The Global Pentane Market size is estimated to be USD 109.0 million in 2019 and is predicted to reach USD 166.1 million by 2030 with a CAGR of 3.9% from 2020-2030. Pentane is an organic compound belongs to alkenes group containing five carbon atoms with the molecular formula of C5H15. Pentane is mostly used in fuels, solvents and others for various different purposes. Pentane exist in three different isomer which are widely used in various different end user industries such a solvent, cleaning agent, and others. It burns life fuel and has odor like gasoline.
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There has been increased in the automobile industry on a large scale which has led to the increase in fuel demand which in turn drive the market growth over the forecast period. Furthermore, there has rapid change in the lifestyle due to the increase in disposable income which has also increased the demand for electronic appliances are expected to promote the growth of pentane market.
The various others factors driving the growth of pentane market are increased demand of cooling appliances such as fridge, air conditioner which has polyurethane and polystyrene foam insulation for cooling and pentane act as bowling agent. Moreover, increase in disposable income is expected to fuel the growth of pentane market. However, stringent government regulations are expected to hamper the growth of pentane market. On the other hand, wide applications in different industries are expected to create lucrative opportunities in the market over the forecast period.
Market Segmentations and Scope of the Study:
The global pentane market share is analyzed on the basis of type, application, and geography. On the basis of type, the market is segmented into n-pentane, isopentane, neopentane. On the basis of application, the market is divided into blowing agent, electronic cleansing, chemical solvent, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America represents the presence of developed countries and accounts for the largest market share over the forecast period. The factors such as high disposable income, increased adoption of electronic appliances and increased adoption of fuel due to increased in automobile use are expected anticipate the market growth.
Asia Pacific is expected to witness the rising market share in owing to the presence of developing economies such as India, china and others coupled with increasing disposable income, increasing use of electronic appliances and wide applications of pentane.
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The pentane market is highly competitive and fragmented due to the presence various market players. Some of the key market players include Maruzen Petrochemical, LG Chem, Exxon Mobil Corporation, HCS Group, Merck KGaA, TCI Chemicals (India) Pvt. Ltd., Yeochun NCC Co., Ltd., Phillips 66 Company, and Top Solvent Co., Ltd. among others.
There have been various developments taken place over the period of time in the pentane market which further increase the market size. For instance, in March 2018, SK E&P America, Inc. a wholly owned subsidiary of SK innovation Co., Ltd, has announced that it has entered into a definitive agreement to acquire all of the outstanding membership interests of Longfellow Nemaha, LLC (“Longfellow”), assets in the prolific STACK play in Kingfisher and Garfield Counties in Oklahoma. SK innovation is a leading energy and petrochemical company engaged in businesses that span the value chain, including upstream production, refining, chemicals, lubricants, and batteries to power the future.