Neopentyl Glycol Market with International Prestigious Players | BASF SE, Celanese Corporation, Eastman Chemical Company, LG Chem, MITSUBISHI GAS CHEMICAL COMPANY, INC., OXEA GmbH, Perstorp Orgnr, Polioli S.p.A., Oleon NV, Shandong Dongchen New Technology

Market Overview

Neopentyl glycol, also known as Dimethylolpropan, is a hydroscopic crystalline organic chemical compound, colorless-to-white in color. Neopentyl glycol is industrially synthesized by the aldol reaction of formaldehyde and isobutyraldehyde, which results in formation of intermediate hydroxypivaldehyde. This can be converted to neopentyl glycol through catalytic hydrogenation of aldehyde group to an alcohol group.
The major driver for global neopentyl glycol market is the increasing use of neopentyl glycol as a base resin for coatings, hydraulic fuels, greases, and aircraft engine lubricant. Resistance to oxidation, non-polar chemical nature, and enhanced stability towards heat, light, and water are some of the superior properties it possess.

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Neopentyl glycol is soluble in water, benzene, chloroform, ethanol, and diethyl ether. Furthermore, its demand is increasing due to its growing use as a chemical intermediate for the synthesis of resins, polyester, alkyd resins, paints, synthetic lubricants, adhesives, and others. It is also used as a base product for plasticizers, pharmaceuticals, pesticides, fragrances, fabric softeners, vibration dampers, and others.

The global neopentyl glycol market is expected to witness a substantial growth due to the increasing penetration of nepentyl glycol in paints and coatings, which is complementary to various end-use industries such as automotive, aerospace, ship building, construction, among others. Heavy investments in infrastructure projects in emerging countries and the new product development in pharmaceuticals and personal care products are likely to offer substantial opportunities to neopentyl glycol over the assessment period. However, the threat of substitution by availability of cheaper alternative, for instance, ethylene glycol may challenge the market growth in the coming years.

Some of the key developments observed in the market include product launch and capacity expansion. For instance, in 2015, Perstorp invested in capacity expansion of neopentyl glycol at its advanced facility in China. Moreover, in December 2017, BASF SE and SINOPEC expanded the production capacity of neopentyl glycol of their 50-50 joint venture in Nanjing, China, which was established in 2015. The new annual production capacity will be 80, 000 metric tons and the plant will be operational in 2020.

Industry Segmentation:

The global neopentyl glycol market is segmented by type, application, end-use industries, and region.

Neopentyl glycol is available in various types including flakes, molten, and slurry. The type to be used is determined on the basis of the conditions specified for manufacturing and application. The molten type neopentyl glycol is used in saturated polyesters, unsaturated polyesters, and esters for powder coatings, gel coats, and reinforced plastics, and synthetic lubricants respectively. The molten form is leading the market due to its wide consumption for manufacturing powder coatings, which emit less VOC. The slurry or suspension form is 90% neopentyl glycol by weight in water and is transported at a temperature ranging from 50–70ºC. The slurry form allows rapid esterification and high chemical & thermal stability. The neopentyl glycol flake is shipped at below 30ºC to prevent cake formation.

The application segment includes coatings, adhesives & sealants, insulation, plasticizers, fibers, agrochemicals, fuel additives, dyes, emollient, and others. Among these applications, the coatings emerged as the leading segment due to high demand from construction, automotive, aerospace, shipbuilding, and other industries. This can be attributed to the corrosion resistant nature and high thermal stability of neopentyl glycol. The demand for neopentyl glycol based adhesives & sealants is increasing due to their durability, stability, moisture & chemical resistance, and heat-resistant properties. Moreover, its usage in automotive insulation and agrochemicals is another factor propelling the product demand.

On the basis of the end-use industries, the market is segmented into paints & coatings, automotive, construction, chemicals, plastics, textiles, pharmaceuticals, cosmetics & personal care, and others. The paints industry is dominating the market owing to its use for applications such as powder coating, can & coil coating. The product is highly consumed for the manufacturing of adhesives & sealants and additives used in construction and automotive, which is expected to drive the market growth further. Also, it is used as a dye in the textile industry, which is likely to augment its demand over the review period. Growing opportunities for the product in pharmaceuticals such as the production of ibuprofen drug for generic diseases are likely to propel the market growth. The increasing penetration of personal care products as skin-conditioner and viscosity increasing agent is projected to augment the market growth over the assessment period.

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Regional Analysis

Regionally, the global neopentyl glycol market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia Pacific was leading the global neopentyl glycol market in 2017 on account of the high demand for manufacturing paints & coating, which are further used in automotive and construction industries. Moreover, the rising demand for neopentyl glycol in agrochemicals, textiles, and personal care products is expected to spur the market growth during the forecast period 2018-2023.

The high demand for neopentyl glycol as an additive in the powder coatings for resistance and stability led the North American market in 2017.
The European market is projected to witness a moderate growth due to the demand from automotive production in Western Europe.

Competitive Analysis

 BASF SE
 Celanese Corporation
 Eastman Chemical Company
 LG Chem
 MITSUBISHI GAS CHEMICAL COMPANY, INC.
 OXEA GmbH
 Perstorp Orgnr
 Polioli S.p.A.
 Oleon NV
 Shandong Dongchen New Technology Co,Ltd.

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