USD 1.38 billion
Neopentyl Glycol Market Size, Share, Growth Analysis, By Type(Flakes, molten and slurry), By Application(Paintings and coatings, automotive, construction and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15B2110 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Neopentyl Glycol Market Insights
Neopentyl Glycol Market size was valued at USD 1.38 billion in 2021 and is poised to grow from USD 1.45 billion in 2022 to USD 2.14 billion by 2030, at a CAGR of 5% during the forecast period (2023-2030).
Global Neopentyl Glycol Market is witnessing robust growth and significant demand across various industries. Neopentyl glycol, commonly known as NPG, is a crucial chemical compound used primarily in the production of coatings, resins, and polyester polyols. The market expansion is primarily driven by the thriving construction and automotive sectors, where NPG finds extensive application in high-performance coatings and durable paints. Moreover, the rising awareness regarding eco-friendly and sustainable products has further boosted the demand for neopentyl glycol as it contributes to reduced VOC emissions in coatings and adhesives. Additionally, the chemical's versatility and excellent properties, such as enhanced thermal stability and weather resistance, continue to attract manufacturers from the plastics and fibers industries. Technological advancements and innovations in production processes are further propelling the market forward. Geographically, Asia-Pacific stands out as the dominant region, spearheaded by the rapid industrialization, urbanization, and increasing infrastructure development in countries like China and India. However, North America and Europe also exhibit substantial growth owing to the growing emphasis on environmentally friendly products and the surging automotive production in these regions. As the demand for sustainable and high-performance chemicals continues to rise, the Global Neopentyl Glycol Market is projected to maintain its upward trajectory in the foreseeable future.
US Neopentyl Glycol Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Flakes
Fastest Growth
Flakes
Growth Rate
5% CAGR
Global Neopentyl Glycol Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Neopentyl Glycol Market Segmental Analysis
The Global Neopentyl Glycol Market is segmented on the basis of type, application, and region. Based on type, the market can be segmented into flakes, molten and slurry. Based on application, the market is segmented into Paintings and coatings, automotive, construction and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Neopentyl Glycol Market Analysis By Type
The dominant segment in the Global Neopentyl Glycol Market is the flakes segment. Flake neopentyl glycol holds a significant market share due to its ease of handling, better storage capabilities, and efficient transport. Manufacturers and end-users prefer flakes as they offer higher purity levels and are less prone to contamination, making them ideal for a wide range of applications in various industries such as coatings, resins, and adhesives.
Among the different segments in the Global Neopentyl Glycol Market, the slurry segment is experiencing the fastest growth. The increasing adoption of slurry neopentyl glycol can be attributed to its advantages in specific applications, such as excellent solubility and easier incorporation into water-based systems. The slurry form provides better compatibility with certain formulations, particularly in the production of water-based coatings and adhesives. As sustainability concerns continue to drive innovations in the chemical industry, the slurry segment is witnessing accelerated growth due to its environmental benefits and expanded utility in emerging eco-friendly product lines.
Neopentyl Glycol Market Analysis By Application
The dominant segment in the Global Neopentyl Glycol Market is Paintings and Coatings. The extensive use of neopentyl glycol in the formulation of high-performance coatings, paints, and varnishes has contributed to the significant market share of this segment. Neopentyl glycol's properties, such as excellent adhesion, durability, and resistance to weathering, make it a preferred choice for various industrial and decorative coating applications. The booming construction and industrial sectors, coupled with the rising demand for sustainable and eco-friendly coatings, further bolster the dominance of the Paintings and Coatings segment in the market.
The fastest-growing segment in the Global Neopentyl Glycol Market is the Automotive segment. The automotive industry's rapid expansion, especially in emerging economies, has resulted in increased demand for neopentyl glycol in various automotive applications. NPG's usage in automotive coatings and adhesives has gained momentum due to its ability to provide enhanced protection against corrosion and environmental stresses, leading to a surge in its adoption by automotive manufacturers. Additionally, the shift towards lightweight and fuel-efficient vehicles has further driven the growth of neopentyl glycol in the automotive sector, as it enables the production of advanced materials with improved performance characteristics.
Global Neopentyl Glycol Market By Type
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Neopentyl Glycol Market Regional Insights
Among the regions, the dominant region in the Global Neopentyl Glycol Market is Asia Pacific. The region's strong market presence is attributed to rapid industrialization, urbanization, and robust economic growth, particularly in countries like China and India. The increasing demand for neopentyl glycol in diverse industries such as construction, automotive, and paints and coatings, driven by a surge in infrastructure development and manufacturing activities, has significantly boosted the market in this region.
The Middle East and Africa region is experiencing the fastest growth in the Global Neopentyl Glycol Market. The accelerated expansion is primarily fueled by rising industrial investments and infrastructural developments in countries within this region. Additionally, the growing awareness of sustainable practices and eco-friendly products has spurred the demand for neopentyl glycol in various applications. The burgeoning construction and automotive sectors further contribute to the region's increasing adoption of neopentyl glycol, making it the fastest-growing segment in the market.
Global Neopentyl Glycol Market By Geography
- Largest
- Fastest
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Neopentyl Glycol Market Dynamics
Neopentyl Glycol Market Drivers
Increasing demand for eco-friendly and sustainable products
- One key driver of the Global Neopentyl Glycol Market is the increasing demand for eco-friendly and sustainable products. As environmental concerns continue to gain prominence, industries are actively seeking alternatives to traditional chemical compounds. Neopentyl glycol, with its low VOC emissions, excellent adhesion properties, and reduced environmental impact, has emerged as a favored choice for various applications, especially in the coatings, paints, and adhesives industries. The growing emphasis on sustainability and eco-consciousness is driving the market's expansion as more manufacturers and end-users opt for neopentyl glycol to meet their environmental goals.
Neopentyl Glycol Market Restraints
Volatility of raw material prices
- A key restraint faced by the Global Neopentyl Glycol Market is the volatility of raw material prices. Neopentyl glycol is produced from petrochemical-derived feedstocks, and fluctuations in crude oil prices can significantly impact the overall cost of production. This price volatility poses challenges for manufacturers in terms of cost management and profit margins. Additionally, the unpredictability of raw material prices can lead to uncertainties in the market, affecting investment decisions and hindering the growth of the neopentyl glycol industry. Manufacturers need to carefully monitor and manage their supply chain to mitigate the impact of fluctuating raw material costs and maintain stability in the market.
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Neopentyl Glycol Market Competitive Landscape
The competitive landscape of the Global Neopentyl Glycol Market is characterized by intense rivalry among key players striving to expand their market presence. Companies are focusing on research and development activities to introduce innovative and sustainable neopentyl glycol products. Moreover, strategic collaborations, mergers, and acquisitions are common strategies adopted to strengthen market position and broaden product portfolios. The market's competitive dynamics are also influenced by factors such as pricing strategies, distribution networks, and regional market expansion efforts. Overall, the global market exhibits a competitive environment as players aim to cater to diverse industry demands and capitalize on emerging opportunities.
Neopentyl Glycol Market Top Player’s Company Profiles
- LG Chem (South Korea)
- MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan)
- OXEA GmbH (Germany)
- Perstorp Orgnr (Sweden)
- Polioli S.p.A. (Italy)
- Oleon NV (Belgium)
- Shandong Dongchen New Technology Co, Ltd. (China)
- Dairen Chemical Corporation (Taiwan)
- Nan Ya Plastics Corporation (Taiwan)
- ISU Chemical Co., Ltd. (South Korea)
- ExxonMobil Corporation (US)
- Mitsui Chemicals, Inc. (Japan)
- NAN YA PLASTICS CORPORATION (Taiwan)
- Maruzen Petrochemical Co., Ltd. (Japan)
- Baichuan Stock (China)
- Bluestar Harbin Petrochemical Corporation (China)
- Yantai Suny Chem International Co., Ltd. (China)
Neopentyl Glycol Market Recent Developments
- In October 2022, BASF SE revealed its intentions to invest in a cutting-edge NPG facility at the Zhanjiang Verbund site in China, with an expected annual output of 80,000 metric tons. The new plant is slated to commence operations in the fourth quarter of 2025 and is set to bolster BASF's global NPG production capacity from 255,000 to 335,000 metric tons per year, further consolidating its position as a prominent NPG producer worldwide.
- In September 2022, OQ Chemicals introduced a novel derivative of NPG, namely neopentyl glycol diheptanoate, aimed at being a vital ingredient in the cosmetic and personal care industry.
- In December 2021, QQ Chemicals, renowned for manufacturing oxo intermediates and OXO derivatives, implemented price hikes for neopentyl glycol.
Neopentyl Glycol Key Market Trends
- Increasing demand for eco-friendly and sustainable products: One key market trend in the Global Neopentyl Glycol Market is the increasing demand for eco-friendly and sustainable products. As environmental awareness grows, industries are increasingly adopting neopentyl glycol due to its low VOC emissions and reduced environmental impact. This trend is driving the development of eco-friendly coatings, adhesives, and other products, as neopentyl glycol provides improved performance while also meeting environmental standards.
Neopentyl Glycol Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Neopentyl Glycol Market analysis, the global market is experiencing robust growth and demand across various industries, such as coatings, automotive, and construction. Neopentyl glycol's versatility and eco-friendly properties make it a preferred choice for manufacturers and end-users aiming for sustainable and high-performance solutions. The market is characterized by intense competition among key players, who are focused on innovation and strategic partnerships to expand their market presence. Additionally, companies are investing in new production facilities to meet the rising demand and solidify their positions as leading NPG producers globally. As environmental concerns continue to drive market trends, the adoption of eco-friendly neopentyl glycol derivatives in various applications, including cosmetics and personal care, is on the rise. However, the market faces challenges concerning raw material price volatility, which necessitates careful supply chain management. Overall, the global market is poised for continued growth as industries seek sustainable chemical solutions and enhanced performance in their products.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.38 billion |
| Market size value in 2031 | USD 2.14 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Neopentyl Glycol Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Neopentyl Glycol Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Neopentyl Glycol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neopentyl Glycol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neopentyl Glycol Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neopentyl Glycol Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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