The global pentaerythritol market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global pentaerythritol market is the growth in the automobile industry. The sale of automobiles is increasing at a rapid pace across the world, especially in developing countries such as China, India, Brazil, and Indonesia. Pentaerythritol-based esters are mainly used to produce high-grade automotive lubricants owing to their viscosity control, thermal stability, and hydrolytic resistance. Pentaerythritol is also used in the synthesis of PU foams that are used in vehicle interiors and exteriors, such as dashboards, seat cushions, interior trims, door handles, and bumpers system gear knobs. Thus, the use of PU foams and synthetic lubricants in the automobile industry coupled with the constant growth in the sale of automobiles will fuel the consumption of pentaerythritol during the forecast period.
As per Technavio, increase in preference for bio-based polyols will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pentaerythritol market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global pentaerythritol market: Increase in preference for bio-based polyols
The demand for bio-based polyols is increasing at a significant rate. The use of renewable grades of pentaerythritol can reduce almost 80% of the carbon footprint incurred during the production process when compared with the use of petroleum-based pentaerythritol. Thus, product innovations for the development of environment-friendly polyols such as pentaerythritol are likely to augment the growth of the market. In recent times, there has been an increase in demand for environment-friendly pentaerythritol in the production of coatings, rosin esters, synthetic lubricants, and resins.
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The pentaerythritol market is witnessing increased demand from developing countries such as India, China, Indonesia, Brazil, and Mexico. Many manufacturers of pentaerythritol are shifting their plants to the developing countries owing to factors including the easy availability of raw materials, land, low transportation costs, inexpensive labor, and less stringent government regulations. With countries such as China and India becoming the hub of the construction, automotive, and general industries, the demand for pentaerythritol in these countries will increase further over the forecast period, says a senior research analyst at Technavio.
Global pentaerythritol market: Segmentation analysis
This market research report segments the global pentaerythritol market by application (alkyd paints, alkyd inks, adhesives and sealants, plasticizers, and others) and geography (APAC, Europe, MEA, North America, and South America).
The alkyd paints segment held the largest pentaerythritol market share in 2018. The growing construction activities in APAC region will be one of the key factors impacting the growth of alkyd paints segment in the pentaerythritol market during the forecast period.
The APAC region led the market in 2018 with a market share of close to 41%, followed by Europe, North America, MEA, and South America respectively. The market in APAC is driven by the growth of the end-user industries such as construction, automotive, and industrial sector in developing countries including China, India, Japan, South Korea, and Indonesia.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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