Global Neopentyl Glycol Market

Global Neopentyl Glycol Market Size, Share, Growth Analysis, By Type(Flakes, molten and slurry), By Application(Paintings and coatings, automotive) - Industry Forecast 2024-2031

Report ID: SQMIG15B2110 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Global Neopentyl Glycol Market News

  • In October 2022, BASF SE revealed its intentions to invest in a cutting-edge NPG facility at the Zhanjiang Verbund site in China, with an expected annual output of 80,000 metric tons. The new plant is slated to commence operations in the fourth quarter of 2025 and is set to bolster BASF's global NPG production capacity from 255,000 to 335,000 metric tons per year, further consolidating its position as a prominent NPG producer worldwide.
  • In September 2022, OQ Chemicals introduced a novel derivative of NPG, namely neopentyl glycol diheptanoate, aimed at being a vital ingredient in the cosmetic and personal care industry.
  • In December 2021, QQ Chemicals, renowned for manufacturing oxo intermediates and OXO derivatives, implemented price hikes for neopentyl glycol.
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Neopentyl Glycol Market size was valued at USD 1.38 billion in 2021 and is poised to grow from USD 1.45 billion in 2022 to USD 2.14 billion by 2030, at a CAGR of 5% during the forecast period (2023-2030).

The competitive landscape of the Global Neopentyl Glycol Market is characterized by intense rivalry among key players striving to expand their market presence. Companies are focusing on research and development activities to introduce innovative and sustainable neopentyl glycol products. Moreover, strategic collaborations, mergers, and acquisitions are common strategies adopted to strengthen market position and broaden product portfolios. The market's competitive dynamics are also influenced by factors such as pricing strategies, distribution networks, and regional market expansion efforts. Overall, the global market exhibits a competitive environment as players aim to cater to diverse industry demands and capitalize on emerging opportunities. 'BASF SE (Germany)', 'Celanese Corporation (US)', 'Eastman Chemical Company (US)', 'LG Chem (South Korea)', 'MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan)', 'OXEA GmbH (Germany)', 'Perstorp Orgnr (Sweden)', 'Polioli S.p.A. (Italy)', 'Oleon NV (Belgium)', 'Shandong Dongchen New Technology Co, Ltd. (China)', 'Dairen Chemical Corporation (Taiwan)', 'Nan Ya Plastics Corporation (Taiwan)', 'ISU Chemical Co., Ltd. (South Korea)', 'ExxonMobil Corporation (US)', 'Mitsui Chemicals, Inc. (Japan)', 'NAN YA PLASTICS CORPORATION (Taiwan)', 'Maruzen Petrochemical Co., Ltd. (Japan)', 'Baichuan Stock (China)', 'Bluestar Harbin Petrochemical Corporation (China)', 'Yantai Suny Chem International Co., Ltd. (China)'

One key driver of the Global Neopentyl Glycol Market is the increasing demand for eco-friendly and sustainable products. As environmental concerns continue to gain prominence, industries are actively seeking alternatives to traditional chemical compounds. Neopentyl glycol, with its low VOC emissions, excellent adhesion properties, and reduced environmental impact, has emerged as a favored choice for various applications, especially in the coatings, paints, and adhesives industries. The growing emphasis on sustainability and eco-consciousness is driving the market's expansion as more manufacturers and end-users opt for neopentyl glycol to meet their environmental goals.

Increasing demand for eco-friendly and sustainable products: One key market trend in the Global Neopentyl Glycol Market is the increasing demand for eco-friendly and sustainable products. As environmental awareness grows, industries are increasingly adopting neopentyl glycol due to its low VOC emissions and reduced environmental impact. This trend is driving the development of eco-friendly coatings, adhesives, and other products, as neopentyl glycol provides improved performance while also meeting environmental standards.

Among the regions, the dominant region in the Global Neopentyl Glycol Market is Asia Pacific. The region's strong market presence is attributed to rapid industrialization, urbanization, and robust economic growth, particularly in countries like China and India. The increasing demand for neopentyl glycol in diverse industries such as construction, automotive, and paints and coatings, driven by a surge in infrastructure development and manufacturing activities, has significantly boosted the market in this region.

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