Separate Single page template for custom post type

I have a wordpress websites which shows latest posts with title, image, description and read more button in the blog page. when the read more button is clicked it will be directed to the single.php and its working fine.

Now i have created a new custom post type called “Products” where i can add products. it have similar layout of the single.php, but i need some changes and additional things in the single page of the products. So, I am planning to create a separate file single_product.php .

I want the read more button under the product to automatically link to the single_product.php as the blog posts are linked to the single.php

Here is the code for : Single.php

<?php get_header(); ?>
<!--BEGIN #content -->
<div id="content">
<?php if (have_posts()) : while (have_posts()) : the_post(); ?> 
<!--BEGIN .hentry -->
<div <?php post_class(); ?> id="post-<?php the_ID(); ?>">   
<!--BEGIN .post-header-->
<div class="post-header">
  <div class="inner"> <span class="meta-category">
    <?php the_category(', '); ?>
    </span>
    <h1 class="post-title">
      <?php the_title(); ?>
      <?php $format = get_post_format(); ?>
      <?php if ($format == "image" || $format == "gallery" || $format == "video") : ?>
      <span class="icon"><img src="<?php echo get_template_directory_uri(); ?>/images/icon-<?php echo $format; ?>.png" alt="<?php echo $format; ?>" /></span>
      <?php endif; ?>
    </h1>
    <span class="meta-published">
    <?php _e('Posted', 'engine') ?>
    <?php echo human_time_diff( get_the_time('U'), current_time('timestamp') ) . ' '.  __('ago', 'engine'); ?></span> <span class="meta-author">
    <?php _e('by', 'engine') ?>
    <?php the_author_posts_link(); ?>
    </span> </div>

  <!--END .post-header --> 
  </div>

  <!--BEGIN .featured-image -->
  <div class="featured-image <?php echo get_post_format(); ?>">
  <?php if (get_post_format() == 'video' && get_post_meta(get_the_ID(), 'dt_video', true) != '') : ?>
  <?php
                global $wp_embed;
                $video_url = get_post_meta(get_the_ID(), 'dt_video', true);
                $video_embed = $wp_embed->run_shortcode(''.$video_url.'');
                ?>
  <div id="video-<?php the_ID(); ?>"><?php echo $video_embed; ?></div>
  <?php elseif (get_post_format() == 'gallery') : ?>

  <!--BEGIN #slides -->
  <div id="single-slides" class="clearfix">
    <?php

                    $args = array(
                        'orderby' => 'menu_order',
                        'post_type'      => 'attachment',
                        'post_parent'    => get_the_ID(),
                        'post_mime_type' => 'image',
                        'post_status'    => null,
                        'numberposts'    => -1,
                    );

                    $attachments = get_posts($args);

                    ?>
      <?php if ($attachments) : ?>
      <div class="slides_container">
      <?php foreach ($attachments as $attachment) : ?>
      <?php
      $format = get_post_format();
      $src = wp_get_attachment_image_src( $attachment->ID,
      array( '9999','9999' ), false, '' );
                            $src = $src[0];
  $image = dt_resize($attachment->ID, $src, 620, '', true);?>
      <div> <span class="overlay-icon overlay-<?php echo $format; ?>">
      <a rel="group-<?php the_ID(); ?>" 
      title="<?php echo $attachment->post_title;?>"     
      class="colorbox-<?php echo $format; ?>" 
      href="<?php echo $src; ?>"></a></span>
      <img height="<?php echo $image['height']; ?>"
      width="<?php echo $image['width']; ?>"
      alt="<?php echo apply_filters('the_title', $attachment->post_title); ?>"
                        src="<?php echo $image['url']; ?>"
                        /> </div>
      <?php endforeach; ?>
      </div>

      <!--BEGIN .slide-cntrols-->
      <div id="slide-controls"> <a href="#" class="next">Next</a>
      <a href="#" class="prev">Prev</a> 
      <!--END .slide-cntrols--> 
      </div>
      <?php endif; ?>
      <!--END #slides --> 
      </div>
      <?php elseif (has_post_thumbnail() && get_option('dt_blog_image') != 'false'):?>
      <?php $thumb = get_post_thumbnail_id(get_the_ID());
  $image = dt_resize( $thumb, '', 620, '', true );
  echo '<img src="'.$image['url'].'" width="'.$image['width'].'"     
      height="'.$image['height'].'" alt="" />';?>
      <?php endif; ?>
      <!--END .featured-image --> 
      </div>
      <!--BEGIN .post-content -->
      <div class="post-content">
      <?php the_content(); ?>
      <!--END .post-content --> 
      </div>

      <!--BEGIN .post-footer-->
      <div class="post-footer"> <span class="meta-published">
      <?php echo human_time_diff( get_the_time('U'), current_time('timestamp')).'    
     '.  __('ago', 'engine'); ?></span> <span class="meta-comments">
      <?php comments_number(__('No Comments', 'engine'), 
      __('1 Comment','engine'), __('% Comments', 'engine')); ?>
      </span> 
      <!--END .post-footer--> 
      </div>
      <!--END .hentry--> 
      </div>
      <?php comments_template('', true); ?>
      <?php endwhile; else : ?>
      <p>
      <?php _e('No posts found', 'engine'); ?>
      </p>
      <?php endif; ?>
      </div>
      <!-- #content -->
      <?php get_sidebar(); ?>
      <?php get_footer(); ?>

How can i do this ?