May 30, 2020 2:44 AM ET
iCrowd Newswire – May 30, 2020
The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research’s market report titled ‘n-Heptane Market: Global Industry Analysis, 2013–2017 and Forecast, 2018–2026’ examines the n-Heptane market and offers essential market insights for the next eight years. According to Persistence Market Research analysis, the global sales of n-Heptane is estimated to be valued at US$ 573.5 Mn by the end of 2018 and is expected to register a 5.4% CAGR over the period of 2018–2026. This report reveals the demand for n-Heptane and its break-up on the basis of different purity types and applications.
n-Heptane Market: Dynamics
The global n-Heptane market is expected to witness significant growth, due to the rising demand from various end-use industries. The growing automotive industry and surge in construction across the globe have together escalated the demand for paints & coatings. The growth of the paints & coating industry is estimated to boost the n-Heptane market. The increasing consumption of plastic & polymers for various applications has catalyzed the growth of the plastic & polymer industry, which in turn is surging the demand for n-Heptane in the global market. Increasing disposable income and growing standard of living have led to a rise in the consumption of electronic products, and the demand is expected to follow an upward trend over the assessment period. The growth of the electronic industry will have a positive impact on the n-Heptane market.
Growth of the pharmaceutical industry is also driving the demand for high purity n-Heptane. Also, the rising demand for n-Heptane from other end-use applications such as adhesives & sealants will have a positive impact on the n-Heptane market. Increasing regulations pertaining to aromatic solvents are positively impacting the growth of the n-Heptane market. Various regulatory bodies have declared n-Heptane as less toxic in comparison with n-Hexane, which has been fueling the demand for n-Heptane as a solvent.
Technological advancements have enhanced operational efficiency in plants, which in turn has increased the production n-Heptane – a positive sign for the n-Heptane market. Some of the key players in the n-Heptane market manufacture n-Heptane especially for fuel testing as a reference fuel.
n-Heptane Market: Segmentation Analysis
The global n-Heptane market has been segmented on the basis of purity type into <95%, 95–99% and ≥99%.
- In terms of purity, the 95-99% segment is expected to dominate the global n-Heptane market. The 95-99% segment is estimated to witness significant growth due to the increasing demand from paints & coatings and polymer and plastic industries, among others
- The ≥99% segment is expected to witness lucrative growth over the forecast period due to the rising demand from pharmaceutical and electronics industries
- The <95% segment is expected to witness sluggish growth in comparison with other segments. N-Heptane with <95% purity is mainly used by local manufacturers for applications where purity is not an important criteria
n-Heptane: Regional Market Projections
In terms of region/country, China is anticipated to dominate the global n-Heptane market throughout the forecast period. The China n-Heptane market is expected to expand at a CAGR of around 6.8% during the forecast period with the Asia Pacific Excluding Japan & China (APEJ&C) market registering a relatively higher CAGR during the forecast period. Latin America is also expected to witness significant growth in the global n-Heptane market. North America & Europe n-Heptane markets are in matured stages and thus, are expected to witness slow growth over the forecast period.
- Exxon Mobil Corporation
- Royal Dutch Shell plc.
- SK Global Chemical Co., Ltd.
- Haltermann Carless Deutschland GmbH
- Chevron Phillips Chemical Company
- Sankyo Chemical Co. Ltd.
- Hanwha Total Petrochemical Company Limited
- DHC Solvent Chemie GmbH
- Mehta Petro-Refineries Limited
- Merck Millipore Limited
- Gadiv Petrochemical Industries Ltd.
- Chuzhou Runda Solvents Co.
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Keywords: N Heptane Market Analysis, N Heptane Market Growth, N Heptane Market Trends, N Heptane Market Insights, N Heptane Market Industry,N Heptane Market Demand, N Heptane Market Applications, N Heptane Market Applications