Global Pentaerythritol Market is expected to reach USD 1.85 billion by 2020, according to a new study by Grand View Research, Inc. Strong shift towards the use of pentaerythritol as a substitute for electrical transformer fluid is expected to drive global pentaerythritol market. Growth of key end-use industries such as construction and automotive particularly in emerging markets of Asia Pacific and Latin America is also expected to impact the market growth positively. Overlapping of formaldehyde and acetaldehyde with other key applications and volatile raw material prices are expected to remain key challenges for market participants.
Alkyd paints emerged as the leading application segment and accounted for 37.7% of total market volume in 2013. Increasing use of alkyd paints in automotive and construction industries is expected to remain a key driving factor for this segment. Alkyd paint is also expected to witness the highest growth rate of 5.8% over the forecast period. Global pentaerythritol demand for plasticizers is expected to grow at an estimated CAGR of 5.6% from 2014 to 2020.
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Further key findings from the study suggest:
- Global pentaerythritol market demand was 540.5 kilo tons in 2013 and is expected to reach 781.7 kilo tons by 2020, growing at a CAGR of 5.4% from 2014 to 2020.
- Asia Pacific was the leading regional market and accounted for 42.5% of total volume in 2013. Increasing construction spending coupled with positive outlook on automotive industry particularly in high growth countries such as China, India and Indonesia is expected to drive the regional pentaerythritol market. Asia Pacific is also expected to witness the highest growth rate of 5.9% from 2014 to 2020.
- Europe and North America are mature markets for pentaerythritol and are expected to grow relatively slower than other high growth regions. Recovery of automotive industry in the U.S. post the economic recession in 2008-09 is expected to drive the North American pentaerythritol market. Growth of construction industry in Mexico is also expected to complement the regional market growth.
- Global pentaerythritol market is highly consolidated with top four companies including Perstorp, Hubei Yihua Group, Ercros and Mitsui Chemical accounting for over 50% of total market in 2013. Other companies operating in the global market include Henan Pengcheng Group, Liyang Ruiyang Chemical, U-Jin Chemical and Yunnan Yuntianhua.
For the purpose of this study, Grand View Research has segmented the pentaerythritol market on the basis of application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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