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Global Pentane Market is Likely to Grow at a CAGR of 4.1% from 2017 to 2023

07-19-2018 03:46 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

pentane market

pentane market

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.

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 players profiled in the global pentane industry include Royal Dutch Shell PLC, Phillips 66 Company, ExxonMobil Corporation, TOP Solvent Co., Ltd., Haltermann Carless UK Ltd., INEOS AG, LG Chem Ltd., SK Innovation Co., Ltd., Yeochun NCC Co., Ltd. and Maruzen Petrochemical Co., Ltd.

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.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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