Vancouver, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global market for Neopentyl Glycol (NPG) attained a value of USD 1.47 Billion in the year 2022. As indicated by the latest analysis conducted by Emergen Research, this market is poised to achieve a consistent Compound Annual Growth Rate (CAGR) of 5.1% throughout the forecast period. This growth is substantially influenced by the rapid expansion within the automotive and construction sectors.
The automotive and construction industries are experiencing robust expansion, serving as pivotal drivers for the augmentation of market revenue. The application of NPG-based coatings has gained prominence within the construction domain, finding extensive use in architectural paints and flooring materials. This preference is attributed to their capacity to offer remarkable weather resistance and enhanced durability.
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Simultaneously, NPG occupies a vital role in the automotive sector, where it is instrumental in the production of polyester resins employed in manufacturing components like body panels and bumpers. The exceptional mechanical and thermal properties exhibited by NPG-derived materials make them particularly valuable in this industry.
The demand for specialty lubricants and plasticizers that exhibit heightened attributes and stability has surged significantly. This heightened demand is particularly pronounced in sectors such as automotive, aerospace, and electronics, where superior performance characteristics are paramount.
Furthermore, manufacturers' focused endeavors in the realm of Research & Development (R&D) are acting as catalysts for fostering innovations and pivotal advancements in the production process of NPG. This concerted pursuit of innovation is contributing to the evolution of the NPG landscape, further propelling the growth trajectory of the market.
Nonetheless, a significant factor that could potentially impede the growth of market revenue is the stringent regulatory landscape and environmental concerns associated with the manufacturing and utilization of formaldehyde. The production process of Neopentyl Glycol (NPG) necessitates the use of formaldehyde, a compound that has drawn heightened attention due to its potential health and environmental hazards. This heightened awareness of the risks associated with formaldehyde has led to intensified regulatory oversight.
Furthermore, the expenses incurred by manufacturers in aligning their operations with stringent pollution and safety regulations are likely to escalate. This could subsequently exert a restraining influence on the growth of market revenue. The financial burden of compliance with these regulations might lead to a more cautious approach by manufacturers, potentially impacting the overall expansion of the market.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1.47 Billion |
| CAGR (2023–2032) | 5.1% |
| Revenue Forecast To 2032 | USD 2.42 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | BASF SE, Eastman Chemical Company, Perstorp Holding AB, Mitsubishi Gas Chemical Company, Inc., Huntsman Corporation, LG Chem, The Dow Chemical Company, Evonik Industries AG, Mitsui Chemicals, Inc., and Wanhua Chemical Group Co., Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global NPG is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Application. Some of the major companies included in the Global NPG market report are:
- BASF SE
- Eastman Chemical Company
- Perstorp Holding AB
- Mitsubishi Gas Chemical Company, Inc.
- Huntsman Corporation
- LG Chem
- The Dow Chemical Company
- Evonik Industries AG
- Mitsui Chemicals, Inc.
- Wanhua Chemical Group Co., Ltd.
Strategic Development
- On 8 February, 2023, BASF SE and Zhejiang Guanghua Technology Co., Ltd. (KHUA) signed a Letter of Intent (LoI) to provide Neopentyl Glycol (NPG) to KHUA from BASF's Zhanjiang Verbund plant. This agreement represents an important turning point in the long-term relationship between the two parties.
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Some Key Highlights from the Report
- The lubricants generation segment is expected to account for largest revenue share in the global NPG market over the forecast period. This is due to rapid growth in manufacturing, mechanical, and equipment industries, as well as the industrial sector. These industries need lubricants with exceptional lubricity and performance to maintain smooth operations, cut down on maintenance expenses, and increase the lifespan of machinery and equipment. The paints and coatings segment is expected to register steadily fast revenue growth rate in the global NPG market over the forecast period. This is due to rising trend toward innovative and specialty coatings in various end-use sectors. Opportunities for NPG-based resins to fulfil these specific requirements are being created by the development of new coatings with characteristics including self-cleaning, anti-microbial, and anti-corrosive features.
- The North America market is expected to account for largest revenue share in the global NPG market during the forecast period. This is due to rising demand for NPG-based materials in various industries and presence in the pharmaceutical and personal care sectors. The region is adopting more NPG-based materials as a result of the rising demand for low-Volatile Organic Compound (VOC) paints, coatings, and other goods..
- On 19 September, 2022, OQ Chemicals, a global chemical company introduced NPG diheptanoate as an innovative solution for the cosmetics and personal care industry. This light ester-based compound serves as a viable alternative to cyclic silicone compounds, such as cyclosiloxanes (D4-D6), which have been under scrutiny. NPG diheptanoate's unique properties make it a preferred choice for cosmetics manufacturers in color cosmetics, skin care, hair care, sun care, and antiperspirant formulations.
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Emergen Research has segmented the global NPG market on the basis of products, end-use, and region:
- Technology Outlook (Revenue, USD Billion; 2019-2032)
-
- Lubricants
- Plasticizers
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Paints and Coatings
- Automotive
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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