Pentaerythritol Market is projected to be worth USD 2,346.466 Billion by 2028, registering a CAGR of 5.10% during the forecast period (2021 - 2028).
The global Pentaerythritol market share is likely to attain a global CAGR of 5.86% during the ongoing forecast period of 2019-2030. The global Pentaerythritol market was valued at USD 565.44 million in 2021 and is projected to reach USD 942.9 million by the end of 2030.
Pentaerythritol or 2,2-bis(hydroxymethyl)propane-1,3-diol is an odorless white, crystalline, solid organic compound. It is tetrahydric neopentyl alcohol with the chemical formula C5H12O4 and is non-hygroscopic, non-volatile, and stable in air. It is predominantly used in the surface coating industries. Moreover, it is used for manufacturing synthetic drying oils by esterification reaction and other reactions with fatty acid esters. It possesses excellent properties such as low volatility and high flash point, making it an ideal substitute for dielectric fluids in the transformer. It exhibits superior properties such as water resistance, luster, flexibility, and alkali resistance. Therefore, it is widely used in a range of applications such as adhesive & sealant, inks, paints & coatings, plasticizers, lubricants, varnishes, and others. Other applications include medicine, flame retardants, pesticide, and explosives.
However, the volatile raw material prices might affect the supply chain, and thus the can affect the Pentaerythritol market. .
COVID-19 Impact on the Pentaerythritol Market:
The outbreak of the COVID-19 pandemic has significantly impacted several sectors globally. Companies that serve booming industries, such as technology, healthcare, and home repair and remodeling, have seen a significant boost in demand. In contrast, those that provide components for underperformers, such as aviation, energy, and the automobile industry, have seen a decline in demand. Almost all manufacturers, however, have seen supply chain interruptions.
COVID-19 has upended numerous consumer behaviors and disrupted value chains. Businesses and governments concentrated on safeguarding people and developing methods to recover from deep health, economic, and social shock in the early months of the crisis.
Epidemics are discrete market problems and opportunities for new trends and deficiencies. In contrast to decreasing global threats, companies investing in political, business, and financial stability will adopt better strategies to resolve the pandemic situation.
Asia-Pacific dominated the global 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.
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 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 are likely to be driven increasing production of wood panels, laminates, MDI, and pentaerythritol.
Asia-Pacific led the global Pentaerythritols market in forecast period and is moderately fragmented in the region. The industry is likely to become more competitive as partnerships, mergers, and acquisitions increase. Furthermore, a growing number of players will enter the market within the estimated assessment period, boosting competition in the market.
The major players in the market include 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 global pentaerythritol market is likely to witness moderate to high intensity of competitive rivalry as the global market is fragmented with the presence of a significant number of tier-1, tier-2, and tier-3 players. There are established consumer bases in each region with wide distribution networks to cater to the demand from end users. Furthermore, long-term contracts with buyers ease the competition to some extent. A certain degree of competition exists among the participants based on the variety and relative price of the product. However, it has shown steady growth in terms of consumption. The market is heading toward expansion, wherein the industry players are, specifically, focusing on capacity expansion. To match with the current and anticipated rise in terms of demand, collective alliances among industry players are expected to be seen over the coming years. As per the industry experts, acquisition and expansion are the widely adopted strategies by prominent players.
The global pentaerythritol market is segmented by application and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Pentaerythritol emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 942.9 million|
|CAGR||5.86% CAGR (2019-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type & Application|
|Geographies Covered||North America ,Europe, Asia-Pacific,South America, Middle East ,Africa|
|Key Vendors||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 Drivers||• Demand from plasticizers application in the growing construction industry • Eco-friendly properties of pentaerythritol|
The pentaerythritol market would register a growth of 5.86 %.
Paints & Coatings Industries
Volatile raw material prices
Properties like water resistance, luster, flexibility, and alkali resistance of the pentaerythritol are ensuring strong intake of it in industries like adhesive & sealant, inks, paints & coatings, plasticizers, lubricants, varnishes, and others, which would ensure the growth of the pentaerythritol market.
The automotive sector is witnessing a rise in the adoption of the pentaerythritol market.