Neopentyl Glycol Market Trend with Global Foresight 2023 by BASF SE, Celanese Corporation, Eastman Chemical Company, LG Chem, MITSUBISHI GAS CHEMICAL COMPANY, INC

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.

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.

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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.

Segmentation

The global neopentyl glycol market is segmented on the basis of the type, application, end-use industries, and region.

On the basis of the type, the global neopentyl glycol market is segmented into flakes, molten, and slurry.

Based on the application, the market is segmented into coatings, adhesives & sealants, insulation, plasticizers, fibers, agrochemicals, fuel additives, dyes, emollient, and others.

On the basis of the end-use industries, the market is segmented into paints, automotive, construction, chemicals, plastics, textiles, pharmaceuticals, cosmetics & personal care, and others.

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Key Players

Some of the manufacturers operating in the global neopentyl glycol market are BASF SE (Germany), Celanese Corporation (U.S.), Eastman Chemical Company (U.S.), LG Chem (South Korea), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), OXEA GmbH (Germany), Perstorp Orgnr (Sweden), Polioli S.p.A. (Italy), Oleon NV (Belgium), and Shandong Dongchen New Technology Co,Ltd. (China).

Intended Audience

• Neopentyl glycol Manufacturers
• Traders and distributors of Neopentyl glycol
• Research and development institutes
• Potential investors
• Raw material suppliers
• Nationalized laboratory

Regional Analysis

The global neopentyl glycol market is spanned across the following five regions named Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia Pacific dominated the global neopentyl glycol market in 2017 owing to the high demand for paints & coatings coupled with the growth of the supplementary end-use industries such as automotive and construction in the region. The increasing demand for neopentyl glycol in personal care products, agrochemicals, and textiles is likely to fuel the market growth in the region.
North America was the second largest market across the globe in 2017 on account of the high demand for neopentyl glycol as an additive in the powder coatings for resistance, stability, and low VOC emission.

The European market is projected to witness a moderate growth due to the high demand from automotive production in the Western Europe.

The Latin American market is expected to showcase a considerable growth due to the growing automotive industry in the region.

The Middle East & Africa is likely to grow substantially owing to the increasing demand for construction insulation and adhesives from the infrastructural activities in the GCC countries.

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