This study intends to analyse diverse aspects of the global pentane market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Consistent Surge in Demand for Both Automobiles, and Electronic Goods to Fuel Global Pentane Market Growth
As global populations and urbanization levels continue to rise, there is expected to be a steady spike in the demand for automobiles for various purposes. Pentane is an organic compound with the formula C5H12. Pentanes are a crucial ingredient in gasoline blending. Moreover, as these populations grow, there is also likely to be a surge in the demand for consumer electronic devices and appliances. For example, pentane and its by-products such as polystyrene, and polyurethane foam insulation are used in consumer electronics, and as refrigerants in air conditioners and fridges. This major factor is expected to exponentially affect the further development of the pentane market. Additionally, growth of various end-use industries is also slated to have a positive influence on this global market.
Environmental Concerns May Potentially Hinder Expansion of Pentane Market in Long Term
It should come as no surprise that climate change is real and continues to have a significant impact on all living things. As pentanes are highly volatile, the rapid evaporation of these compounds results in a significant increase in volatile organic compound (VOC) content in the air, thus resulting in air pollution. An increase in general awareness of these impacts on the environment and the need to mitigate these impacts is a major factor that could hinder the growth of the pentane market in the coming years. As such, an increasing number of individuals are now more open to the idea of exploring alternatives that do not have such a detrimental influence on the environment.
Global Pentane Market: COVID-19 Impact
With the onset of the COVID-19 pandemic, the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles, resulted in a significant decline in generated revenues for several industries. This was no different for the pentane market as product consumption levels reduced drastically. Additionally, people were more careful with their finances as job insecurities and an overall decline in earned incomes became more evident. However, as restrictions were gradually relaxed, post the 3rd and 4th respective waves, this global market regressed to its pre-COVID state of operations.
Impact of the Recent Russia-Ukraine Conflict on Pentane Market
The recent unrest between Russia, and the Ukraine has not only had a negative impact on the pentane market but has also led to a ripple effect on corresponding end-use markets around the world. This war has resulted in supply chain and other industry-operational disruptions and is likely to remain a long-term market growth deterrent for the pentane industry.
Lack of Adequate Raw Resources, and Cost Discrepancies of Alternative Transport Solutions Drive Pentane Market Forward
Although a growing number of individuals are keener or are open to the idea of making the transition to using electric vehicles, a lack of necessary resources such as semiconductors needed in the manufacture of these vehicles is a major factor that could affect the adoption rate of this technology. Moreover, as the EV industry is still in its infancy stages, the cost of these vehicles in comparison to their conventional counterparts could adversely influence their adoption rates. This major factor is slated to bolster growth for the global pentane market.
North America Expected to be the Dominant Regional Pentane Market
Post-industry analysis, it has been found that North America is expected to remain the dominant regional market in the coming years, indexing the highest CAGR, both in terms of volume and value. This can be attributed to a production increase of transportation vehicles in this region. Moreover, the increasing adoption of polymer foams across several large-scale end-use industries is another factor contributing to the expansion of the region’s pentane market. Additionally, the presence of established industry players in this region is also expected to fuel market growth prospects in the coming years.
Pentane Market: Competitive Landscape
Major players in the Pentane Market include Exxon Mobil Corporation, Merck KGaA, HCS Group, Ineos Group Ltd., Maruzen Petrochemical Co. Ltd., Phillips 66 Company, Top Solvent Co. Ltd., Royal Dutch Shell Plc, SK Innovation Co. Ltd., and TCI Chemicals Pvt Ltd., to name a few. As a means of gaining a competitive edge, various established industry players are more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Development
In July 2021, Haltermann Carless, a pioneer and leading international supplier of high-value hydrocarbon solutions for mobility, life sciences, industrial, and energy, completed the development of its new hydrogenation plant at the Speyer site. This is expected to enhance the cyclopentane, and cyclopentane blends industry in Germany.
Regional Classification of Global Pentane Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Pentane Market
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