated Size in 2022 US$ 1.47 Bn
Neopentyl Glycol (NPG) Market Value-based CAGR (2022-2028) 4.6 %
Neopentyl Glycol (NPG) Market Projected Size in 2028 US$ 1.93 Bn

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Application in Paints & Coatings Accounts for over 60% of NPG Demand

More than 3/5th of the total consumption of neopentyl glycol is registered by applications in paints and coatings industry, as indicated by the report. In recent years, the use of protective coatings in surface finishing and protection applications has been increasing at a considerable pace, which is in turn favoring the demand for neopentyl glycol for incorporation into coating materials.

Lubricants and insulation materials are likely to remain the next key application areas for manufacturers of neopentyl glycol and NPG based products. The report also foresees relatively promising opportunities lying in the adhesives and sealants category, over the years to come.

Building & Construction Industry to Accommodate Higher Opportunities

While the collective share of NPG consumption by automotive and transportation, and building and construction industries is currently over 75% of the global consumption of neopentyl glycol, FMI’s analysis opines that the latter will accommodate relatively higher opportunistic potential for neopentyl glycol manufacturers. Moreover, industrial plant and equipment domain is strongly likely to reflect relatively profitable opportunities for the growth of NPG manufacturing companies in the near future.

With an approximate share of 3/4th of the total consumption of neopentyl glycol, NPG flakes are highly likely to remain the most preferred form in the global market. Neopentyl glycol slurry, though also is a choice of form among several end use industry operators, will continue to reflect a gradual growth outlook in the NPG market. High convenience quotient, easy usability, and low maintenance in terms of transportation and application will remain the key growth influencers for neopentyl glycol flakes in the market.

Neopentyl Glycol (NPG) Market By Category

Physical Form:

  • Flakes
  • Molten
  • Slurry

Grade:

  • Pharmaceutical Grade
  • Technical Grade

Application:

  • Paints & Coatings
  • Adhesives & Sealants
  • Lubricants
  • Plasticizers
  • Insulation Materials
  • Others

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Scope of the Report

Attribute Details

Forecast Period 2022-2028

Historical Data Available for 2013-2021

Market Analysis Units for Volume and US$ Mn for Value

Key Regions Covered North America, Latin America, Western Europe, Eastern Europe, Southeast Asia & Pacific, China, India, Japan East Asia and the Middle East & Africa

Key Countries Covered US, Canada, Mexico, Brazil, Germany, U.K., France, Italy, Spain, Russia, Poland, China, Japan, South Korea, India, ASEAN, Turkey and South Africa

Key Segments Covered Form, Grade, Application, End-Use Industry and Region

Key Companies Profiled
  • 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.
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Potential as a Sustainability Vehicle to Propel Consumption of Neopentyl Glycol

The overall growth outlook of neopentyl glycol market will remain promising, majorly owing to a rapid legislative shift toward low/non-VOC chemical compounds, across industries worldwide. Neopentyl glycol is being increasingly explored as a phase change material for potential application in LTHS (latent heat storage) devices, which is cited as a significant opportunity for manufacturers.

In addition, to mitigate the challenges associated with extensive usage of PET (polyethylene terephthalate), the role of neopentyl glycol in the chemical recycling of PET is being tested. According to the report, emergence of such innovative applications will uplift the growth prospects of neopentyl glycol market in coming years.

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Key Manufacturers Eye Production Capacity Expansion

The global neopentyl glycol market is a fairly consolidated competition landscape, which is currently witnessing a major trend of manufacturing capacity expansion. Apart from BASF-YPC’s highly anticipated 2X NPG production expansion project that will go on-stream by 2020, Oxea GmbH also recently announced the NPG expansion project planned for European base. Several key players in the market are prominently concentrating on competitive pricing through distribution/supply agreements with regionally leading end use industries.

Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials

Propylene Glycol Methyl Ether Market - The rise in demand for ecofriendly solvent is major driving factor for the propylene glycol methyl ether market.

Global Biobased Propylene Glycol Market - Biobased products are adopted on the premise that they are environment friendly attributed to their renewable origin. 

Global Propylene Glycol Market - About half of the propylene glycol produced is being used as a chemical feedstock to manufacture unsaturated polyester resins.

E-Series Glycol Ether Market - The global e-series glycol ether market is primarily driven by the increasing demand from various applications. 

Glycolic Acid Market - Glycolic acid falls under the category of alpha hydroxy acid (AHA). Glycolic acid is generally odorless, colorless and hygroscopic crystalline solid. 

Polyethylene Terephthalate-Glycol (PETG) Market - Polyethylene Terephthalate-Glycol (PETG) is a thermoplastic polymer obtained by copolymerization of polyethylene Terephthalate and ethylene glycol. 

Monopropylene Glycol Market - Rapid growing population along with rise of an affluent middle class has led to increasing demand of food and beverages.

1,3-Butylene Glycol Market - The 1,3-butylene glycol market is a highly consolidated one with manufacturers adopting a forward integration strategy to cater to the increasing demand 1and expand their footprint in the global market.

Thioglycolic Acid Market - Thioglycolic acid is produced by reacting sodium or potassium chloracetate with alkali metal hydrosulfide and can also be produced by reacting sodium thiosulfate and chloroacetic acid.

Ethylene Glycol Market - The demand for Ethylene Glycol is anticipated to grow with a compelling growth rate of about 3.1% to 4.5 % in between the coming assessment period of 2021-2031.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:

Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/neopentyl-glycol-market
Press Release Source: https://www.futuremarketinsights.com/press-release/neopentyl-glycol-market


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