Neopentyl Glycol Market to Witness Around 7% CAGR by 2025 : By Key Players BASF SE, Eastman Chemical Company, LG Chem, Mitsubishi Gas Chemical Company, Inc., OXEA GmbH, O
广西快乐十分Key neopentyl glycol manufacturers include BASF, OXEA, Mitsubishi Gas Chemical, Wanhua Chemical Group, and Perstorp AB among various others.
Ocean View, DE -- (SBWIRE) -- 06/29/2020 -- Neopentyl glycol consumption has witnessed considerable expansion over the years due to the increasing use of powder coatings in crucial industries such as aerospace, automotive, construction, and electronics. The product is extensively used in powder coating resins as an alternative to traditional resins solutions due to low VOC emission levels and improved durability providing support to the neopentyl glycol market demand.
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Major features of the product such as low cost of processing, enhanced environmental performance, and low consumption of energy is supporting its use. Rising environmental concerns across the globe is driving the governments to adopt strict regulations regarding chemical processing and VOC emission standards. Market players are constantly aiming at improving the quality of the products to comply with the prevailing laws along with achieving competitive advantage.
Key neopentyl glycol manufacturers include BASF, OXEA, Mitsubishi Gas Chemical, Wanhua Chemical Group, and Perstorp AB among various others. Many companies are entering into strategic alliances and mergers to improve their production capacity and carry out technological advancements.
The construction industry has witnessed considerable growth over the years as a result of heavy investments made by the government and private companies towards residential construction. Major factors supplementing the demand for the product in construction additives and insulation includes improved insulation, resistance from corrosion, and durability.
In terms of the regional expanse, Asia Pacific has witnessed rapid urbanization and industrialization over the past decade. As per reports, Asia Pacific neopentyl glycol market size was likely to register CAGR of more than 7.5% through 2025. In rural regions of countries like China, Indonesia, and India due to the increased penetration of the internet, there has been a consequent rise in the use of electronic appliances.
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Neopentyl glycol is widely used in electronic items due to their greater thermal and mechanical stability as well as fire safety. Measures taken by the governments to boost the economy will provide greater growth opportunities to the neopentyl glycol market.
As compared to previous years, the purchasing power among people has considerably improved over due to the economic growth in both developed and developing nations. This improvement had driven the demand for automobiles over the years. Apparently, automotive parts and insulation held the highest share in the applicion segment of neopentyl glycol market and was anticipated to contribute more than US$300 million by the end of 2025 towards the industry revenues.