Pentaerythritol Market size is forecast to reach US$2.7 billion by 2027 after growing at a CAGR of 5.5% during 2022-2027. Pentaerythritol is a white crystalline, odorless, Polyhydric alcohol containing four primary hydroxyl groups. It is an organic compound in powder form used in the production of explosives, plastics, Synthetic lubricants, paints, appliances, and cosmetics and acts as a flame retardant. According to Plastic Europe 2020, 2019, global plastics production is around 370 million tonnes and 58 million tonnes in Europe in 2019 whereas 359 million tonnes of global plastic production in 2018. Pentaerythritol is also used in household appliances like television, mixer grinder, washing machine, and others owing to the use of long-lasting coating on different products. According to the Association of Home Appliance Manufacturer USA, 46% of the consumer has changed air cleaner to improve air quality and 55% of the sales of home appliances was via online in 2020. Therefore the growing plastic and home appliances production will boost the Pentaerythritol Market during the forecast period.
COVID-19 Impact
The Covid-19 pandemic has impacted the global economy directly affecting the manufacturer’s supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Due to the COVID-19 pandemic, the core industries such as building and construction, textiles, appliances, automotive have been highly impacted. Due to social distancing policy, most of the manufacturing plants were shut down, which declined the production of goods. There has been a sharped decline in the revenue of the different industries. According to the Aerospace Industries Associations, between 2019 and 2020, the total industry revenues dropped 2.8% to $874 billion, with the supply chain burden of loss of more than 3%. The government and private sectors are taking necessary action and working for the growth of development of different industries which will help in the boom of the Pentaerythritol market.
Pentaerythritol Market Segment Analysis – By Product Type
The Mono Pentaerythritol type segments accounted for around 35% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The factor that is helping in the growth of the Mono Pentaerythritol type segment has a wide application in the production of alkyd resins, fatty acid esters for the synthesis of lubricant oils & additives, Oil extracted from Chinese tallow seed for the production of polyether polyols, and chemical polyols production. According to Invest India, The global apparel market size is around US$ 1.9 trillion and is expected to grow to over US$ 2.6 trillion with a CAGR of 5%. India and China are anticipated to grow at a steady CAGR of 12% and 10% among the world’s top five markets for apparel respectively. China is expected to be the largest apparel consumer in the world by 2025 with a revenue of US$ 450 billion, while India will overtake Japan to occupy the 4th position with an estimated revenue of over US$ 160 billion. Therefore, the growing demand for the Mono Pentaerythritol segment will increase the production for polyether polyols widely used in the apparel industry is boosting the demand for Pentaerythritol during the forecast period.
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Pentaerythritol Market Segment Analysis – By Application
The Paint & Coatings segment accounted for more than 37.7% of the market share in 2021 and is estimated to grow significantly during the forecast period. The increase in demand for Paint & Coatings in building and construction, aerospace, automobile and others are fuelling the market for Pentaerythritol. In buildings and the construction industry, these Pentaerythritol are used for interior and exterior decors using paints for walls, doors, windows and others. According to Global Construction Perspectives and Oxford Economics, the construction sector in India is expected to grow almost twice as fast as China by 2030, providing a new engine of global growth in emerging markets. India’s urban population is expected to grow by 165 million and Delhi by 10.4 million people to be the world’s second-largest city by 2030 Therefore, the growing usage of paints & coatings in building & construction will increase the demand for Pentaerythritol during the forecast period.
Pentaerythritol Market Segment Analysis – By End-Use Industry
The Construction segment accounted for more than 20% of the market share in 2021 and is estimated to grow significantly during the forecast period. The usage of Pentaerythritol in construction due to phenomenal properties like Non-hazardous, Solid compound, Water-soluble, alcohol slightly soluble which helps inflame radiant and explosive application are helping in the growth of the Pentaerythritol market during the forecast period. The Pentaerythritol is used in the production and synthesis of PVC Stabilizers for plumbing and electric work is driving the market. According to BC Construction Association (BCCA), US$ 125 billion construction projects are underway and US$ 220 billion are proposed projects currently in Canada. The growing construction industry will fuel the demand for Pentaerythritol by 2027.
Pentaerythritol Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the Pentaerythritol market in 2020 up to 43%, owing to the wide application in paint & coatings. The Pentaerythritol is used as a resin for the production of paints and in turn growing demand for Pentaerythritol in paint & coatings. According to Invest India, 100 smart cities project is under progress, 600 railway station are planned for redevelopment, the net office space absorption is around 31.9 million square feet in 2020 and the construction sector is expected to grow at 7.1% each year by 2025. Therefore, the growing construction sector will help in the growth of the Pentaerythritol Market.
Pentaerythritol Market Drivers:
The growing demand from the automotive sector
The growing demand in the automotive sector is driving the market growth. Pentaerythritol is used in the production of automotive lubricants and polyurethane foams are used in vehicle interiors and door handles, bumper systems, gear knobs, dashboards, and seat cushions, and others. The usage of Pentaerythritol in reducing the weight of a vehicle and improving thermal and mechanical properties are fuelling the Pentaerythritol market. According to the International Energy Agency, electric car vehicle has been increasing in the past decade. The registration of vehicles has increased by 41% in 2020 with 10 million electric vehicles on road globally by end of 2020. The electric cars sold in 2020 were around 3 million with a sales increase to 4.6% sales and Europe dominated China as the world’s largest electric vehicle market for the first time. Therefore, the growing demand for vehicles will be driving the Pentaerythritol market during the forecast period.
Increasing demand for Pentaerythritol in Cosmetics
Pentaerythritol is used for pigment treatment in the form of cream, body lotion and gels, hair care as shampoo, conditioners, and styling, eye counter, men care, and others. According to Cosmetic Europe the Personal Care Association, the Europe cosmetics, and personal care hold the largest share globally having US$ 85 billion of the retail sales price in 2020. The cosmetics and personal care industry adds at least US$ 32.7 billion annually to the European economy. Therefore the increase in the cosmetics and personal care industry will help to increase the demand for Pentaerythritol during the forecast period.
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Pentaerythritol Market Challenges:
Fluctuation of Raw material prices
The fluctuating raw material prices and manufacturing high costs are restraining the market growth during the forecast period. Therefore production costs while producing Pentaerythritol will be high, the machinery and the equipment which are used are tagged with the higher expense and also, these machinery require high maintenance. Owing to this factor, the Pentaerythritol comes with a higher price as compared to its alternative materials, which tends to constrain the growth of the market. In addition, even if the Pentaerythritol provides better results, the customer usually prefers the less cost. Such factors have become the major challenge of Pentaerythritol in terms of consumption, which constrains the growth of the market.
Pentaerythritol Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Pentaerythritol market. Major players in the Pentaerythritol market are:
Celanese Corporation
Mitsui Chemicals, Inc
Perstorp Holding AB
Ercros S.A
Samyang Chemical Corporation
Chifeng Ruiyang Chemical Co., Ltd
Hubei Yichang Chemical Group Co. Ltd.
Lee Chang Kung and Hengyang Sanhua Industry Company Limited
Jiangsu Ruiyang Chemical Co., Ltd
Kanoria Chemicals & Industries Limited
Recent Developments
In October 2021, Asian Paints Ltd has proposed to double the production capacity of pentaerythritol to 1,500 tons per month from 730 tons per month currently in the manufacturing of paints and lubricants at its Cuddalore plant in Tamil Nadu.
In March 2021, Celanese Corporation announced to expand integrated chemical manufacturing facility in Clear Lake, Texas by utilizing recycled carbon dioxide (CO2) as an alternative feedstock in the production of methanol, a key raw material in the manufacture of numerous acetyls products, including acetic acid, vinyl acetate monomer (VAM), ethyl acetate and other derivatives.
Key Takeaways
The Asia Pacific is expected to register a CAGR of 6.8% during the forecast period (2022-2027). The increasing demand for paints & coatings for building and construction in Asian countries such as China, India, Japan, and South Korea is driving the market demand for Silicone sealants.
Pentaerythritol is used as a fire retardant in plastics and produces a thick carbon barrier upon heating, protecting the surface, and one of the most common main active components in the production of paints and coatings are helping in the growth during the forecast period.
Pentaerythritol helps in the production of eco-friendly paints & coatings, cosmetics, and others drive the market during the forecast period
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