Cyclopentane Market Research Report - Forecast till 2030

Cyclopentane Market Research Report: Information By Application (Blowing Agent, Solvent & Reagent, and Others), By End User (Residential Refrigerators, Commercial Refrigerators, Construction, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2030

ID: MRFR/CnM/8978-CR | March 2021 | Region: Global | 154 Pages         

Cyclopentane Market

The Cyclopentane Market is projected to register a CAGR of 7.40% to reach USD 493,623.5 Thousand by the end of 2027.

Segmentation

By Application Blowing Agent Solvent & Reagent
End User Residential Refrigerators Commercial Refrigerators Construction
Region North America Europe Asia-Pacific Latin America Middle East & Africa

Key Players

  • 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.

Drivers

  • It is use as a blowing agent for manufacturing rigid foam insulation and phase-out of HCFCs and HFCs refrigerants
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Cyclopentane Market Overview


The global cyclopentane market is projected to reach approximately USD531 Million by 2030, at a CAGR of 7.96% from 2021 to 2030. The chemical compound pentamethylene, commonly known as cyclopentane, is flammable. Environmental organizations acknowledge its widespread use as a blowing agent in foam production and its lack of ozone depletion potential. It is a better option than HCFCs and CFCs. It is used in boards, pipelines, insulating foams, panels, home refrigeration equipment, and the construction sector.


COVID-19 Impact Analysis


The pandemic has affected many variables along the cyclopentane market's value chain. This influence is anticipated to be felt throughout the forecast period. Due to the COVID-19 outbreak and slow spread, consumers stored necessary supplies and provided essential services, such as providing food, at their homes. This created a massive surge in demand for refrigerators, one of the end-use industries that use cyclopentane. Others include insulated containers and sippers, insulating construction materials, electrical & electronic appliances, personal care products, fuel, and fuel additives. The influence on the world market has caused a substantial rise in demand for certain refrigerators, which are thought necessary. People stayed home because of the pandemic, which increased the demand for residential freezers. While the sector suffered minor turbulence from the lockdowns, the general customer attitude has been good. Due to these factors, the COVID-19 pandemic conflicted with the global cyclopentane market.


Market Dynamics


The global cyclopentane market's driving factor is the worldwide phase-out of HCFCs, the increasing demand for gasoline in China, and the increasing demand from countries with high gasoline taxes. It is expected that the growing use of blowing agents in the automotive, construction, and appliance industries will create opportunities for the market to grow.


Drivers



  • Phase-out of HCFCs globally


The main factors driving the global cyclopentane market 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 uses for hydrofluorocarbons (HFC) and hydrochlorofluorocarbons (HCFC), including automobiles, household air conditioners, and commercial refrigeration.


Restraints:



  • Cyclopentane's flammability


Since cyclopentane is a combustible substance, there are additional dangers when utilizing it as a blowing agent. Cyclopentane has an explosive limit of 1.1–8.7% by volume in air. As a result, the user of this product must adhere to strict rules. A few safety measures must be followed when using or storing cyclopentane. Thus, both consumers and manufacturers are stunned by its flammability.


Opportunities:



  • Blowing agents are used more in the construction, automobile, and appliance industries.


In the end-use sectors, including appliances, automobiles, and construction, blowing agents are used more frequently. 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. The expansion of these sectors is anticipated to boost demand for blowing agents and, as a result, cyclopentane uses.


Segment Overview


By Application


Based on application, the global cyclopentane market has been divided into blowing agents, solvents & reagents, and others. The blowing agent segment is described as having the largest market share.


By End User


Based on end-user, the global cyclopentane market is divided into residential refrigerators, commercial refrigerators, construction, and others. The residential refrigerators segment accounted for the largest market share.


Global Cyclopentane Market Share by Region, 2021 (%)
Global Cyclopentane Market Share by Region, 2021 (%)
Regional Analysis


By region, the global cyclopentane market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the largest market share. North America is projected to exhibit the highest CAGR during the review period.


Asia-Pacific


The Asia-Pacific region holds the largest market share of the cyclopentane market. The rapid industrialization and expanding economic conditions in growth-oriented nations such as India, South Korea, and Malaysia are the reasons behind the strong growth in this region.


North America


The global cyclopentane market in North America is expected to register the highest CAGR during the forecasted period. The region is driven by rising demand from end users of residential refrigerators, commercial refrigerators, and construction equipment. Due to the rising industrialization and urbanization, as the high expenditure on rehabilitation, there will be significant public and private investment in the construction sector, which would support regional market growth.


Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached across the globe with diverse product portfolios. Companies such as Chevron Phillips Chemical Company, Haldia Petrochemicals Limited, South Hampton Resources, SK Chemicals Co Ltd, and INEOS dominate the global cyclopentane market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.


Prominent players in the global cyclopentane market include 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.


Scope of the Report


Global Cyclopentane Market, By Application



  • Blowing Agent

  • Solvent & Reagent

  • Others


Global Cyclopentane Market, By End-User



  • Residential Refrigerators

  • Commercial Refrigerators

  • Construction

  • Others


Global Cyclopentane Market, By Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Market Size and Forecast:


To identify and estimate the market size for the global cyclopentane market segmented by application, end-user, and value (in US dollars). Also, to understand the consumption/ demand created by consumers of cyclopentane from 2022 to 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges for the global cyclopentane market


Market Influencing Factors:


To find out the factors which are affecting the sales of cyclopentane among consumers.


Impact of COVID-19:


To identify and understand the various factors involved in the global cyclopentane market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the company’s financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Cyclopentane Service Provider

  • Raw Material Suppliers

  • Retailers, Wholesalers, and Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 531Million
  CAGR   7.96% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application, End User
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   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.
  Key Market Opportunities   Blowing agents are used more in the construction, automobile, and appliance industries.
  Key Market Drivers   Global phase-out of HCFCs


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Frequently Asked Questions (FAQ) :

The study period of the global cyclopentane market is 2022 - 2030

The global cyclopentane market is growing at a CAGR of ~7.96% over the next ten years

North America is expected to register the highest CAGR during 2022 - 2030

Chevron Phillips Chemical Company, Haldia Petrochemicals Limited, South Hampton Resources, SK Chemicals Co Ltd, and INEOS are the major companies operating in the global cyclopentane market.