Pentane Market Expected to Reach $159.8 Million by 2030

According to a new published report by Allied Market Research titled, “Pentane Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global pentane market size was valued at $105.7 million in 2020, and is projected to reach $159.8 million by 2030, growing at a CAGR of 4.3% from 2021 to 2030.

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 volatile organic compounds (VOCs) in air, thereby resulting in air pollution. As a result, various governments across the globe 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 witness a gradual growth across the globe. This is attributed to the fact that the 20th century witnessed rapid adoption of automobile which, in turn, propelled the consumption of fuel. Pentane serves as an essential ingredient for fuel blending. Thus, increase in demand for fuel 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 home appliance industry significantly increased pentane consumption, and is expected to provide growth opportunities for the global pentane market.

On the basis of type, n-Pentane segment dominated the global pentane market in 2020, and is expected to maintain its dominance during the forecast period, as it is widely used in various personal care and industrial aerosol products as an aerosol propellant. Moreover, it serves as an essential blowing agent for polyurethane and expanded polystyrene foams.

On the basis of applications, the blowing agent segment dominated the global pentane market in 2020, and is expected to maintain its dominance during the forecast period. A blowing agent properly formulated for a specific application is a key requirement by customers to maximize the thermal and physical product characteristics.

The major players that operate in the global pentane market 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 Study

• On the basis of type, the n-pentane segment emerged as the global leader by acquiring more than 74.1% of the market share in 2020.
• Depending on application, the blowing agent segment emerged as the global leader by acquiring more than 37.4% of the market share in 2020.
• Region wise, North America is the major consumer of pentane among other regions. It accounted for around 37.2% of the global market share in 2020.

Impact Of Covid-19 On The Global Pentane Market

• Transport limitations were implemented, owing to COVID-19 pandemic,  resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by substantial proportion, severely impacting market growth.
• The companies are not earning any profit as a result of work stoppage. This is not only affecting companies by losing money but also by losing suppliers who provide required materials to various companies.
• Furthermore, due to social distancing norms during COVID-19, the manufacturing companies are working with limited workforce thus, negatively impacting the production processes.