(MENAFN- GlobeNewsWire - Nasdaq) New York, April 26, 2023 (GLOBE NEWSWIRE) -- The global cyclopentane market accounted for USD 328.7 billion in 2022 and is expected to grow to USD 665.3 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 7.5% .
The growth is anticipated to be driven by rising demand for refrigerators, insulated containers, and insulation materials. Furthermore, stringent government regulations to eliminate hydrochlorofluorocarbons (HCFC) from use are expected to promote cyclopentane as an eco-friendly substitute and ensure a sustainable future with its widespread application. Furthermore, rising awareness regarding cyclopentane's wide range of benefits such as its wide applicability and environmental friendliness will further fuel its demand. Current research and technological advancements encourage the use of an environmentally friendly blowing agent and its widespread adoption. Furthermore, the demand for cyclopentane across various sectors is predicted to fuel market growth.
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Key Takeaway:
Based on function, in 2022, the cyclopentane market was dominated by the blowing agent & refrigerants segment owing to its growing demand in various industries. By application, in 2022, the refrigerators segment dominated the largest market share in the application segment. In 2022, APAC dominated the market with the highest revenue share of 43.6% . Europe is expected to have the highest CAGR among all regions, owing to advanced materials, the potential for innovation, and the demand for thermal insulation.
Factors affecting the growth of the cyclopentane industry
There are several factors that can have an impact on the growth of the cyclopentane industry including:
Environmental regulations: Cyclopentane production & use can be subject to environmental laws & regulations, due to its potential harm to the environment. Therefore, industry players may have to adjust to abide by these guidelines, potentially impacting growth and profitability. Raw material availability and pricing: Cyclopentane production is heavily dependent on raw materials, and fluctuations in crude oil prices can significantly impact costs and ultimately the growth of the industry. Demand from end-use industries: The demand for cyclopentane is tied to the demand from end-use industries like construction, electronics, consumer goods, and refrigeration. Some changes in demand for these industries can impact the demand for cyclopentane & affect the growth of the industry. Technological advancements: Technological advances can revolutionize the cyclopentane industry by making production processes more efficient and cost-effective, as well as creating new applications for the chemical. Furthermore, new technologies could enable more eco-friendly cyclopentane production methods which would positively influence the sector's growth trajectory. Competition: The cyclopentane industry faces competition from other materials & chemicals which can be used in similar applications. The change in competition & market share also can impact the demand of the cyclopentane industry.
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Market Growth
The global cyclopentane market has experienced steady growth over the past few years and is projected to keep on its upward path. This development can be attributed to the rising demand for energy-saving and eco-friendly refrigeration solutions. Cyclopentane is an essential element in foam insulation used in refrigerators and freezers, aiding in our efforts to meet environmental regulations and reduce carbon emissions. Cyclopentane is not only used in refrigeration, but it has numerous other industrial uses as well, such as electronics manufacturing and consumer goods like furniture and shoes. All these industries have contributed to the growth of the cyclopentane market. As consumers demand more energy-efficient and sustainable products, the cyclopentane market is expected to experience further expansion over the coming years. As companies look towards sustainable solutions for the production and supply of cyclopentane, there will be ample opportunities for investment in this market.
Regional Analysis
APAC is accounted as the most dominant market in the global cyclopentane market with a market share of 43.6%, during the forecasted period. Due to the increasing use of residential and commercial refrigerators, the demand for cyclopentane has been growing in the region. Additionally, the presence of large consumer appliances manufacturers like Daikin, Videocon Industries Limited, LG, and Samsung supports the growth of the refrigerants market in the region, which is driving the cyclopentane market.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 328.7 billion |
| Market Size (2032) | USD 665.3 billion |
| CAGR (from 2023 to 2032) | 7.5% |
| APAC Revenue Share | 43.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Cyclopentane is a versatile chemical, often employed as a blowing agent in polyurethane foam production. With an almost colorless and flammable liquid and faint aroma, cyclopentane finds numerous uses across numerous industries. The cyclopentane market is driven by several factors, such as rising demand for energy-efficient buildings and appliances, rising consumer goods like furniture and mattresses, stringent environmental regulations, growing interest in renewable energy sources, increased industrialization and urbanization trends, as well as an expansion in construction materials production. Cyclopentane stands out among other chemicals due to its environmental friendliness, making it a preferred option for companies looking to meet regulatory requirements and reduce their carbon footprint. Industry analysts anticipate that demand for cyclopentane will continue growing as companies look for more sustainable and eco-friendly solutions in their manufacturing processes.
Market Restraints
One of the major restraints is the stringent health and safety regulations that govern its production, transportation, and use. Compliance with these regulations can be costly and time-consuming, which can affect the profitability of companies operating in this market. Additionally, cyclopentane is a hazardous liquid with a low boiling point and high volatility that pose health and safety hazards, necessitating increased regulations in production and handling operations. Moreover, while there are alternatives available in the market to replace cyclopentane, they tend to be cheaper and greener options. Fluctuating raw material prices and limited applications also limit the growth potential within this market. All these factors combined could potentially slow down the growth of the cyclopentane market in the coming years.
Market Opportunities
Blowing agents have become increasingly common in industries such as construction, automotive, and appliance manufacturing due to their superior insulation and physical integration properties. Polyurethane foam insulation is particularly popular due to its superior thermal insulation capabilities. This has resulted in an uptick in demand for blowing agents, such as cyclopentane. The appliance industry has seen tremendous growth throughout Europe and Asia, leading to increased consumption of this chemical compound. With the projected growth in these industries, demand for blowing agents is expected to keep increasing, leading to an eventual increase in cyclopentane usage. Cyclopentane plays a vital role in producing foam insulation used in refrigerators and freezers.
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Report Segmentation of the Cyclopentane Market
Function Insight
Blowing agents & refrigerants held the majority share with 58.3% market share at an impressive CAGR of 7.8% over the years due to its growing demand in various industries such as refrigerant in refrigerators or insulation purposes; furthermore, increasing healthcare & pharmaceutical industries as well as food & beverage firms require it for freezers & fridges which further drive segment growth.
Application Insight
Cyclopentane market share is dominated by refrigerators with a share of 31.6%, due to government initiatives for helping these businesses expand digitally. Cyclopentane has become increasingly popular in refrigerator applications, particularly as a refrigerant and insulation, due to its ability to extend shelf life for temperature-sensitive items. There has been an uptick in demand for frozen food & beverages as well as healthcare industry storage needs - both driving up demand for refrigerators.
Recent Developments of the Cyclopentane Market
In February 2021, HCS Group & Gevo signed a strategic agreement in Germany for developing low-carbon renewable chemicals & sustainable aviation fuel (SAF). In February 2021, SK Global Chemical Co. Ltd. announced that it will invest in a new cyclopentane production facility in South Korea which will have a production capacity of 40,000 metric tons per year. In 2021, Honeywell announced that it has developed a new low-global-warming-potential (GWP) blowing agent for foam insulation applications, which is based on cyclopentane.
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Key Market Segments:
Based on Function
Blowing Agent & Refrigerant Solvent & Reagent Other Functions
Based on Application
Refrigerators Containers & Sippers Personal Care Products Electrical & Electronics Insulating Construction Material Fuel & Fuel Additives Other Applications
By Geography
Germany France The UK Spain Italy Portugal Ireland Austria Switzerland Benelux Nordic Rest of Western Europe
Russia Poland The Czech Republic Greece Rest of Eastern Europe
APAC China Japan South Korea India Australia & New Zealand Indonesia Malaysia Philippines Singapore Thailand Vietnam Rest of APAC
Brazil Colombia Chile Argentina Costa Rica Rest of Latin America
Algeria Egypt Israel Kuwait Nigeria Saudi Arabia South Africa Turkey United Arab Emirates Rest of MEA
Competitive Landscape
This is a competitive market with the presence of several global and regional players. Globally leading companies are engaged in strategic initiatives like partnerships, acquisitions, mergers, agreements, and collaborations to withstand the intense competition and increase their market share.
Key Market Players:
Listed below are some of the most important cyclopentane industry players.
HCS Group GmbH Dymatic Chemicals Inc. Chevron Phillips Chemical Company SK geo centric Co. Ltd. LG Chem Maruzen Petrochemical Co. Ltd. Liaoning Yufeng Chemical Co. Ltd. Haldia Petrochemicals Ltd. RESOURCES ZEON CORPORATION Puyang Zhongwei Fine Chemical Co. Ltd. HPL Additives Ltd. SOUTH HAMPTON RESOURCES Inc. INEOS Group Ltd. Other Key Players
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