Product ID: SQMIG15B2110
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 Insights
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).
Global Neopentyl Glycol Market is witnessing robust growth and significant demand across various industries. Neopentyl glycol, commonly known as NPG, is a crucial chemical compound used primarily in the production of coatings, resins, and polyester polyols. The market expansion is primarily driven by the thriving construction and automotive sectors, where NPG finds extensive application in high-performance coatings and durable paints. Moreover, the rising awareness regarding eco-friendly and sustainable products has further boosted the demand for neopentyl glycol as it contributes to reduced VOC emissions in coatings and adhesives. Additionally, the chemical's versatility and excellent properties, such as enhanced thermal stability and weather resistance, continue to attract manufacturers from the plastics and fibers industries. Technological advancements and innovations in production processes are further propelling the market forward. Geographically, Asia-Pacific stands out as the dominant region, spearheaded by the rapid industrialization, urbanization, and increasing infrastructure development in countries like China and India. However, North America and Europe also exhibit substantial growth owing to the growing emphasis on environmentally friendly products and the surging automotive production in these regions. As the demand for sustainable and high-performance chemicals continues to rise, the Global Neopentyl Glycol Market is projected to maintain its upward trajectory in the foreseeable future.
US Neopentyl Glycol Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Neopentyl Glycol Market Report Snapshots
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