GLOBAL BIO-BASED 1,5-PENTADIOL MARKET SIZE (2024 - 2030)

According to the report published by Virtue Market Research in Global Bio-based 1,5-Pentadiol Market was valued at USD 146.90 Million and is projected to reach a market size of USD 221.18 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.02 %

Market Overview:

1,5-Pentanediol is a bio-based diol monomer for polyester synthesis primarily used in Adhesives, Elastomers, Car Interiors, Coatings, Synthetic Leather, and Flooring industries. They may lay out and prove to be a low-cost, more sustainable, and non-petroleum-based substitute to polyols based on 1,6-hexanediol (HDO). Bio-based coatings exhibit excellent performance and include hardness, flexibility, adhesion strength, and solvent resistance that is similar to the coatings based on petroleum-derived HDO. Bio-based adhesives exhibit lower green strength and longer open time than HDO-based adhesives. They are majorly used in the construction industry as they require different types of paints and coating to meet the requirements of their different applications. Abrasion and wear-resistant paints, high-temperature paints, and intumescent paints are often used in the paint and coating industry. They are useful for different construction equipment and devices to ensure resistance to wear & tear, longevity, aesthetics, durability, anti-corrosion, and maximum operational efficiency.

Countries in the Asia-Pacific region such as India, China, Japan, and other Southeast Asian countries remarkably contribute to the market growth of the construction industry in the region. The rising industrialization and urbanization, increasing middle-class population, and improving living standards and disposable income are the primary factors fuelling construction growth in this region. The industry has observed notable growth in the use of environment-friendly materials as well as a part of the sustainable or green chemistry revolution in recent years. Growing consumer awareness for sustainable products along with stringent and strict environmental concerns regarding reducing volatile organic compounds (VOC) emissions augment the demand for bio-based 1,5-pentadiol.

COVID-19 Impact on the global Bio-based 1,5-Pentadiol Market:

The COVID-19 outbreak had a negative impact on global market growth in the forecasted years. The global market certainly has grown moderately in the past few years despite several hurdles and uncertainties, such as the economic shutdown of major economies, the negative and positive effects of the low crude oil prices, fluctuations in the value of the USD, the rapid growth rate of the automotive and construction industry, the negligible recovery rate of the European nations, and developments in official regulatory norms worldwide.

In spite of the fact that many of these factors are over the control of manufacturers, raw material and end product distributors, and key players, the industry has quickly responded to these vital changes in market conditions. This has been possible due to the introduction of various innovative and advanced manufacturing processes and technologies that helped companies instantly eliminate numerous negative impacts and maximize their profits and opportunities.

Market Drivers:

The demand-supply gap is a major factor driving the growth of the market:

With the increasing demand for clean, renewable, and sustainable products but insufficient production capacity, the gap between demand and supply has been increasing resulting in more and more players coming to the forefront to fulfil the gap further increasing the market opportunities for bio-based 1,5-pentadiol market.

Growing environmental concerns and depleting fossil fuels reserves are causing the biodiesel market to grow globally:

The increased demand for environment-friendly fuels to reduce greenhouse gas emissions and achieve a global Net Zero Target is driving people to shift towards more sustainable and renewable forms of energy. Thus, increasing the scope of the bio-based 1,5-pentadiol market globally.

The increased population along with industrialization fuelling global market size:

With the increase in urban population along with industrialization, there has also been a significant shift in the mindset of people. Improved standard of living, increased disposable income among the middle-class population, along with people’s awareness of the global climate crisis have resulted in a remarkable increase in the demand for clean energy augmenting the bio-based 1,5-pentadiol market growth.

Government policies and support are augmenting the global market size:

Government initiatives and tax rebates to adopt bio-based 1,5-pentadiol as a substitute for traditional petroleum-based alternatives to polyols are further anticipated to fuel the market growth in the forecast period. Their eco-friendly and renewable nature have made governments support them, which is anticipated to propel the overall industry.

The wide scope of the R&D sector is driving the market growth:

Huge capital investments are being made in the research and development sector for enlarging the scope of applications and looking for new formulations to use out of the existing 1,5-pentadiol. Major players in the international market are targeting its popularity and sustainability and trying to make them more accessible and advanced to open up a plethora of opportunities in the industry widening the scope of the global bio-based 1,5-pentadiol market.

Market Restraints:

The high cost of processing and production associated with it may slow down the market growth rate:

Processing bio-based 1,5-pentadiol involve huge costs due to the advanced technologies involved with the process. The high installation cost with the complex production process together may hamper the growth rate of the global 1,5-pentadiol market.

GLOBAL BIO-BASED 1,5-PENTADIOL MARKET REPORT COVERAGE:

This research report on the global Bio-based 1,5-Pentadiol Market has been segmented and sub-segmented based on Application, Region, and Key Manufacturers.

Bio-based 1,5-Pentadiol Market – By Application.

• Adhesives

• Polyester Polyols

• Elastomers

• Car Interior

• Coatings

• Synthetic Leather

• Flooring

Based on application, the portable oxygen therapy equipment market has been segmented into 6 segments – Adhesives, Elastomers, Car Interiors, Coatings, Synthetic Leather, and Flooring.

Bio-based 1,5-Pentadiol Market – By Region.

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East and Africa

Based on region, the bio-based 1,5–pentadiol market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.  

Asia Pacific including China and Southeast Asia holds the largest share of the revenue, dominates the market, and accounts for over a 42% share of global revenue in 2022. The increasing construction activities and rising demand from the automotive sector in developing nations, such as China, India, Japan, and Southeast Asia, are anticipated to drive the market over the forecast timeline. Further, the quick availability of raw materials, along with less stringent laws regarding VOC emissions as compared to the North American and European regions, have provided huge growth opportunities to the market in the Asia-Pacific region. Also, low labor costs in these emerging countries of Asia Pacific attract many foreign investors to set up their manufacturing hubs in the region. Thus, the increasing number of manufacturing facilities is bolstering the construction sector in the region, which, in turn, is likely to fuel the demand for bio-based 1,5-pentadiol over the forecast timeline.

Europe holds a significant share of the global market revenue. The market there has been very dynamic post-Brexit, and the market is likely to be impacted critically as the UK has been one of the most significant markets for bio-based 1,5-pentadiol. The rapidly rising automobile production in Hungary, Germany, Austria, Romania, and the UK, along with strong manufacturing hubs is anticipated to drive the product demand. Initiatives toward research and development for newer product launch developments are the major factors anticipated to surge investments in the industry. Additionally, the growing trends to cut down VOCs and develop cleaner alternative polyps lead to the development. All these factors are predicted to have a positive impact on the growth of the global bio-based 1,5-pentadiol market in the country over the forecast period. Germany dominates the bio-based 1,5-pentadiol market in Europe with 42 production plants and assembly that contribute to one-third of the total production in the region.

Bio-based 1,5-Pentadiol Market – By Manufacturers.

• BASF

• UBE

• Zhejiang Boadge

• Shandong Yuanli

Recent Key Industry Developments:

• In February 2022, Pyran and Nagase Specialty Materials (NSM) entered into a partnership for the exclusive conversion of bio-based 1,5-pentanediol (PDO) to renewable 1,5-pentanediol diacrylate (PDDA).