Neopentyl Glycol Market Size

Neopentyl Glycol Market Size

Neopentyl Glycol Market size valued at over USD 1 billion in 2018 and is anticipated to witness around 7% CAGR from 2019 to 2025.

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Positive application outlook in manufacturing lubricants for automotive and aircraft engines, greases and hydraulic fuels owing to its high thermal and chemical stability is anticipated to propel neopentyl glycol market. Shifting trend toward the use of low/non-VOC chemical compounds as an alternative to conventional resins will supplement industry growth in the coming years. Surging demand across paints and coatings industry, particularly powder coatings will create new business opportunities for industry participants.

Rapid industrialization & urbanization along with the economic boom in India, Indonesia, Mexico, and South Korea will also provide a positive outlook for business expansion. Growing demand for fabric softeners, plasticizers, pesticides, and pharmaceuticals will positively influence the neopentyl glycol market penetration rate. Factors such as high resistance to oxidation, non-polar chemical nature along with availability in the form of flakes, molten, and slurry type, will support product utilization as an intermediate in manufacturing of numerous chemical products.

Global paints & coatings industry is accelerating at a fast pace owing to the escalating demand from automotive, transportation, and building & construction sectors. Housing subsidies along with socio-economic development by the regional governments will also positively impact the product demand. Increasing necessity for advanced adhesives & sealants with easy usability and low VOC content will further promulgate the overall neopentyl glycol market development.

Shifting trends in the preparation of chemicals using organic compounds along with the adoption of advanced industrial synthesis, such as green catalytic process, are among the major factors stimulating the raw material supply dynamics. Stringent government regulations concerning VOC emissions will also support the neopentyl glycol business operations. The organic nature of the product will further help in the production of organic chemicals used in agrochemicals, skincare, and pharmaceutical application industries.