Global Pentaerythritol Market 2019-2023
About this market
The growth in automobile industry is one of the primary factors driving the global pentaerythritol market growth. Pentaerythritol is used in the synthesis of PU foams that are used in vehicle interiors and exteriors such as bumpers system gear knobs, seat cushions, and door handles. Several factors such as thermal stability, hydraulic resistance, and viscosity control of pentaerythritol-based esters helps to produce high-grade automotive lubricants. Additionally, with the growing demand for passenger cars, the demand for synthesis lubricants and PU foams will increase, which will further drive the need for pentaerythritol from the automobile industry. Technavio’s analysts have predicted that the pentaerythritol market will register a CAGR of about 4% by 2023.
Increasing demand for pentaerythritol from developing countries
One of the growth drivers of the global pentaerythritol market is the increasing demand for pentaerythritol from developing economies. The emergence of China and India as the hubs of the construction, general industries and automotive is expected to increase the demand for pentaerythritol during the forecast period.
Threat of substitutes
One of the challenges in the growth of global pentaerythritol market is the threat of substitutes. The extensive use of substitutes such as acrylic resins, PU resins, and epoxy resins to produce paints and coatings will hamper the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the pentaerythritol market during 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. The vendors in the market are expanding their pentaerythritol production capacities, which will propel the growth of the market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Pentaerythritol Market 2019-2023
Technavio recognizes the following companies as the key players in the global pentaerythritol market: Baoding GuoXiu Chemical Co., Ltd, Ercros S.A, Hubei Yihua Chemical Co., Ltd., Merck KGaA, and Perstorp Orgnr.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increase in preference for bio-based polyols.”
According to the report, one of the major drivers for this market is the increase in demand for alkyd resins from various application segments.
Further, the report states that one of the major factors hindering the growth of this market is the threat of substitutes.
Baoding GuoXiu Chemical Co., Ltd
Hubei Yihua Chemical Co., Ltd.
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