Pentaerythritol market 2021 is projected to be worth USD 2,346.466 Billion by 2028, registering a CAGR of 5.10% says MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Challenges
With properties like high flash point and low volatility that result in high ignition resistance, pentaerythritol has become the most preferred alternative for dielectric fluids in transformers. The expanding application scope in electrical transformer dielectric fluids could benefit the market in the years to come. Pentaerythritol also finds applications in end-use industries such as paints, construction and automotive. Some of the key automotive applications are coatings, lubricants, polyurethane foam and interior, which are expected to propel the market growth in the ensuing years.
The rapid surge of the global automotive industry along with the population expansion and rising disposable income across countries can also be favorable for the pentaerythritol market. Peoples’ growing willingness to expend heavily on infrastructural developments, especially in emerging countries in Latin America and Asia Pacific coupled with the expanding middle class populace can lead to higher revenue generation in the forthcoming years. Escalation in the number of government led initiatives in the form of affordable home loans are bolstering the construction industry in India and China, boosting the growth scope of the construction sector.
Vigorous research and development (R&D) activities by leading firms in the market are also producing favorable results, in terms of growth. The latest trend observed in the market is the elevated preference for bio-based polyols, which is compelling companies to adopt bio-based manufacturing methods. Therefore, the introduction of bio-based products and the expansion of niche application sections like flame retardants and explosives can present lucrative opportunities to the top contenders in the global market. Speaking of opportunities, the rise in quarrying and mining across developed as well as developing nations is fostering the uptake of explosives, which is bound to raise the demand for pentaerythritol between 2021 and 2028.
Market Segmentation
The pentaerythritol industry has been categorized with regard to application.
The main application areas of pentaerythritol are inks, plasticizers, paints & coatings, varnishes, lubricants, adhesive & sealant, and others. Other applications covered in the market study are flame retardants, medicine, explosives and pesticides.
Regional Outlook
The regional categorization of the pentaerythritol market comprises Latin America, APAC/Asia Pacific, North America, MEA/Middle East & Africa and Europe.
With the highest growth rate, the APAC market can also emerge as the global leader over the evaluation period as a result of the steady expansion of several end-use industries like automotive, agriculture, transportation, plastic and building & construction. Pentaerythritol is witnessing mounting demand across the developing countries of Indonesia, South Korea, the Philippines, India, Taiwan, Australia, Vietnam, Thailand, Japan, Bangladesh, Malaysia and China, given the exploding population and the soaring uptake of pesticide for better quality crops. The rising disposable income has bolstered the sales of automotive vehicles, which is bound to work in the favor of the regional market in the long term. The improving purchasing capacity, low cost of labor and land, requirement of lower funds for setting up production, and lenient regulatory framework are a few more important growth inducers in the APAC market.
In 2016, Europe was identified as the second most profitable market with Germany, the U.K, Italy, Russia and France touted as the top contributors to the market growth. These countries are noted for the robust presence of well-established automotive manufacturers, which boosts the growth potential of the pentaerythritol market. The frequent innovations along with R&D activities for the development of bio-based lubricants are a few other growth rendering factors in the European market.
North America could be one of the strongest contenders in the global market, thanks to the expanding industrial sector and the growing spending on maintenance and renovation of the construction industry. The United States accounts for a share of more than two-thirds of the North American market, and will continue to lead backed by the flourishing pharmaceutical industry and the soaring number of offshore and onshore activities.
Latin American countries like Argentina, Mexico, Colombia, Venezuela and Brazil will be major shareholders in the global market, in view of the extensive consumer base for transportation and automotive sectors. Meanwhile, the MEA market is projected to observe strong growth on account of the rise in construction activities, especially in Kuwait, Saudi Arabia, Turkey and the United Arab Emirates.
Key Players
Some of the highly esteemed companies active in the worldwide market are Perstorp Holding AB (Sweden), Hubei Yihua Group Co. Ltd (China), U-JIN Chemical Co.,Ltd (South Korea), Methanol Chemicals Company (Saudi Arabia), Jiangsu Ruiyang Chemical Co., Ltd. (China), Celanese Corporation (U.S.), Ercros S.A (Spain), Samyang Chemical Corporation (South Korea), Merck KGaA (Germany), Mitsui Chemicals Inc (Japan), Kanoria Chemicals & Industries Limited (India), and more.
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