Cyclopentane Market Worth $476 Million By 2028 - Exclusive Report By Marketsandmarketstm

(MENAFN- PR Newswire) CHICAGO, April 23, 2024 /PRNewswire/ -- The report
" Cyclopentane Market
by Function (Blowing Agent & Refrigerant, Solvent & Reagent), Application (Residential Refrigerators, Commercial Refrigerators, Insulated Containers, Insulating Construction Materials, Electrical), and Region - Global Forecast to 2028" , 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.

The phase-out of hydrochlorofluorocarbons (HCFCs), mandated by international environmental agreements such as the Montreal Protocol, is expected to drive the demand for cyclopentane in several ways. HCFCs have been commonly used as blowing agents in the production of polyurethane foam insulation, particularly in applications such as refrigeration and construction. However, due to their ozone-depleting properties and contribution to global warming, their usage is progressively restricted and phased out. As HCFCs are phased out, manufacturers are seeking alternative blowing agents that are more environmentally friendly and compliant with regulations. Cyclopentane is a prominent candidate due to its low global warming potential (GWP) and ozone depletion potential (ODP), making it an attractive substitute for HCFCs in polyurethane foam insulation applications.

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279 – Tables
44 – Figures
222 – Pages

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The increased demand for cyclopentane is driven by the need for compliant blowing agents in producing insulation materials, especially in regions where regulatory mandates for phasing out HCFCs are stringent. This demand is further amplified by growing awareness of environmental sustainability and adopting energy-efficient building practices emphasizing eco-friendly insulation materials. Moreover, the phase-out of HCFCs creates opportunities for cyclopentane manufacturers to expand their production capacity and meet the rising demand from industries transitioning from HCFC-based products. This expansion may include investments in new production facilities, technology upgrades, and research and development initiatives to enhance the efficiency and performance of cyclopentane-based insulation materials.

By function, the blowing agent & refrigerant segment is expected to grow faster during the forecast period in terms of volume.

Between 2023 and 2028, there is anticipated to be a swifter growth trajectory in the volume of the blowing agent and refrigerant sector. Cyclopentane's utilization as a blowing agent is significantly tethered to the economic expansion of the Asia Pacific region. This growth can be attributed to various factors such as advancements in technology, regulatory changes favoring environmentally friendly options, and increasing demand for products that require these agents and refrigerants within the region.

Furthermore, economic growth in the Asia Pacific region, particularly marked by heavy investments in the consumer appliances industry, directly influences the demand for refrigerants. As the economy expands and consumers have greater purchasing power, there is a heightened demand for consumer appliances such as refrigerators and air conditioners. These appliances rely on refrigerants like cyclopentane to function effectively.

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By region, North America is expected to grow at a faster rate in terms of volume during the forecast period.

Between 2023 and 2028, North America is anticipated to experience a swifter volume growth trajectory. North America has consistently led the way in product innovation and the development of applications. This aspect has had a notable impact on the expansion of blowing agents, including cyclopentane. Particularly in the US, the North American market has consistently been a pioneer in introducing novel blowing agents.

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Key Market Players

Some of the key market players include 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), and Zeon Corporation (Japan). These players have adopted investment, consortium, and partnership growth strategies.

Browse Adjacent Market: Specialty Chemicals Market Research Reports

Related Reports:

Blowing Agent Market - Global Forecast to 2029

Refrigerants Market - Global Forecast to 2028

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