The global neopentyl glycol price trendis anticipated to experience a CAGR of more than 5% in the next five years. In addition, the demand for neopentyl glycol such as PG (polyglycol) and PGE (polyglycolether) is expected to grow at a CAGR of more than 10%.
Global Neopentyl Glycol Market Overview
The global neopentyl glycol price trend is expected to grow at a CAGR of 7.7% from 2016 to 2021, according to a new report by Grand View Research. The growth of the neopentyl glycol market is attributable to the increasing demand for performance-enhancing agents in various end-use industries, such as automotive, food and beverage, healthcare, and environmental protection.
Some of the key players in the global neopentyl glycol market include BASF SE (Germany), Jiuan Chemical Industry Co., Ltd. (China), INEOS Group PLC (UK), and Mitsubishi Tanabe Pharma Corporation (Japan). These companies are primarily focused on developing new products and expanding their business across various regions.
Global Neopentyl Glycol Price Trend Analysis
Neopentyl glycol is a synthetic fluid used in a variety of industrial and consumer products. It is a clear, colorless liquid that has a sweet odor and a bitter taste.
The global neopentyl glycol price trend is expected to reach $2.1 billion by 2021 from $1.4 billion in 2016, according to a report by Grand View Research, Inc. The growth of the global neopentyl glycol market can be attributed to the increasing demand for new applications of the product in various industrial and consumer products. These applications include polyurethane foam, coatings, sealants, printing inks and food additives.
One of the largest contributors to the growth of the global neopentyl glycol market is China. China is estimated to be the biggest market for neopentyl glycol with a share of 36%. Other significant markets include North America (US and Canada), Europe (Germany, France and UK), Japan and Southeast Asia ( Thailand, Indonesia and Philippines).
The main factors driving the growth of the global neopentyl glycol market are increasing demand for new applications of the product and increasing demand from key regional markets.
United States Neopentyl GlycolPrice Trend Analysis
According to a report by Platts, the global neopentyl glycol price trend is expected to increase due to increasing demand from the electric vehicle (EV) industry. The report states that the global market for neopentyl glycol will grow from $2.2 billion in 2017 to $3.8 billion in 2022. This growth is attributable to increasing demand from the EV industry, which is expected to account for 60% of total demand by 2022.
The United States is projected to be the largest market for neopentyl glycol in 2017 and 2022, respectively. The U.S. EV market is expected to grow from 7,500 units in 2017 to more than 100,000 units by 2022. This growth is due to the increasing popularity of EVs, which are environmentally friendly and have shorter driving ranges than traditional cars.
Platts also forecasts that the global market for neopentyl glycol will experience modest growth in Europe and China over the next several years. However, growth in these regions is likely to be slower than in the U.S. and other regions due to limitations on patents and regulations related to EV technology.
Europe Neopentyl Glycol Price Trend Analysis
In Europe, Neopentyl Glycol witnessed an upward trend in the course of the second quarter of 2022. The uncertainty in the crude oil fees and the conflicts between Russia and Ukraine affected the petrochemical markets inside the region. The robust stance of the Russian government on buying and selling the Ruble (Russian foreign money) has positioned stress on supply disruptions to solid call for within the neighborhood market. Demand from downstream industries like paints and coatings further increases the charges of Neopentyl Glycol in the region. The value of Neopentyl Glycol was recorded at USD 3025/MT on a FOB Hamburg basis throughout the end of the second one area.
china Neopentyl Glycol Price Trend Analysis
The global neopentyl glycol market has been growing steadily over the past few years, thanks in part to increased demand from the Chinese market. China is one of the largest consumers of neopentyl glycol, and its demand is expected to continue to grow in the future.
Meanwhile, the global supply of neopentyl glycol is still relatively small, which has led to high prices for this product. This has made it difficult for other countries to compete with China and gain a foothold in the global neopentyl glycol market.
The china neopentyl glycol price trend is expected to remain stable in the near future. This is due to increasing demand from the Chinese market. China is one of the biggest consumers of neopentyl glycol in the world, and this demand is set to continue.