ID: MRFR/CnM/8978-CR | March 2021 | Region: Global | 154 pages
Global Cyclopentane Market is projected to register a CAGR of 7.40% to reach USD 493,623.5 Thousand by the end of 2027.
Cyclopentane is a flammable hydrocarbon, which is also known as pentamethylene. It is widely being used as a blowing agent in foam manufacturing and has zero ozone depletion potential, thereby, recognized by environmental groups. It is a superior alternative to HCFCs and CFCs. It is used in home refrigerator appliances, insulating foams, insulating panels, and boards and pipes in the construction industry.
The primary driver of the global cyclopentane market is its use as a blowing agent for manufacturing rigid foam insulation and phase-out of HCFCs and HFCs refrigerants. Refrigerants are a working agent or fluid used in refrigerating systems to absorb heat during evaporation in regions of low temperatures and pressures and release heat during condensation in regions with high temperatures and pressures. They are the primary fluid that is responsible for cooling purposes in commercial and residential refrigerators. Hydrofluorocarbon (HFC) and hydrochlorofluorocarbon (HCFC) are used in various applications such as automotive, home air conditioners, and industrial refrigeration.
Cyclopentane has low global warming potential and ensures low operating costs, making them the preferred choice for blowing agents in end-use industries.
Global Cyclopentane Market Revenue, By End User, 2019 (USD Thousand)
Sources: MRFR Analysis
Global Cyclopentane Market has been segmented based on Application, End User, and Region.
Based on application, the global cyclopentane market is classified into blowing agent, solvent & reagent, and others. The blowing agent segment accounted for the largest market share of 85.60% in 2019, with a market value of USD 2,92,645.3 thousand; it is expected to register the highest CAGR of 7.59% during the forecast period.
By end-use industry, the cyclopentane market is categorized into residential refrigerators, commercial refrigerators, construction, and others. The residential refrigerators segment accounted for the largest market share of more than 40% in 2019 and is expected to register a CAGR of 7.48% during the forecast period. However, the construction segment is projected to register the highest CAGR of 8.22%.
Global Cyclopentane Market Share, By Region, 2019 (%)
Sources: MRFR Analysis
Global Cyclopentane Market has been studied across five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific held the largest market share of over 43% in 2019, with a market value of around USD 151,108.9 thousand. The high growth in this region can be attributed to the rapid industrialization and growing economic conditions in growth-centric countries such as India, South Korea, and Malaysia.
Growing demand from residential refrigerators, commercial refrigerators, construction end users drives the regional market. The high public and private investment in the construction industry on account of the rapid industrialization and urbanization and high spending on renovation are expected to contribute to the regional market growth.
Key Players operating in the Global Cyclopentane Market include INEOS (UK), Haltermann Carless Deutschland GmbH (Germany), Jilin Beihua Fine Chemical Co., Ltd (China), Chevron Phillips Chemical Company (US), Liaoning Yufeng Chemical Co., Ltd (China), South Hampton Resources (US), Maruzen Petrochemical Co., Ltd (Japan), Haldia Petrochemicals Limited (India), Yeochun NCC Co., Ltd (South Korea), and SK Chemicals Co., Ltd. (South Korea).
Companies such as Chevron Phillips Chemical Company, INEOS, South Hampton Resources, Haltermann Carless Deutschland GmbH, and SK Chemicals Co., Ltd dominate the global market due to their brand reputation, product differentiation, and financial stability.
Key strategic initiatives such as acquisition and expansion were followed by the players with a moderate approach. For instance, in July 2020, Haldia Petrochemicals Limited acquired Lummus Technology, a material technology company, for USD 2.725 billion.
Global Cyclopentane Market, By Application
Global Cyclopentane Market, By End User
Global Cyclopentane Market, By Region
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