Pentaerythritol Market Size and Forecast | Key Players –Hubei Yihua Group Co., Ltd, Kanoria Chemicals & Industries Limited, Jiangsu Ruiyang Chemical Co., Ltd
Pentaerythritol is an organic compound used primarily in surface coating formulations. It is also known as tetramethylomethane. It possesses properties of flexibility, alkali resistance, luster, and water resistance. Production of oligonucleotides and peptides contain this compound as its building block. The global pentaerythritol market report by Market Research Future (MRFR) comprises estimations on its valuation and future growth for the period of 2018 to 2023 (forecast period). The impact of the COVID-19 pandemic has been explored in detail with suggestive measures included in the report.
Market Scope
The global pentaerythritol market is expected to succeed beyond
expectations owing to the huge need for the compound in industries of
automotive, flame retardants, pesticides, explosives, and medicines. The
increasing pace of industrialization in developing and developed economies is
likely to induce massive demand in the market. Huge industries of automotive
and construction as well as large disposable income levels of consumers are
projected to bode well for the market.
But presence of alternatives such as formaldehyde and acetaldehyde
can hamper the market growth.
Segmentation
The global pentaerythritol market is segmented on the basis of
application. On the basis of the application, the market is segmented into varnishes,
paints & coatings, adhesive & sealant, plasticizers, lubricants, inks,
and others. ‘Others’ comprises of explosives, medicine, flame retardants, and
pesticide. Lubricants are expected to capture a large share of the global
pentaerythritol market due to its demand among automotive manufacturers and
other industries. Among the ‘others’ segment, the explosives segment is
expected to command a large share of the global market owing to a noticeable
increase in mining activities. The use of pentaerythritol tetranitrate
reductase (PETNR) for proper disposal of TNT in explosives is likely to drive
its segment share during the forecast period.
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Regional Analysis
The global pentaerythritol market covers trends and opportunities spanning
over five regions: Latin America, North America, Asia Pacific (APAC), Europe,
and the Middle East & Africa (MEA).
The APAC region is estimated to grow at the highest CAGR over the
forecast period on account of the continuous expansion of various end-use
industries of plastics, transportation & automotive, agriculture, and building
& construction. The demand for the compound is estimated to surge in
countries of the Philippines, South Korea, Australia, China, India, Taiwan,
Japan, Thailand, Indonesia, Bangladesh, Malaysia, and Vietnam due to the increasing
population along with rising utilization of pesticide to produce high-quality
crops. The large automotive industry and the need for large vehicles for
transportation of goods is expected to induce market demand over the forecast
period. Lax regulations, large workforce, and subsidies for foreign investors
are expected to fuel regional pentaerythritol market growth.
Europe emerged as the second largest market for pentaerythritol in
2016 followed by North America. European countries such as Russia, the U.K,
Germany, Italy, and France are among the leading contributors to the regional
market growth owing to the strong presence of the automotive industry and
efforts in development of bio-based lubricants. North America is projected to display
a stellar growth rate in the global pentaerythritol market owing to resurgence
of various industries and growing budgets on renovation & maintenance of
construction sector during the assessment period. The U.S. is estimated to hold
over two-thirds of the regional market due to the expansion of the pharmaceutical
sector along with an increase witnesses in onshore and offshore activities.
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Competition Outlook
Merck KGaA, Perstorp Holding AB, Hubei Yihua Group Co., Ltd, Kanoria
Chemicals & Industries Limited, Jiangsu Ruiyang Chemical Co., Ltd., Ercros
S.A, Methanol Chemicals Company, Mitsui Chemicals, Inc, U-JIN Chemical Co., Ltd,
Celanese Corporation, and Samyang Chemical Corporation are key players of the
global pentaerythritol market.
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