The North America Pentane Market would witness market growth of 3.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 28,813.9 Tonnes, showcasing a growth of 3.1% (2019-2022).
Pentane, denoted by the chemical formula C5H12, is an organic compound composed of five carbon atoms combined in a solitary bond. It is a hydrocarbon with a gasoline-like odor and is burnt as fuel. The compound has several industrial uses, including creating a blowing agent to form polystyrene further. The growth of the market is driven by an increase in demand for the compound from various end-user industries, the low cost of the compound, and its beneficial chemical properties, including higher strength and superior volatility compared to other alkanes.
Moreover, the compound belongs to the alkane family of hydrocarbons, characterized by its straight-chain structure and five carbon atoms. It exists in three isomeric forms: n-pentane, isopentane, and neopentane, each possessing distinct chemical properties. This colorless, volatile liquid is highly flammable, making it a critical component in various industrial processes. As a saturated hydrocarbon, the compound lacks double bonds between carbon atoms, contributing to its stability and versatility. Moreover, an increase in the usage of the compound in fuel blending and formulation is expected to create opportunities for the end-user industries to generate more polystyrene to make insulation materials.
According to the US Energy Information Administration, the United States is the world leader in geothermal electricity generation. In 2022, there were geothermal power plants in seven states, which produced about 17 billion kilowatt hours (kWh) (or 17,002,000 megawatt-hours). This was equal to about 0.4% of total US utility-scale electricity generation. The compound is a hydrocarbon with a lower environmental impact than certain traditional blowing agents. If there is a growing emphasis on sustainability and environmental responsibility in the geothermal energy sector, using the compound in binary systems aligns with these goals. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The US market dominated the North America Pentane Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $39,077.3 Thousands by 2030. The Canada market is experiencing a CAGR of 5.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 4.8% during (2023 - 2030).
Based on Type, the market is segmented into n-Pentane, Isopentane and Neopentane. Based on Application, the market is segmented into Blowing Agent, Chemical Solvent, Electronic Cleansing and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Pentane Market is Predict to reach $153 Million by 2030, at a CAGR of 4.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include HCS Group GmbH (INTERNATIONAL CHEMICAL INVESTORS HOLDING SE), Junyuan Petroleum Group, Shell plc, Thai Oil Public Company Limited (PTT Public Company Limited), Exxon Mobil Corporation, LG Chem Ltd. (LG Corporation), Chevron Phillips Chemical Company LLC, China Petrochemical Corporation (Sinopec Group) and TRECORA (Balmoral Funds)
By Type (Volume, Tonnes, USD Million, 2019-2030)
By Application (Volume, Tonnes, USD Million, 2019-2030)
By Country (Volume, Tonnes, USD Million, 2019-2030)
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