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.
