Global Pentaerythritol Market Highlights over 2022 – 2031
The global pentaerythritol market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Pentaerythritol is a compound with five carbon atoms and four alcohol groups. It is scientifically written as C(CH2OH)4. The growth of the market can be attributed to the growing application in the mining and quarrying, as it is used as an intermediate during the production of explosives. Moreover, it is also used as chemical intermediate to produce paints, plastics, and high-end surface coatings. Another major factor driving the market growth is the growing demand for paints in automotive and construction industry. Further, the growth in the end-use industries is also estimated to promote the market growth. For instance, the revenue share of the global construction industry totaled to approximately USD 6 trillion in 2020, which is expected to reach over USD 14.5 trillion in 2030. On the other hand, the global automotive manufacturing industry was sized at about USD 2.5 trillion in 2021. Such factors are estimated to boost the market growth.
The market is segmented by application into explosives, plastics, paints, cosmetics, and others, out of which, the paints segment is anticipated to hold a substantial share in the global pentaerythritol market over the forecast period on account of growing use of paints in the automotive and construction industries. Pentaerythritol is extensively used to manufacture paint owing to its properties, such as, high luster, and water and alkali resistance. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Pentaerythritol Market Regional Synopsis
On the basis of geographical analysis, the global pentaerythritol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness growth at a significant CAGR over the forecast period on the back of growth in the chemical manufacturing industry in the region. For instance, the chemical industry in Asia accounted for more than 55% share of the revenue generated by the global chemical industry.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing construction activities in the region. For instance, the U.S. construction sector generated a revenue of around USD 1.3 trillion in 2020.
The global pentaerythritol market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global pentaerythritol market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing use of pentaerythritol for manufacturing paints, plastics, and explosives is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The major players in the market are BASF SE, Eastman Chemical Company, The Dow Chemical Company, KH Neochem Co., Ltd., Saudi Basic Industries Corporation, OQ Chemicals GmbH, Solventis Ltd., and Galaxy Surfactants Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
The construction segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High production cost is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing construction industry in the region.
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