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Global Cyclopentane Market Overview
Cyclopentane Market Size was valued at USD 0.38 billion in 2023. The Cyclopentane industry is projected to grow from USD 0.40 Billion in 2024 to USD 0.67 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.45% during the forecast period (2024 - 2032). Increased use as a blowing agent for manufacturing rigid foam insulation and phase-out of HCFCs and HFC refrigerants are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cyclopentane Market Trends
- Phase-out of HCFCs is driving the market growth.
The main factors driving the cyclopentane market CAGR are the usage of Cyclopentane as a blowing agent in the production of rigid foam insulation and the phase-out of HCFC and HFC refrigerants. In refrigerating systems, refrigerants are the active substance or fluid that absorbs heat during evaporation from the low-temperature and pressure areas and releases it during condensation at a region of higher temperature and pressure areas. They are the primary liquid in charge of cooling in both household and commercial refrigerators. Several hydrofluorocarbons (HFC) and hydrochlorofluorocarbons (HCFC) uses include automobiles, household air conditioners, and commercial refrigeration.
Additionally, blowing agents are used more in the construction, automobile, and appliance industries. Blowing agents are used more frequently in the end-use sectors, including appliances, automobiles, and construction. This is mainly because the blowing agent's qualities, such as insulation and physical integration, allow it to be used in the formulation of polyurethane foam. Additionally, the appliance sector in Europe and Asia has seen a surge in demand for Cyclopentane. Expanding these sectors is anticipated to boost demand for blowing agents and, as a result, Cyclopentane uses. Thus, these factors drive the Cyclopentane market revenue.
Cyclopentane Market Segment Insights
Cyclopentane Application Insights
The Cyclopentane market segmentation, based on type application blowing agent, solvent & reagent. The blowing agent segment dominated the market; this can be attributed to the increasing demand and use of cyclopentane across various industries as a refrigerant in refrigerators and as a blowing agent for insulation purposes. The rising healthcare & pharmaceutical industries and food & beverage industries require cyclopentane for its application in freezers, cold storage, and refrigerators, further expected to drive the segment growth.
Figure1: Cyclopentane Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cyclopentane End User Insights
The Cyclopentane market segmentation is based on type applications residential refrigerators, commercial refrigerators, and construction. The residential refrigerators segment dominated the market; the reduced usage of fluorinated blowing agents in this Application due to stringent government regulations drives demand for Cyclopentane refrigerants during the forecast period. Cyclopentane is a low-cost alternative as compared to the existing blowing agents.
Cyclopentane Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Cyclopentane Market will dominate, owing to cyclopentane applications in the electrical and appliance industry and the phasing out of HCFCs in the Region.Moreover, China’s Cyclopentane market held the largest market share, and the Indian Cyclopentane market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: CYCLOPENTANE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Cyclopentane market accounts for the second-largest market share due to the advanced renovation materials like insulating materials; there is much potential for innovation to improve the construction process. Further, the German Cyclopentane market held the largest market share, and the UK Cyclopentane market was the fastest-growing market in the European Region.
North Americais expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising insulation thickness standards, consumer demand and preferences, manufacturer preferences, pricing, and resource availability. New laws and regulations from the government can also spur innovation. The rise in demand for thermal insulation contributes to regional growth.
Cyclopentane Products Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the cyclopentane market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The cyclopentane industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Cyclopentane industry to benefit clients and increase the market sector. The Cyclopentane industry has offered some of the most significant medical advantages in recent years. Major players in the Cyclopentane market, including INEOS, Haltermann Carless Deutschland, Jilin Beihua Fine Chemical Co Ltd, Chevron Phillips Chemical Company, Liaoning Yufeng Chemical Co Ltd, South Hampton Resources, Maruzen Petrochemical Co Ltd, Haldia Petrochemicals Limited, Yeochun NCC Co Ltd, and SK Chemicals Co Ltd., and others, are attempting to increase market demand by investing in research and development operations.
Haltermann Carless is a midsize chemical company founded on tradition, value, and experience dating back to 1859. Today, the company is a key brand of HCS Group and a leading international supplier of high-value hydrocarbon-based specialty products and solvents. Haltermann Carless established a new hydrogenation plant in Germany. The production unit aims to strengthen the company’s production of Cyclopentane and its blends.
Haldia Petrochemicals Ltd., often called HPL, is one of the largest petrochemical companies in India, with a total capacity equivalent to 10,00,000 TPA of ethylene. Haldia Petrochemicals acquired Lummus Technology. Haldia Petrochemicals' portfolio includes Cyclopentane with distribution and export networks worldwide.
Key Companies in the cyclopentane market include
- INEOS
- Haltermann Carless Deutschland GmbH
- Jilin Beihua Fine Chemical Co. Ltd
- Chevron Phillips Chemical Company
- South Hampton Resources
- Maruzen Petrochemical Co. Ltd.
- Haldia Petrochemicals Limited
- Yeochun NCC Co.Ltd
- SK Chemicals Co. Ltd.
Cyclopentane Industry Developments
July 2021: Haltermann Carless established a new hydrogenation plant in Germany. The production unit aims to strengthen the company’s production of Cyclopentane and its blends.
July 2020: Haldia Petrochemicals acquired Lummus Technology. Haldia Petrochemicals' portfolio includes Cyclopentane with distribution and export networks worldwide.
Cyclopentane Market Segmentation
Cyclopentane Application Outlook
- Blowing Agent
- Solvent & Reagent
Cyclopentane End UserOutlook
- Residential Refrigerators
- Commercial Refrigerators
- Construction
Cyclopentane Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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