4 key factors influencing global neopentyl glycol market growth
Selbyville, Delaware, United States, September 15 2020 (Wiredrelease) Global Market Insights, Inc –:Surge in the demand for powder coatings in the electronics, construction, automotive and aerospace sector will drive neopentyl glycol market share in the forecast time period. The product will experience a significant demand owing to sturdy scope in powder coating resins, with enhanced durability and reduced VOC emission as compared to conventional resins.
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Frontrunners in the Neopentyl Glycol Market
BASF SE, Eastman Chemical Company, LG Chem, Mitsubishi Gas Chemical Company, Inc., OXEA GmbH, Oleon NV, Perstorp AB, Celanese Corporation, Mohini Organics Pvt. Ltd., Kowa India Pvt. Ltd., Wanhua Chemical Group Co. Ltd, Zibo Ruibao chemical Co. Ltd, Zouping Fenlian Biotech Co. Ltd
Lower consumption of energy, low processing cost and enhanced environmental performance of neopentyl glycol will encourage product adoption and influence the industry growth.
Strict regulations laid down by the government in association with VOC emission standards and chemical processing will help accelerate neopentyl glycol market size. Several companies involved in the industry’s competitive dynamics constantly seek to improve the product quality so that it could meet the existing rules & regulations present.
Neopentyl glycol has been witnessing a rising demand as a chemical intermediate used in adhesives, alkyd resins, polycarbonate resins, synthetic lubricants, paints and polyesters which will encourage growth of neopentyl glycol industry share over the study period.
Described below are few trends that will foster the steady consumption of neopentyl glycol over the coming years:
Surging efforts to boost production
Reduced processing cost as well as effortless availability of neopentyl glycol will lead to an escalated impetus to neopentyl glycol market forecast. Industry players will be reducing the cost of production and investing in newer technologies that will help them secure higher results, creating lucrative growth opportunities and gaining a competitive edge.
For example, Jiangsu Kaimao Chemical Technology Co. Ltd. has reportedly created a one-step synthesis of neopentyl glycol that will help in the production of the product with purity and high stability, at lower cost.
Increasing demand for polyester
Widely used in polyester, neopentyl glycol in the form of flakes is suited for the production of coil coatings, gel coats, reinforced plastics, stoving enamels, and powder coatings as well as in esters to produce synthetic lubricants by manufactures.
Neopentyl glycol flakes market share is estimated to register a CAGR of more than 7% between 2019 to 2025.
Flakes form neopentyl glycol is extremely easy to transport, store and handle which will escalate the sales of the product and foster neopentyl glycol industry size in the forthcoming years.
Higher demand for eco-friendly vehicles
Booming automotive production across the globe has strengthened the automotive sector and induced the demand for neopentyl glycol. Automotive parts/insulation segment accounted for a large revenue share in 2018 and is anticipated to raise more than USD 300 million by the year 2025.
Strict regulations to curb carbon emissions along with the surging production of vehicles will encourage the manufacturers of automotive and transportation components for the adoption of polyester resins and powder coatings. They are used in the production of greases, fabrics and insulation that contains neopentyl glycol compounds.
With a rapid increase in the environment-friendly electric vehicles due to growing awareness among consumers, from the rise in energy costs and depleting fossil fuel resources, will propel the industry growth.
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