Neopentyl Glycol Market Forecast Analysis | 2023-2028

Market Insights

The neopentyl glycol market was estimated at USD 1.5 billion in 2022 and is likely to grow at a CAGR of 4.53% during 2023-2028 to reach USD 1.96 billion in 2028.

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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.

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

Market Dynamics

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.

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Segment Analysis

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 2022 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 2022 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 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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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 market is segmented into the following categories.

By Type

• Flakes
• Molten
• Slurry

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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Research Methodology

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 10 detailed primary interviews with the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

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.