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.
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.
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.
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.
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.
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 (%)
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.
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.
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.
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
Global Cyclopentane Market, By End-User
Global Cyclopentane Market, By Region
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
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.
|Market Size||2030: USD 531Million|
|CAGR||7.96% CAGR (2022-2030)|
|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|
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
Asia-Pacific held the largest share in 2021
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.