Market Insights
The neopentyl glycol market was estimated at USD 1.5 billion in 2023 and is likely to grow at a CAGR of 5.05% during 2024-2030 to reach USD 2.11 billion in 2030.
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Market Dynamics
Introduction
Neopentyl Glycol is an organic compound in its molecular form that forms a colorless, crystalline solid substance used to manufacture a variety of products, including polyesters, coatings, lubricants, and plasticizers. It is admired for its outstanding chemical stability, extremely low vapor pressure, as well as good thermal, humidity, and oxidation stabilities. Neopentyl Glycol for these properties, which has established itself as a superior product for producing the hard-wearing and weathering-protected resins and coatings used within car production industries, building & construction, and electronic industries. It also helps in the creation of green, low-VOC products to meet the increasing market opportunity for sustainable materials across multiple sectors and uses.
COVID-19 IMPACT
The global pandemic majorly impacted the neopentyl glycol market. The market experienced a downshift in global demand in the year 2020.
Market Drivers
The major drivers for the neopentyl glycol market are the following: due to its highly versatile chemical properties, the compound is widely used in many industries.
- High Demand from the Coatings Industry: Neopentyl glycol is one of the most popular reactants employed in the synthesis of high-performance resins and coatings, especially because of its high stability, weather resistance, and hardness. These resins find application in the automotive, construction, and furniture industries due to their serviceability, corrosion resistance, and UV stability of coatings. Owing to the continued increase in the infrastructural and automobile industries around the globe, the market for NPG in coating is seen to be large.
- Growing Use in Plasticizer Manufacturing: Neopentyl Glycol is used in the production of synthesizers, which is used in the preparation of increased flexibility and durability of plastics. Polymerized stuff is used widely in the construction, electronics, and automotive industries. These sectors are still developing, particularly in developing countries, and as they expand, so too will the use of neopentyl glycol for plasticizer manufacturing.
- Rising Adoption in the Manufacturing of Lubricants: The applications of neopentyl glycol are attributed to the fact that this product has some special characteristics like thermal stability and resistance to oxidation, mainly in high-performance lubricants, which are frequently used in industrial and automotive fields. Owing to the need for efficient methods to reduce energy consumption in machines and recent innovations in automotive fields, the market for high-quality lubricants such as neopentyl glycol is also on the rise.
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Key Players
Some of the major players in the market are:
- BASF
- Eastman Chemicals
- LG Chem
- Mitsubishi Gas Chemical
- OXEA
- Perstorp AB
- Wanhua Chemical Group
Note: The above list does not necessarily include all the top players in the market.
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Segment Analysis
Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Type Analysis
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Flakes, Molten, and Slurry
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The flakes segment held the largest share of the market in 2023 and is expected to remain dominant during the forecast period.
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Application Type Analysis
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Automotive Parts/Insulation, Construction Insulation, Furniture/Footwear, Plasticizers, Electronic Products, Fibers, Automotive/Construction Additives, Lubricants, Pharmaceuticals, Agrochemicals, Dyes, and Others
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The automotive parts/insulation segment dominated the market in 2023 and is expected to lead the market during the forecast period as well.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific is estimated to be the largest as well as the fastest-growing market for neopentyl glycol during the forecast period.
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By Type
Based on the type, the market is segmented as flakes, molten, and slurry. The flakes segment held the largest share of the market in 2023 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 have boosted the demand for neopentyl glycol across the resin & coating industry.
By Application Type
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 2023 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.
Regional Insights
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 emissions 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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Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects neopentyl glycol market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Market Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The neopentyl glycol market is segmented into the following categories:
By Type
By Application Type
- Automotive Parts/Insulation
- Construction Insulation
- Furniture/Footwear
- Plasticizers
- Electronic Products
- Fibers
- Automotive/Construction Additives
- Lubricants
- Pharmaceuticals
- Agrochemicals
- Dyes
- Others
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
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Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players)
- SWOT analysis of key players (up to 3 players)
Market Segmentation
- Current market segmentation of any one of the application types by type.
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.