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Global Neopentyl Glycol (NPG) Market to Incur Steady Growth During 2018-2028

06-11-2018 02:43 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Global Neopentyl Glycol (NPG) Market to Incur Steady Growth

Market Outlook

Consumer durable products are turning over as a prerequisite part of advanced & modern life. Majority of these products are derived from the various chemicals, among these chemical one of the most important and most consumed chemicals are polyols. Polyols with multi hydroxyl functional group such as diols, triols and tetrols are used in the production and synthesis of numerous synthetic polymeric products such as polyesters, polyurethanes, polyether polyols and more. Neopentyl glycol (NPG) is falls under the category of polyols

NPG is increasingly gaining traction and turning over as one of the chemical intermediate for the synthesis of numerous synthetic resins, polyester, alkyd resins, paints, plasticizers, polycarbonate resins, synthetic lubricants, and adhesives. It is further adopted and utilized by numerous automotive OEM’s, plastic manufacturers and other synthetic resin manufacturers. NPG enhances the stability of polyester resin and further increased its resistance against light, chemicals and heat which further enables longer & enhanced product life.

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NPG and its derived product has found application in very large scale in the field of magnetic coatings, water based coatings , powder coatings, metal working fluids, aircraft engine lubricants, gel coats, coil coatings and multilayer coatings. It is also used for as a base product for the synthesis of adhesives, plasticizers, lubricants, mortar & cement system, plasticizers, pharmaceuticals, pesticides, fabric softeners and many more.

In the last few year there is substantial increase in the demand for NPG and its derivatives and the same roadmap is forecasted to be followed in the next 8-10 years. The main reason implicit behind this trend is the increase in the usage of paints and coatings in numerous number of industries such as automotive, aerospace to name a few. Much of the growth is associated with the healthy macroeconomic conditions & complex and heavily funded infrastructure projects in emerging countries and economies. Also major players in the region kept on enhancing the production capabilities in order to maintain the effective supply to the consumers. Also the companies are in a quest of adding new technologies with efficient reaction mechanism in order to enhance production capacities. Well lined up arrangements has aided companies to drop down their overall operational cost by 25-30%.

However the cheaper alternative such as ethylene glycol for various application may dents its growth in the near future. On the other hand new product development for niche application such as pharmaceutical is one of the prospective growth opportunity.

Product definition and Segmentation

Neopentyl glycol is one of the most consumed polyol with a unique chemical structure. With two hydroxyl and two methyl groups the chemical shows high thermal and chemical stability along with high weather ability and crystallinity. It is also used as a base product for the synthesis of synthetic lubricating esters which has reduced vulnerability towards oxidation when compared to natural esters. The NPG is synthesized from isobutyraldehyde and formaldehyde. On the commercial scale there are two methods available for the synthesis of NPG which are Aldol Condensation and Cannizzaro process technology out of which aldol condensation is gaining traction.

Global Neopentyl Glycol: Market Segmentation

On the basis of physical form, the global Neopentyl Glycol market has been segmented as:

Flake
Molten
Slurry

On the basis of Production method, the global Neopentyl Glycol market has been segmented as:

Hydrogenation of HPA
Disproportionation (Cannizzaro process)

On the basis of application, the global Neopentyl Glycol market has been segmented as:

Coatings
Automotive
Construction
Furniture& footwear
Plasticizers & Adhesives
Electronic
Other.

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Global Neopentyl Glycol Market: Key Players

Examples of some of the key players operating in the global Neopentyl Glycol market are BASF AG, Eastman Chemicals, LG Chem , Mitsubishi Gas Chemical , OXEA , Polioli , Celanese, Perstorp AB ,Shandong Linzi Yongliu, Shandong Guanghe , Shandong Dongchen , Zouping Fenlian and Shandong Kangte Weiye among others.

Key Developments

In December 2017, BASF-YPC Co. Ltd a joint venture between two chemical giants Sinopec & BASF started to double the production Neopentyl Glycol through their NPG (Neopentyl Glycol) facility in Nanjing China. The facility was previously designed to give an annual output of 40,000 tons but after expansion the annual capacity will reach a mark of 80,000 tons/year. The expansion is expected to be completed by 2020. The increase in capacity enables to fulfill the growing demand of NPG especially in Asia Pacific region.

ABOUT US:
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

CONTACT:
Future Market Insights
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Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
Email: sales@futuremarketinsights.com
Website: www.futuremarketinsights.com

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