Global Cyclopentane Market Research Report—Forecast till 2027
Global Cyclopentane Market is forecasted to record a CAGR of 7.40% to reach USD 493,623.5 Thousand by the end of 2027. Cyclopentane is an inflammable hydrocarbon, it is also called pentamethylene. Cyclopentane is also used as a foam-blowing agent in the manufacturing of polyurethane insulating foam, which is used in freezers, water heaters, construction panels, refrigerators, and insulated pipes and roofs. It is an exclusive alternative to HCFCs and CFCs.
The global cyclopentane market is expected to witness healthy market growth during the review period. Additionally, Cyclopentane has low global warming potential and ensures low operating costs, making them the preferred choice for blowing agents in end-use industries. Refrigerants are a functioning agent or liquid utilized in refrigerating frameworks to release heat during vanishing in locales of low temperatures and pressing factors and delivery heat during build-up in areas with high temperatures and pressing factors. They are the essential liquid that is liable for cooling purposes in business and private fridges. Hydrofluorocarbon (HFC) and hydrochlorofluorocarbon (HCFC) are utilized in different applications like auto, home climate control systems, and mechanical refrigeration.
Global Cyclopentane Market has been classified based on Application, End User, and Region.
In terms of application type, the global cyclopentane market has been divided into blowing agents, 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.
Based on the end-use segment, the cyclopentane market has been divided 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%.
Geographically, Global Cyclopentane Market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia-Pacific accounted for the largest market share of over 43% in 2019, having a market value of around USD 151,108.9 thousand. The regional market growth is driven by the growing industrialization and rising economic conditions in emerging such as India, South Korea, and Malaysia.
Additionally, the increasing demand from residential refrigerators, commercial refrigerators, construction end-users are propelling the regional market during the review period. Moreover, the surging public and private investment in the construction industry because of rapid industrialization and urbanization and growing expenditure on renovation are estimated to fuel the regional market growth.
The prominent players operating in the Global Cyclopentane Market are INEOS (UK), Haltermann Carless Deutschland GmbH (Germany), Jilin Beihua Fine Chemical Co., Ltd (China), South Hampton Resources (US), Maruzen Petrochemical Co., Ltd (Japan), Chevron Phillips Chemical Company (US), Liaoning Yufeng Chemical Co., Ltd (China), Haldia Petrochemicals Limited (India), Yeochun NCC Co., Ltd (South Korea), and SK Chemicals Co., Ltd. (South Korea).
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