Pentaerythritol Market Research Report Information By Application (alkyd paints, alkyd adhesives/sealants, alkyd varnishes, plasticizers, alkyd inks, radiation cure coatings, lubricants Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
ID: MRFR/CnM/4150-CR | 100 Pages | Author: Priya Nagrale | March 2023
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Global Pentaerythritol Market Overview
The Pentaerythritol Market Size was valued at USD 2.7 Billion in 2022. The Pentaerythritol market industry is projected to grow from USD 2.89 Billion in 2023 to USD 6.8 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.7% during the forecast period (2023 - 2030). Increasing demand from the automobile sector is likely to foster market growth. Increasing the use of pentaerythritol for PU manufacturing which is predominantly used in seat cushions, door handles, gear knobs, and other exterior & interior cars shall support market growth. Additionally, increasing the use of pentaerythritol for the synthesis of lubricants and explosives shall positively impact the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Pentaerythritol Market Trends
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Increased usage in Automobile Industry is a key driver for the market.
The extensive utilization of pentaerythritol in the automotive industry is one of the key factors driving the growth of the market. In this industry, pentaerythritol is used in the manufacturing of automotive lubricants and polyurethane foams that are integrated into vehicle interiors and door handles, bumper systems, gear knobs, dashboards, and seat cushions. Furthermore, the increasing demand for formaldehyde and acetaldehyde substitutes in the production of paints, coatings, alkyd adhesives, plasticizers, radiation-cured coatings and industrial inks, and synthetic rubber is also providing a boost to the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, Pentaerythritol esters are an environment-friendly substitute for fluids that are electrically transformed as they are biodegradable and less hazardous in water. Properties such as high flash points and low volatility offer resistance to ignition and make pentaerythritol an ideal substitute for dielectric fluids used in transformers.
Pentaerythritol Market Segment Insights
Pentaerythritol Application Insights
The Pentaerythritol market segmentation, based on Application, includes alkyd paints, alkyd adhesives/sealants, alkyd varnishes, plasticizers, alkyd inks, radiation cure coatings, lubricants, and Others. Alkyd paints were the leading application segment. The increasing use of alkyd paints in the automotive and construction industries is expected to drive growth over the forecast period.
The Plasticizers application segment is expected to register the fastest CAGR over the forecast period on account of increasing demand for high-performance polymers with enhanced properties such as flame resistance, wear, and chemical resistance. The coatings and adhesives segment is also estimated to witness above-average CAGR in the forthcoming years.
The Alkyd ink segment is expected to grow at a faster rate but has a low penetration rate. The surge in demand for pentaerythritol is expected to drive the growth of alkyd inks. This alkyd ink contains properties such as pigment interaction and film foaming. Phthalate is the most used type of plasticizer. Di-2-Ethylhexyl Phthalate (DOP) is generally utilized as a beneficial plasticizer, particularly with PVC.
Figure 2: Pentaerythritol Market, by Application, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Pentaerythritol Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific dominated the market with a value share of 37.0% in 2020 and is projected to register the highest CAGR of 6.% to reach USD 368.1 million by the end of 2030. The market growth can be attributed to the growing urbanization and increasing demand in the paints & coatings industry, especially in the emerging economies of Asia-Pacific, particularly in China, India, Japan, and Southeast Asian countries. China is the leading producer and consumer of Pentaerythritols in Asia-Pacific, accounting for about 31.77% value share of the regional market in 2020. The growing industrial base and population in China is the prime factor propelling the market growth. The Pentaerythritols market in India is expected to register a CAGR of 6.55% during the forecast period.
Figure 3: PENTAERYTHRITOL MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market in Europe is primarily driven by the demand for Pentaerythritols in automotive applications. In 2020, Germany accounted for the largest share in Europe and was followed by the UK. The North American market accounted for the third-largest share in 2020 and is projected to record a CAGR of 5.18% during the review period. The established presence of paints & coatings and automotive industries in the region is the prime factor propelling the growth of the Pentaerythritols market in North America. The US accounted for a significant share of the Pentaerythritols 86.65% market in North America and is expected to register a CAGR of 5.29% during the review period. The growth of markets in Latin America and the Middle East & Africa is likely to be driven by increasing production of wood panels, laminates, MDI, and pentaerythritol.
Pentaerythritol Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Pentaerythritol market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Pentaerythritol industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Pentaerythritol. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Pentaerythritol industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Pentaerythritol industry to benefit customers and expand the market sector. The pentaerythritol market has recently given medicine some of the most important advantages. Major Pentaerythritol market players, including Celanese Corporation, Perstorp Holding AB, Ercros S.A., Merck KGaA, Hubei Yihua Group Co., Ltd., and others, are attempting to increase market demand by funding R&D initiatives.
Celanese is a chemical and specialty materials company. It operates through the following segments: engineered materials, acetyl chain, cellulose acetate, and food ingredients. The engineered materials segment develops, produces, and supplies a portfolio of high-performance specialty polymers for automotive and medical applications, as well as industrial products and consumer electronics.
Also, Methanex is a company that produces and supplies methanol. Its operations are supported by a supply chain of terminals, storage facilities, and a fleet of methanol ocean tankers. The company serves chemical and petrochemical producers.
Key Companies in the Pentaerythritol market include
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Ercros S.A.
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Merck KGaA
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Hubei Yihua Group Co., Ltd.
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MITSUI BU+SAN CHEMICALS Co., Ltd.
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U-JIN Chemical Co., Ltd.
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Samyang Chemical Corporation
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Methanol Chemicals Company
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Kanoria Chemicals & Industries Limited
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Jiangsu Ruiyang Chemical Co., Ltd.
Pentaerythritol Industry Developments
New production facilities: Several companies have announced plans to build new Pentaerythritol production facilities to meet the growing demand. For example, Perstorp, a specialty chemicals company, announced in 2021 that it is investing in a new production facility in India.
Environmental concerns: There is growing concerned about the environmental impact of Pentaerythritol production and use, particularly due to its potential to release volatile organic compounds (VOCs) into the atmosphere. As a result, efforts are being made to reduce emissions and develop more sustainable production methods.
Pentaerythritol Market Segmentation
Pentaerythritol Application Outlook
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Alkyd paints
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Alkyd adhesives/sealants
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Alkyd varnishes
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Plasticizers
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Alkyd inks
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Radiation cure coatings
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Lubricants
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Others
Pentaerythritol Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.7 Billion |
| Market Size 2023 | USD 2.89 Billion |
| Market Size 2030 | USD 6.8 Billion |
| Compound Annual Growth Rate (CAGR) | 5.7% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Celanese Corporation, Perstorp Holding AB, Ercros S.A., Merck KGaA, Hubei Yihua Group Co., Ltd., MITSUI BU+SAN CHEMICALS Co., Ltd., U-JIN Chemical Co., Ltd., Samyang Chemical Corporation, Methanol Chemicals Company, Kanoria Chemicals & Industries Limited, and Jiangsu Ruiyang Chemical Co., Ltd. |
| Key Market Opportunities | The demand for high-quality lubricants from the automotive industry |
| Key Market Dynamics | Demand from plasticizers application in the growing construction industry • Eco-friendly properties of pentaerythritol. |
Frequently Asked Questions (FAQ) :
The Pentaerythritol market size was valued at USD 2.7 Billion in 2022
The market is projected to grow at a CAGR of 5.7% during the forecast period, 2023-2030
Asia Pacific had the largest share of the Pentaerythritol market
The key players in the market are Celanese Corporation, Perstorp Holding AB, Ercros S.A., Merck KGaA, Hubei Yihua Group Co., Ltd., MITSUI BU+SAN CHEMICALS Co., Ltd., U-JIN Chemical Co., Ltd., Samyang Chemical Corporation, Methanol Chemicals Company, Kanoria Chemicals & Industries Limited, and Jiangsu Ruiyang Chemical Co., Ltd
The Alkyd paints categories dominated the market in 2023
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