New York, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Pentaerythritol Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Pentaerythritol Market Size:
The global pentaerythritol market is estimated to grow at a CAGR of ~7% over the forecast period. Pentaerythritol is a substance having four alcohol groups and five carbon atoms. The scientific notation for it is C(CH2OH)4. Since it is employed as an intermediary in the creation of explosives, the market's expansion can be ascribed to its expanding usage in the mining and quarrying industries. Moreover, the rising mining industries and increasing mining production across the globe are predicted to drive market growth. It was noticed that in 2020, U.S. mines produced minerals worth around $82.3 billion, while domestic production of rare-earth mineral concentrates climbed by 10,000 tons to 38,000 tons.
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Additionally, it serves as a chemical intermediate in the manufacturing of paints, plastics, and premium surface coatings supported by growing paint and plastic industries across the world is estimated to boost the market growth over the forecast period. For instance, in 2019, there were over 9 billion gallons of paints and coatings sold on the global market. Moreover, the growing urbanization and increasing usage of cosmetics across the globe is predicted to accelerate market growth.
Global Pentaerythritol Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Construction end-user segment to hold a significant share of the revenue
- Paints application segment remains prominent in the application segment
Growing Automobile Sector and Rising Plastic Usage to Boost Market Growth
Further, the growing usage of pentaerythritol for paint manufacturing, and increasing utilization of paint in the automobile industry, backed by the rising automobile sector across the globe is predicted to boost the market growth. It was noticed that the total number of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in India, in April 2022 was around 1,800,460. Moreover, the increasing government initiatives and investment into research and development across the globe are predicted to accelerate market growth.
In addition to this, the market is estimated to be greatly benefited by the increasing usage of pentaerythritol as an intermediate and as a superplasticizer in structural applications and the production of PVC plastics in infrastructure development, backed by the rising plastic industry and increasing plastic consumption across the globe. For instance, every month, China generates almost 7 million metric tons of plastic products.
Global Pentaerythritol Market: Regional Overview
The global pentaerythritol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Increasing Chemical Industry to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness a noteworthy growth over a forecast period owing to the increasing chemical industry in the region. It was noted that emerging nations in Asia, notably the Middle East, accounted for the majority of the quarter's global chemical sales. China was the world's largest manufacturer of chemicals, accounting for more than 45% of all chemical sales in 2020. Moreover, the growing manufacturing industries and rising population in the region are anticipated to propel the market growth during the forecast period.
Increasing Construction Activities to Drive Growth in the North America Region
On the other hand, the market in North America region is estimated to hold the largest market share over the forecast period on the strength of the region's growing urban population and rising need for concrete for construction activities. Additionally, the US economy greatly benefits from the building industry, which is anticipated to boost regional market expansion. The market size of the American construction sector was noted to be valued at over 2 trillion dollars in 2021, and it is anticipated to increase even more in the following year. In addition to this, the boost in the market growth can be ascribed to the rising investment in R&D activities, and the presence of key market players in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Pentaerythritol Market, Segmentation by Application
-
- Explosives
- Plastics
- Paints
- Cosmetics
- Others
Out of these, the paints segment is estimated to hold a substantial market share over a forecast period on account of the expanding use of paints in the construction and automotive industries. Pentaerythritol is widely employed in the production of paints owing to its qualities, including high gloss and resistance to alkalis and water. Moreover, the rising automobile industry and the growing construction sectors across the globe is predicted to boost the segment growth. For instance, in 2021, the U.S. auto sector sold over 3 million vehicles in 2021. Around 14.9 million cars and light trucks were sold in total that year in the United States.
Global Pentaerythritol Market, Segmentation by End-User
-
- Automobiles
- Mining
- Construction
- Others
Among these, the construction sector is estimated to hold a significant market share over a forecast period owing to the rising urbanization, and increasing construction activities across the globe. It was noticed that economy in the USA is greatly influenced by the construction sector, the sector employs more than 740,000 people and produces structures valued over USD 1 trillion annually. Moreover, the growing demand for houses and workplaces, backed by the rising population across the world is projected to boost the segment growth.
Few of the well-known market leaders in the global pentaerythritol market that are profiled by Research Nester are Solvay S.A., BASF SE, Eastman Chemical Company, The Dow Chemical Company, KH Neochem Co., Ltd., Saudi Basic Industries Corporation, OQ Chemicals GmbH, Solventis Ltd., Galaxy Surfactants Limited, PPG Industries, Inc., and others.
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Recent Developments in the Global Pentaerythritol Market
- In August 2022, in order to quadruple the manufacturing capacity of its powder coatings factory in San Juan del Rio, Mexico, PPG announced an investment of USD 11 million.
- In April 2021, Omya and BASF announced to continue their collaboration on the Pilot Coating Center for Paper & Board project. As a result, the customers would continue to receive top-notch technical service and coating competence.
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