Emerging innovative applications of pentaerythritol such as marine coatings and therapeutics are expected to provide vast opportunities for the major players operating in the global pentaerythritol market. Development of new products along with the growth of niche application market segments such as flame retardants and explosives is expected to create new market opportunities for the pentaerythritol market participant.
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Furthermore, alkyd paint is one of the main applications of pentaerythritol, which is expected to boost further opportunities in the pentaerythritol market in the forecast period. Alkyd paints find applications in residential as well as industrial construction. Applications of pentaerythritol in plasticizers are expected to be the fastest growing.
Pentaerythritol is a white, crystalline, water-soluble organic powder (in powder form) with the formula C5H12O4. Pentaerythritol is an alcohol with four hydroxyl groups. It is manufactured using acetaldehyde and formaldehyde through the aldol condensation process, which is followed by a crossed cannizzaro reaction. Components of alkyd resins, polyvinyl chloride (PVC) stablizers, varnishes, tall oil esters and olefin antioxidants are some of the derivatives of pentaerythritol. Pentaerythritol has different derivatives such as pentaerythritol tetranitrate (nitrate ester of pentaerythritol), pentaerythritol esters, dipentaerythritol and pentaerythritol tri-acrylate.
Pentaerythritol tetranitrate (PETN) is widely used as high explosive (with a relative effectiveness factor of 1.66) and as a vasodilator in treating angina pectoris, as a mixture with minor additives and RDX; it forms another plastic explosive named semtex. Pentaerythritol tetra-oleate, pentaerythritol tetrastearate, pentaerythrityl tetraisostearate, pentaerythritol tetracaprylate/caprate, pentaerythritol mono-oleate are some forms of pentaerythritol esters. Pentaerythritol esters are an environment friendly substitute for fluids that are electrically transformed as they are biodegradable and less hazardous in water. Properties such as high flash point and low volatility offer resistance to ignition and make pentaerythritol an ideal substitute for dielectric fluids used in transformers.
The pentaerythritol market can be segmented on the basis of applications: alkyd paints, alkyd inks, plasticizers, alkyd varnishes, alkyd adhesives/sealants, lubricants and radiation cure coatings and others (including medicines and pesticides).
One major trend in the pentaerythritol market is the use of pentaerythritol for automobile industry applications such as coatings, interiors, and high-grade lubricants. Pentaerythritol is also used in the synthesis of polyurethane foams, which are used in automobile interiors. Pentaerythritol finds its use in various industries such as paints, automobiles, construction and others. Increasing use of alkyd paints in automotive and construction industry, especially in developing countries, is anticipated to lead the growth for the pentaerythritol market. In addition, environmentally friendly property of pentaerythritol is a key growth driver for pentaerythritol market. Pentaerythritol is also widely used as a substitute for electrical transformer fluid which is a major driver of the global pentaerythritol market.
Limited availability of raw materials such as formaldehyde and acetaldehyde due to overlapping with their other commercial applications is expected to inhibit the growth for pentaerythritol market. On the other hand, volatile raw material prices are another major hindrance for the global pentaerythritol market.
Asia-Pacific region dominated the global pentaerythritol market in 2013. Some of the key competitors operating in the global pentaerythritol market include Celanese Corporation, Mitsui Chemicals, Ercros S.A, Perstorp Holding AB and Hubei Yichang Chemical Group Co. Ltd. Other competitors include Copenor Cia Petroquimica do Nordeste, Lee Chang Kung and Hengyang Sanhua Industry Company Limited among others operating in the global and the regional pentaerythritol market.
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