Global Pentane Market Expected to Reach $128.0 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 19, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Pentane Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global pentane market size was valued at $97.2 million in 2016, and is expected to reach $128.0 million by 2023, registering a CAGR of 4.1% from 2017 to 2023. North America dominated the global market in 2016, accounting for more than one-third share of the total revenue.
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Pentane is a highly volatile, colorless, and flammable liquid compound, which is used in petroleum spirits. High volatility of pentane compound causes rapid evaporation, which propels the presence of VOCs in the air, thereby resulting in air pollution. As a result, various governments across the world have implemented stringent regulations on its handling and usage, owing to control its adverse effects on health and environment. It has three key isomeric forms, n-pentane, isopentane, and neopentane.
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The pentane market is witnessing a steady growth across the world. This is attributed to the fact that the twentieth century witnessed rapid adoption of automobile across, which in turn propelled the consumption of gasoline. Pentane serves as an essential ingredient for gasoline blending. Thus, increase in demand for gasoline propels the consumption of pentane. Furthermore, pentane is widely used as a blowing agent for polyurethane and polystyrene. Increase in disposable income of consumers and change in lifestyle have propelled the growth of the appliance industry, which in turn has boosted the use of polyurethane and polystyrene foam for insulation of cooling appliances. In addition, pentane is used as a refrigerant in the fridge and AC appliances, which is one of the major factors fueling its demand in the appliance industry. Thus, the development of the home appliance industry has significantly increased pentane consumption, and is expected to provide growth opportunities for the global pentane market.
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Key Findings of the Pentane Market:
- In terms of value, the n-pentane segment is expected to grow at a CAGR of 3.9% during the forecast period.
- Blowing agents in the pentane industry generated the maximum revenue in 2016, accounting for almost 38% of the total market share.
- North America is expected to dominate the pentane market, registering a CAGR of 3.2% and 2.3% in terms of value and volume, respectively.
- Electronic cleansing is expected to register the fastest CAGR of 4.6% in terms of volume.
- Asia-Pacific is projected to show exponential growth throughout 2023, registering a CAGR of 6.1%, in terms of value.
- In the global market, India is expected to grow at a CAGR of 7.6%, in terms of value.
Key players profiled in the global pentane industry include Royal Dutch Shell PLC, Phillips 66 Company, China National Petroleum Corporation, ExxonMobil Corporation, Top Solvent Co., Ltd., Haltermann Carless UK Ltd., INEOS AG, LG Chem Ltd., SK Global Chemical Co., Ltd., and Maruzen Petrochemical Co., Ltd.
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