The Neopentyl glycol (NPG) market is projected to increase at a 4.6% CAGR between 2022 and 2028, totaling a valuation of US$ 1.93 Bn using 2028. Worldwide neopentyl glycol (NPG) intake became registered over 680 thousand lots in 2018, which is probably to witness a mild 4.2% y-o-y increase in 2019.
As per the findings of a brand new research look at Future Market Insights (FMI), neopentyl glycol of technical grade presently debts for over 95% proportion of the NPG market and will stay dominant over its pharma-grade counterpart through the course of coming years.
Application in Paints & Coatings debts for Over 60% of NPG Demand
Greater than 3/fifth of the overall consumption of neopentyl glycol is registered with the aid of programs in the paints and coatings industry, as indicated via the report. In recent years, the use of protecting coatings in surface finishing and protection applications has been increasing at a significant tempo, which is in flip favoring the demand for neopentyl glycol for incorporation into coating substances.
Lubricants and insulation materials are likely to remain the following key software areas for producers of neopentyl glycol and NPG primarily based products. The file additionally foresees highly promising possibilities of mendacity inside the adhesives and sealants category, over time to come.
Key Manufacturers Eye Manufacturing Ability Growth
The worldwide neopentyl glycol market is a reasonably consolidated competition landscape, which is presently witnessing a chief trend of manufacturing potential enlargement. Aside from basic pics especially the predicted 2x NPG production expansion project as a way to move on-circulation by 2020, oxea Gmbh also lately announced the NPG growth mission deliberate for a European base. Several key players in the market are prominently targeting aggressive pricing via distribution/supply agreements with regionally main cease use industries.
The record has blanketed distinct strategic profiles of some of the main agencies in the worldwide neopentyl glycol market, which includes BASF SE, Eastman Chemical Company, MITSUBISHI GAS CHEMICAL COMPANY, INC., OXEA GmbH, Wanhua Chemical Group Co., Ltd., TCI Chemicals (India) Pvt. Ltd., LG Chem Ltd., Perstorp Holding AB, Shandong Dongchen Ind. Group. Corp., Zouping Fenian Biotech Co., Ltd., and Hefei TNJ Chemical Industry Co., Ltd.