Chicago, March 01, 2023 (GLOBE NEWSWIRE) -- The global Cyclopentane Market size was USD 272 million in 2020 and is projected to reach USD 430 million by 2026, at a CAGR of 7.8% between 2021 and 2026, as per the recent study by MarketsandMarkets™. Cyclopentane is majorly used as a blowing agent and refrigerant. Currently, HCFC’s are being used as blowing agents for manufacturing foam because of their lower ODP.
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Browse In-Depth TOC On “Cyclopentane Market”
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List of Key Players in Cyclopentane Market:
- HCS Group (Germany)
- Jilin Beihua Fine Chemical Co., Ltd. (China)
- Dymatic Chemicals, Inc. (China)
- INEOS (UK)
- Liaoning Yufeng Chemical Co., Ltd. (China)
- Maruzen Petrochemical (Japan)
- SK Global Chemical Co., Ltd. (South Korea)
- Haldia Petrochemicals Limited (India)
- LG Chem (South Korea)
- Puyang Zhongwei Fine Chemical Co, Ltd. (China)
- Zeon Corporation (Japan)
Drivers, Restraints, and Opportunities in Cyclopentane Market:
- Driver: Global phase-out of HCFCs by 85% by late 2040s
- Opportunity: Increasing use of blowing agents in the construction, automotive, and appliance industries
- Challenge: Flammability of cyclopentane
Key Findings of the Study:
- By function, blowing agent & refrigerant segment is expected to grow at a faster rate during the forecast period, in terms of volume.
- By region, North America is expected to grow at a faster rate during the forecast period, in terms of volume.
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Based on function, the blowing agent & refrigerant segment accounted for the largest share in 2020, in terms of value. Globally, the demand for cyclopentane as a blowing agent & refrigerant is the highest in Asia Pacific. Growing population and infrastructural development in the region have increased the use of refrigerants for various applications such as refrigerators and air conditioners.
Based on application, the insulated containers and sippers segment accounted for the largest share in 2020, in terms of value. Cyclopentane is used in containers and sippers as an insulator. Insulated and refrigerated vehicles and containers used for transportation or storage purposes depend on thermal insulation to minimize heat transfer between the internal (being temperature-controlled) and the external (ambient).
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Based on region, Asia Pacific dominated the cyclopentane market in 2020, in terms of value. Asia Pacific is the largest cyclopentane market in the world with China being the most dominant market in the region. The increasing demand for consumer appliances in growing economies of APAC, such as China, India, and Thailand, is driving the refrigerants market in the region, thereby driving the demand for cyclopentane.
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