According to ChemAnalyst report, “Neopentyl Glycol Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, neopentyl glycol market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.19% during the forecast period. Growing demand for coating resins from the end use industries including construction and automotive is expected to drive the demand of neopentyl glycol (NPG) during the forecast period. Capacity expansions by companies including BASF and Sinopec expansion of capacity from 40 KT to 80 KT in China is expected to further the opportunities in the market for NPG.
Neopentyl glycol is polyalcohol having superior performance advantages in many end use areas due to its high chemical and thermal stability. There are two main routes to produce NPG using isobutyraldehyde and formaldehyde. In the first one, the raw materials react with a strongly alkaline catalyst to form NPG. In the process large amounts of formate salts are formed as by-product. In a second and more common process, the aldolisation reaction is carried out in the presence of an amine catalyst. This is further hydrogenated in the presence of a catalyst and the molten NPG is solidified by means of a flaking roll, or a crystallising or cooling belt.
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Neopentyl glycol (NPG) is mainly used as a building block for coating resins such as saturated polyesters which have major application in powder coatings, unsaturated polyesters which have application in artificial marble and gel coat for boats, and alkyd resins which have application in metal coatings. NPG is also used for the production of polyurethane resins which have application as an adhesives. Other applications of NPG include polyester lubricants and plasticizers. Major end uses for NPG include automotive, construction, furniture, electronics, pharmaceuticals. Owing to the impact of COVID-19, neopentyl glycol demand has declined drastically due to nationwide lockdowns and subsequent disruptions in supply chains. Construction and automotive sectors were the most severely hit sectors during the pandemic. However overall good demand growth has been observed in China from the manufacturing sector due to continuation of production activities after the lockdowns.
Neopentyl glycol is majorly related to isobutyraldehyde and formaldehyde hence the price is linked to the variations in the prices of the raw materials. In the first half of FY20 sudden outbreak of novel coronavirus followed by a fall in in the demand of construction sector which consumes most of the powder coatings which are the major application of NPG rendered a major fall in the neopentyl glycol, hence the prices remained low for neopentyl glycol during the coronavirus pandemic.
Region wise, Asia Pacific region holds the major share of global demand for neopentyl glycol due to growing demand for commercial and residential construction and automotive sector. Increasing population and per capita income in emerging economies is another factor propelling demand growth for neopentyl glycol in Asia Pacific.
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Key Players:
BASF SE
Celanese
Eastman Chemicals
Koei-Perstorp Chemical
LG Chemical
Mitsubishi Gas Chemical
Perstorp, Polioli
Shandong Dongchen
Shandong Guanghe
Shandong Linzi Yongliu, and others.
“Being linked to the coatings industry, the neopentyl glycol industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities for neopentyl glycol. Major players are anticipating that there will be sufficient demand supply gaps in the future given that the global population is on the rise at a steady rate which will rise the demand for paints and coatings which require neopentyl glycol for production.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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