Global Neopentyl Glycol (NPG) Market: Overview
Neopentyl glycol or Dimethylolpropan, is chemical compound that is hydroscopic crystalline. It is colorless to white in color and is synthesized industrially by adol reaction of isobutyraldehyde and formaldehyde. The reaction results in production of intermediate hydroxypivaldehyde which can be converted into neopentyl glycol using catalytic hydrogenation that converts aldehyde group to an alcohol group. Since manufacturing is relatively easy for the businesses, the global neopentyl glycol market is experiencing a major boost in the forecast period of 2019 to 2027.
A report by Transparency Market Research provides in-depth analysis of global neopentyl glycol market. The report covers facets such as notable developments, major opportunities, proliferates prominent players of the global neopentyl glycol market.
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Global Neopentyl Glycol (NPG) Market: Notable Developments and Competitive Analysis
The global neopentyl glycol (NPG) market is highly competitive. The competitive landscape of the market is based on the players leveraging lucrative opportunities such as easy manufacturing and convenient raw materials availability. As a result of these benefits, the global neopentyl glycol (NPG) market is witnessing a major influx of players.
Since the competition is extreme in the global neopentyl glycol (NPG) market, businesses are adopting strategies that can help them accumulate resources to have a sustainable future in the forecast period of 2019 to 2027. Strategies such as mergers and acquisition are some tools that the players are resorting to gain an edge over their rivals.
Global Neopentyl Glycol (NPG) Market: Key Drivers
Unique Property of Compound Draws Maximum Revenue
The unique properties of the neopentyl glycol like improved scratch resistance is gaining major traction these days. The compound finds its extensive application in the manufacturing of the protective coatings that is further used by industries such as automotive, construction, and building industry. Moreover, resisting scratches also makes the compound a feasible solution in the pain manufacturing sector. Based on the rising demand for neopentyl glycol in various industries, the global neopentyl glycol (NPG) market is experiencing a major boost in the coming years.
Feasible Chemical Intermediate
The neopentyl glycol is soluble in water, benzene, chloroform, and ethanol. The solubility of the compound makes it a feasible choice for the development of chemical interface that can further help manufacturers to develop compounds smoothly. The compound helps the manufacturers in producing polyester, resins, alkyd resins, and synthetic lubricants. As a result of this hiked adoption the global neopentyl glycol (NPG) market is experiencing a major thrust in the forecast period of 2019 to 2027.
Support Space Crafts’ Re-entry to Earth
Neopentyl glycol has exceptional property of resisting heat along with physical scratches. This property is extensively beneficial for space crafts while re-entering the Earth’s atmosphere. The coating saves the craft from burning to ashes due to immense friction and extreme temperature. For instance, Space Shuttle Columbia burned to ashes while re-entering as a result of failure of its heat resistance shield. Based on the application of compound in aerospace industry, the global neopentyl glycol (NPG) market is expected to witness a robust growth in the coming years of forecast period 2019 to 2027.
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Global Neopentyl Glycol (NPG) Market: Regional Analysis
Based on the hiked demand in India and China Asia Pacific is expected to emerge as most prominent region in the global neopentyl glycol (NPG) market. The dominance of the region is the result of growing building and construction industry in China, India, and South Korea. These countries are investing a good amount in infrastructure that are meant to deal with harsh nature and various other catastrophic events. Based on these projects, Asia Pacific will dominate other region of global neopentyl glycol (NPG) market in the forecast period of 2019 to 2027.
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