Pentaerythritol is an organic compound extensively used in the production of alkyd-based products, plasticizers, radiation cure coatings, lubricants, and others. Due to its wide usage across various industries, the global pentaerythritol market is forecast to grow at a positive CAGR of 6.8% between 2012 and 2018, and reach a valuation of US$1.59 billion by 2018. In 2011, the global consumption of pentaerythritol was 485.9 kilo tons. The rise in the demand for pentaerythritol during the forecast period will increase the global consumption to 692.9 kilo tons in 2018.
Growth in Infrastructure and Automobile Market will drive Demand from Global Pentaerythritol Market
Pentaerythritol is the key ingredient in the manufacture of alkyd paints. Development in infrastructure, especially in the Asia Pacific region, has led to a rise in the demand for alkyd paints. The demand for alkyd paints is, in turn, a major contributor to the growth of the global pentaerythritol market. Pentaerythritol is eco-friendly in nature, which has helped it gain acceptance from the regulatory bodies. Usage of pentaerythritol in marine coatings and therapeutics will boost the global pentaerythritol market in the coming years.
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In the automotive industry, pentaerythritol is used in coatings, interiors, and high-end lubricants. Synthesis of polyurethane foams used in automobile interiors requires pentaerythritol as the primary ingredient. The rising automotive sector in Asia Pacific, especially in China and India, has contributed to the growth of the pentaerythritol market in the region.
Acetaldehyde and formaldehyde are the key components in the manufacture of pentaerythritol. Usage of acetaldehyde and formaldehyde in other commercial applications might limit their availability for manufacturing pentaerythritol, which might inhibit the growth of the global pentaerythritol market.
Alkyd Paints to Retain Dominance over Global Pentaerythritol Market
Pentaerythritol is used to manufacture alkyd-based products such as alkyd paints, alkyd inks, alkyd adhesives, and alkyd varnishes. On the basis of application, alkyd paints took up more than 37% of the global pentaerythritol market. Since pentaerythritol is the key constituent of alkyd paints, the growth of this segment of the global pentaerythritol market is expected to be positive, at a CAGR of 5.5% during the forecast period.
The use of pentaerythritol in plasticizers is also expected to increase in the period between 2012 and 2018. The segment is expected to grow at a CAGR of 5.9% during the forecast period, thereby contributing to the growth of the global pentaerythritol market.
Asia Pacific was Major Consumer for the Global Pentaerythritol Market in 2011
Geographically, the global pentaerythritol market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2011, consumption of pentaerythritol was the highest in the Asia Pacific region; more than 40% of the demand from the global pentaerythritol market came from this region.
Due to the rise in infrastructure projects as well as the booming automobile industry, Asia Pacific will continue to generate voluminous demand for pentaerythritol and will grow at a CAGR of 5.7% during the forecast period. In terms of revenue, the Europe pentaerythritol market is expected to grow at a CAGR of 6.4% in the period between 2012 and 2018. North America will follow at a CAGR of 5.9% during the forecast period and reach a valuation of US$88.7 million by 2018.
Key Market Participants of the Global Pentaerythritol Market
Celanese Corporation, Hubei Yichang Chemical, Ercros SA, Perstorp Holding AB, and Mitsui Chemicals are some of the big players in the global pentaerythritol market. However, several smaller companies such as Copenor, Lee Chang Kung, and Hunan Hengyang Sanhua have entered the market recently and could have a say in the development of the market’s competitive landscape in the coming years.
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