Cyclopentane Market is forecast to reach $356.2 million by 2025, after growing at a CAGR of 6.5% during 2020-2025. Increasing use of cyclopentane in refrigerators, increasing demand for resins for coating and adhesive production, its wide application across a majority of industries, and analytical and scientific applications such as the manufacture of fiberglass and carbon fiber reinforcement and composite materials are some of the key factors that drive the industry’s market growth. In addition, the need for environmentally friendly products is driving the growth of the cyclopentane market. The report covers cyclopentane market size by Function and Type, cyclopentane market share by top 5 companies and also the market share by start-ups during the forecast period.
The cyclopentane market is growing due to the increasing demand from the food and beverage industry, the residential sector and the construction industry for refrigeration and freezers.
Some of the factors driving the global cyclopentane market are low energy consumption and low environmental impact.
Manufacturers are opting for new product launches to meet the standard and improved cyclopentane performance to be used as a foam blowing agent.
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Type – Segment Analysis
Residential refrigerants are the largest consumer of cyclopentane because they are widely used in this application as a blowing agent and refrigerant. For this application, the planned phase-out of fluorinated blowing agents promotes the use of cyclopentane.
Geography – Segment Analysis
During the forecast period, the cyclopentane market in APAC is expected to be the largest. The region’s demand for cyclopentane is expected to rise due to extensive use in applications for refrigerants and insulating construction materials. This market depends heavily on the region’s economic growth. The rapid economic development promotes the growth of APAC’s building and construction industry, which is further increasing the region’s demand for cyclopentane.
Drivers – Cyclopentane Market
Changing Regulatory Landscape Influencing the Global Cyclopentane Market.
All environmental regulatory authorities around the world are concerned about greenhouse gas emissions. Steps have been implemented from time to time to reduce greenhouse gas emissions and ensure a decrease in ozone depletion. With the proper management strategy approved by the Montreal Protocol 1987, various drugs have been phased out and prohibited. The Montreal Protocol is a protocol to the Vienna Convention on the Protection of the Ozone Layer, which lays down measures to phase out substances that harm the ozone layer. Hydrochlorocarbons, Chlorofluorocarbons, and hydrochlorofluorocarbons, are listed to be phased out. These chemicals are popularly used in almost all refrigeration systems and appliances as foam blowing agents and refrigerants. The phase-out management plan facilitated the use of alternatives such as cyclopentane as a replacement for the foam blowing agent, and manufacturers who opted for cyclopentane as a foam blowing agent reported more than 80 percent reduction in greenhouse gas emissions. Thus, its demand is growing.
Challenges – Cyclopentane Market
High capital Investment
The high capital investment involved in setting up a production plant is a major constraint on the cyclopentane market. This is because cyclopentane is inherently flammable and therefore requires additional costs in setting up a plant with precautionary measures to reduce the risk of fires.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cyclopentane Market. In 2019, the market of Cyclopentane has been consolidated by the top five players accounting for xx% of the share. Major players in the Cyclopentane Market are HCS Group, Jilin Beihua Fine Chemical Co., Ltd., DYMATIC Chemicals Inc., INEOS, Liaoning Yufeng Chemical Co., Ltd., Maruzen Petrochemical, Chevron Phillips Chemical Company LLC, YEOCHUN NCC Co., Ltd., South Hampton Resources, and SK Global Chemical Co., Ltd., among others.
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