Neopentyl glycol (NPG) market is projected to expand at a 4.6% CAGR between 2022 and 2028, totaling a valuation of US$ 1.93 Bn by 2028. Global neopentyl glycol (NPG) consumption was registered over 680 thousand tons in 2018, which is likely to witness a moderate 4.2% Y-o-Y increase in 2019.
As per the findings of a new research study of Future Market Insights (FMI), neopentyl glycol of technical grade currently accounts for over 95% share in the NPG market and will remain dominant over its pharma-grade counterpart through the course of coming years.
Application in Paints & Coatings Accounts for over 60% of NPG Demand
More than 3/5th of the total consumption of neopentyl glycol is registered by applications in paints and coatings industry, as indicated by the report. In recent years, the use of protective coatings in surface finishing and protection applications has been increasing at a considerable pace, which is in turn favoring the demand for neopentyl glycol for incorporation into coating materials.
Lubricants and insulation materials are likely to remain the next key application areas for manufacturers of neopentyl glycol and NPG based products. The report also foresees relatively promising opportunities lying in the adhesives and sealants category, over the years to come.
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Building & Construction Industry to Accommodate Higher Opportunities
While the collective share of NPG consumption by automotive and transportation, and building and construction industries is currently over 75% of the global consumption of neopentyl glycol, FMI’s analysis opines that the latter will accommodate relatively higher opportunistic potential for neopentyl glycol manufacturers.
Moreover, industrial plant and equipment domain is strongly likely to reflect relatively profitable opportunities for the growth of NPG manufacturing companies in the near future.
With an approximate share of 3/4th of the total consumption of neopentyl glycol, NPG flakes are highly likely to remain the most preferred form in the global market.
Neopentyl glycol slurry, though also is a choice of form among several end use industry operators, will continue to reflect a gradual growth outlook in the NPG market. High convenience quotient, easy usability, and low maintenance in terms of transportation and application will remain the key growth influencers for neopentyl glycol flakes in the market.
Potential as a Sustainability Vehicle to Propel Consumption of Neopentyl Glycol
The overall growth outlook of neopentyl glycol market will remain promising, majorly owing to a rapid legislative shift toward low/non-VOC chemical compounds, across industries worldwide. Neopentyl glycol is being increasingly explored as a phase change material for potential application in LTHS (latent heat storage) devices, which is cited as a significant opportunity for manufacturers.
In addition, to mitigate the challenges associated with extensive usage of PET (polyethylene terephthalate), the role of neopentyl glycol in the chemical recycling of PET is being tested. According to the report, emergence of such innovative applications will uplift the growth prospects of neopentyl glycol market in coming years.
China, with over a third of the total NPG consumption, is forecast to retain the world’s leading neopentyl glycol supplier – further trailed by the US and Germany. China has also been the most prominent consumer of neopentyl glycol over the years and is likely to discover the highest incremental opportunity in long run, which has been attributed to thriving markets of unsaturated polyesters, coatings and lubricants, and plasticizers within China.
On the other side, Western Europe and North America hold a combined share of around 1/3rd of the total neopentyl glycol consumption in the global market.
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Key Manufacturers Eye Production Capacity Expansion
The global neopentyl glycol market is a fairly consolidated competition landscape, which is currently witnessing a major trend of manufacturing capacity expansion. Apart from BASF-YPC’s highly anticipated 2X NPG production expansion project that will go on-stream by 2020, Oxea GmbH also recently announced the NPG expansion project planned for European base. Several key players in the market are prominently concentrating on competitive pricing through distribution/supply agreements with regionally leading end use industries.
The report has covered detailed strategic profiles of some of the leading companies in global neopentyl glycol market, including 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 Fenlian Biotech Co., Ltd., and Hefei TNJ Chemical Industry Co., Ltd.
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