Neopentyl Glycol Market Outlook
According to the report by Expert Market Research (EMR), the global neopentyl glycol market price is expected to grow at a CAGR of 3.7% between 2023 and 2028. Aided by the escalating demand for high-quality resins and paints and the expanding applications of neopentyl glycol in numerous industries such as paints and coatings, the market is expected to grow significantly by 2028.
Neopentyl glycol, a white crystalline synthetic chemical, is frequently used as an ingredient in various products such as synthetic lubricants, resins, paints, and coatings. It plays a critical role in enhancing the durability, heat resistance, and stability of these products. Beyond its primary qualities, neopentyl glycol’s exceptional chemical resistance, low volatility, and superior colour stability makes it an invaluable component in several industrial applications, including the automotive, construction, and aerospace sectors.
The increasing consumer preference for high-quality paints and coatings is a key driver of global neopentyl glycol market growth. With growing consciousness of the aesthetic and protective benefits linked with advanced coating materials, there has been a significant transition towards high-performance paints and coatings, spurring the demand for neopentyl glycol-based products. Furthermore, the escalating trend of automotive customisation and home renovation has also boosted the popularity of neopentyl glycol, as it is a preferred ingredient in automotive paints and home decor coatings.
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Neopentyl glycol’s expanding applications across diverse industries is also increasing the neopentyl glycol market demand. In the manufacturing sector, neopentyl glycol is utilised as a building block for polyester resins, playing an essential role in producing high-quality plastics. The aerospace industry benefits from neopentyl glycol’s heat and chemical resistance properties, essential for formulating various aircraft components. Moreover, its low volatility makes it a critical element in the creation of synthetic lubricants.
Additionally, the growing demand for environmentally friendly alternatives in the paint and coatings industry has led to a heightened focus on neopentyl glycol as a suitable ingredient for low volatile organic compound (VOC) products. With the rise of eco-consciousness and the growing popularity of sustainable industrial practices, neopentyl glycol has surfaced as a key component in formulating eco-friendly paints, coatings, and resins, thereby propelling the neopentyl glycol market expansion.
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Neopentyl Glycol Market Segmentation
The market can be divided based on type, technology, application, and region.
Market Breakup by Type
- Flakes
- Molten
- Slurry
- Others
Market Breakup by Technology
- Disproportionation Method
- Hydrogenation Method Disproportionation Method
- Hydrogenation Method
Market Breakup by Application
- Paint and Coatings
- Insulation Material
- Adhesives and Sealants
- Lubricants
- Fibres
- Plasticisers
- Pharmaceuticals
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global neopentyl glycol companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BASF SE
- Eastman Chemical Company
- Mitsubishi Gas Chemical Company, Inc
- Perstorp Group
- LG Chem
- Others
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