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Pentaerythritol also called as 2,2-bis(hydroxymethyl) propane-1,3-diol is an organic compound with chemical formula C(CH2OH)4. The compound is crystalline, white, odorless compound classified as polyol. It is a building block for several compounds that are used in making explosives, plastics, paints, appliances, lubricants, cosmetics, and other commercial and industrial product. It exhibits superior properties such as water resistance, luster, flexibility and resistance to alkali.
Increasing demand from automobile sector is likely to foster market growth. Increasing use of pentaerythritol for PU manufacturing which is pre-dominantly used in seat cushions, door handles, gear knobs, and other exterior & interior of cars shall support market growth. Additionally, increasing use of pentaerythritol for synthesis of lubricants and explosives shall positively impact the market growth.
However, there are various types of substitutes available in market like PU resins, acrylic resin, epoxy, and others. Availability of these alternative shall hamper the market growth.
Key Market Driver -
Growing demand from automobile sector.
Key Market Restraint -
Threat of substitutes.
Based on application, market is segmented into paints & coatings, plasticizers, adhesives & sealants, inks, varnishes, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global pentaerythritol market consists of global & regional players operating. Some of the key players in the market include Celanese Corporation, Merck KGaA, Mitsui Chemicals Inc, Methanol Chemicals Company, U-JIN Chemical Co.,Ltd, Ercros S.A, , and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to account for crucial share in market. Continuous expansions of transportation and automotive industries is expected to drive the demand for pentaerythritol. North America is expected to show significant growth attributed to the large manufacturing base present in U.S. increasing expenditure on renovation and maintenance of construction. Europe is expected to show significant growth attributed to strong presence of automotive manufacturers. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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