Chicago, June 06, 2024 (GLOBE NEWSWIRE) — The Global Cyclopentane Market size was USD 366 million in 2023 and is projected to reach USD 476 million by 2028 at a CAGR of 5.4% between 2023 and 2028, as per the recent study by MarketsandMarkets™. Cyclopentane is a crucial blowing agent in producing polyurethane foam, extensively used for thermal insulation in refrigerators, freezers, buildings, and various industrial applications. Growing awareness of energy efficiency and stringent regulations promoting insulation in multiple sectors like construction and appliances fuel demand for cyclopentane as a blowing agent in polyurethane foam. Increasing regulatory emphasis on energy efficiency and sustainability propels the demand for cyclopentane-based insulation solutions, particularly in appliances and construction materials.
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Browse in-depth TOC on “Cyclopentane Market”
280- Market Data Tables
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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)
- Junyuan Petroleum Group (China)
- Zeon Corporation (Japan)
- Others.
Drivers, Restraints, Opportunities and Challenges in Cyclopentane Market:
- Drivers: Global phase-out of HCFCs by 85% by late 2040s
- Restraints: High Capital Investments
- Opportunity: Increasing use of blowing agents in the construction, automotive, and appliance industries
- Challenge: Flammability of cyclopentane
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Key Findings of the Study:
- By function, the blowing agent & refrigerant segment is expected to grow faster during the forecast period in terms of volume.
- By region, North America is expected to grow at a faster rate in terms of volume during the forecast period.
- Insulated containers and sippers are expected to be the largest segment of the cyclopentane market by material during the forecast period.
Based on function, the blowing agent & refrigerant segment accounted for the largest share in 2023 regarding 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 2023 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, the cyclopentane market is categorized into regions, including South America, the Middle East & Africa, Europe, Asia Pacific, and North America. Asia Pacific dominated the cyclopentane market in 2023 in terms of value. Asia Pacific is the world’s largest cyclopentane market, with China being the most dominant market in the region. The increasing demand for consumer appliances in the 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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