The latest market report published by Credence Research, Inc. “Global 1,2-pentanediol Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”. The 1,2-pentanediol market was valued at USS 121.5 million in 2019 and expected to grow at a CAGR of 8.75% during the forecast period from 2020 to 2027 to reach USD 175 million in 2027. In terms of volume, global 1,2-pentanediol market stood at around 5,775.0 metric tons in 2019.
1,2-pentanediol is an organic, colorless liquid. 1,2-pentanediol can prepared from furfuryl alcohol and furfural with hydrogen. 1,2-pentanediol is also called pentylene glycol. 1,2-pentanediol is used in wide ranging application across host of industries.
Key Trends in Global 1,2-pentanediol Market
Strong Demand for 1,2-pentanediol in Pesticide Industry
Market growth of 1,2-pentanediol is mainly driven by strong demand from pesticide industry as an intermediate for synthesis of large number of chemicals to be used as pesticides. 1,2-pentanediol is also used as an intermediate in the synthesis of many other chemicals which find applications in pharmaceuticals, cosmetics, surfactants, etc. Strong demand for pesticides in Asia Pacific is major driving factor for the growth in demand for 1,2-pentanediol (pentylene glycol).
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Impact of COVID 19 on Global 1,2-pentanediol Market
COVID 19 has left an unparalleled impact on growth of global 1,2-pentanediol industry. The global 1,2-pentanediol has witnessed very severe setback like never before. The demand for 1,2-pentanediol is expected to be plunged by almost 20% in 2020, in terms of both volume as well as revenue. However, with the beginning of unlock process across the world and anticipation of COVID 19 vaccine to be launched during first half of 2020 is expected to bring recovery in demand for 1,2-pentanediol.
Global 1,2-pentanediol Market by Type Insights
Based on its type, the global 1,2-pentanediol market can be segmented into Cosmetic Grade and Industrial Grade. The By type, industrial grade segment dominated the global 1,2-pentanediol market with over 60% share in 2019. Industrial segment is also anticipated to keep its dominance through the forecast period. However, cosmetics grade segment also holds the significant share in global 1,2-pentanediol market and likely to rise in demand in the years to come on the account of growing demand for 1,2-pentanediol to be used an intermediate chemical in the manufacturing of numerous chemicals used in cosmetics industry.
Global 1,2-pentanediol Market by Application Insights
Based on its applications, the global 1,2-pentanediol market can be segmented into Pesticide Intermediates, Cosmetic and Other. By application, Pesticide Intermediates was largest segment in 2019 with over 45% share in total revenue generated by this industry. By far and large, Pesticide Intermediates segment is likely maintaining its dominating position in the years to come. However, cosmetics segment is also poised to grow at an attractive CAGR during the forecast period.
Global 1,2-pentanediol Market by Regional Insights
Asia Pacific accounted for over 40% share in total consumption of 1,2-pentanediols in 2019. Strong demand for 1,2-pentanediols in the region can be mainly attributed to the increasing concentration chemical and pesticides manufacturing in the region. At present, Asia Pacific accounted for over 45% share in total pesticides production and over 35% share in consumption. This huge demand for pesticides is mainly driven by the increasing population and growing need to increase per hectare yield to feed this huge population in the region. Secondly, growing economy has been resulted into increasing disposable income in the hands of middle-class population in China, India and South East Asia. This has been resulted into growing per capita expenditure on personal care and cosmetics, leading to growing demand for 1,2-pentanediols as an intermediate in the manufacturing various cosmetics and personal care products.
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Global 1,2-pentanediol Market Competitive Landscape
Key players operating in the field of manufacturing 1,2-pentanediol including but not limited to Symrise, Minasol, Kokyu, BASF, Evonik, Jiangsu First, Realsun Chemical, Jujing Chemical, and Others. All the major players are focusing on development of innovative products. Global 1,2-pentanediol market is moderately concentrated with the presence of some of the large players. Most of players are focusing on consolidation of their market share with increasing foothold around the world.
Market Segmentation
Global 1,2-pentanediol Market by Type, 2015 – 2027
· Cosmetic Grade
· Industrial Grade
Global 1,2-pentanediol Market by Application, 2015 – 2027
· Pesticide Intermediates
· Cosmetic
· Other
Global 1,2-pentanediol Market by Region, 2015 – 2027
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Global 1,2-pentanediol Market: Key Players
· Kokyu
· Realsun Chemical
· Jujing Chemical
· Jiangsu First
· BASF
· Evonik
· Symrise
· Minasolve
. Others
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