Global Cyclopentane Market Size is Poised to Grow $680

New York, NY, May 30, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Cyclopentane Market By Application (Insulation & Construction Material, Refrigerators, Personal Care Products, Fuel & Fuel Additives, Electrical & Electronics, And Others), By Function (Solvent & Reagent, Blowing Agent & Refrigerant, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Cyclopentane Market size & share in terms of revenue was valued at USD 401 million in 2022 and it is expected to surpass around USD 680 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.30% during the forecast period 2023 to 2030.”

What is Cyclopentane? How big is the Cyclopentane Industry?

Report Overview:

The global cyclopentane market size was worth around USD 401 Million in 2022 and is predicted to grow to around USD 680 Million by 2030 with a compound annual growth rate (CAGR) of roughly 7.301% between 2023 and 2030.

The cyclopentane industry refers to the production and distribution of cyclopentane, which is a volatile hydrocarbon compound. It is primarily used as a blowing agent in the production of polyurethane foams, particularly in the form of rigid polyurethane foam insulation. The market encompasses the production, consumption, and trade of cyclopentane and its related products. It involves various industry stakeholders, including manufacturers, suppliers, distributors, and end-users in sectors such as construction, refrigeration, appliances, and more.

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Global Cyclopentane Market: Growth Factors

The global cyclopentane market is expected to grow due to the increasing importance of environmental sustainability. In recent times, the compound has gained high popularity as an efficient blowing agent since it has low global warming potential when compared to conventional blowing agents like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). As regional governments are getting stricter with environmental regulations due to environmental pollution and global warming resulting in the need to reduce the emission of greenhouse gasses, the demand and application of cyclopentane are likely to register a high growth rate.

In addition to this, the growing use of consumer appliances, especially in developing countries where the population is registering high disposable income could also act as an important cyclopentane market growth driver. Cyclopentane is used as a blowing agent in the production of insulating foams for refrigerators and freezers. Another crucial contributor to expanding industry is the growing investment toward research and development activities that aim to improve the properties of cyclopentane thus impacting its applications. Manufacturers are targeting areas of improvement like thermal insulation properties and efficiency.

The cyclopentane industry is also subject to certain roadblocks. The production and availability of cyclopentane are highly dependent on the cost of raw materials. Fluctuations in crude oil prices and the cost of other feedstock can severely impact the final price of cyclopentane and its production rate. Moreover, the industry also faces tough competition from alternative blowing agents such as HFOs and hydrocarbons like isopentane which also offer a low environmental impact along with improved performance. Some of the other restraints are limited supply and production capacity related to cyclopentane and environmental concerns.

The growing demand for energy-efficient solutions could provide growth opportunities while regulatory compliance may challenge market growth.

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Report Scope

Report Attribute	Details
Market Size in 2022	USD 401 million
Projected Market Size in 2030	USD 680 million
CAGR Growth Rate	7.30% CAGR
Base Year	2022
Forecast Years	2023-2030
Key Market Players	Chevron Phillips Chemical Company LLC, SK Global Chemical Co., Ltd., Haldia Petrochemicals Ltd., LG Chem Ltd., Dymatic Chemicals, Inc., Maruzen Petrochemical Co., Ltd., Merck KGaA, Eastman Chemical Company, Haltermann Carless, Chevron Corporation, INEOS Group Holdings S.A., ISOPA (European Diisocyanate and Polyol Producers Association), Honeywell International Inc., BASF SE, Mitsui Chemicals, Inc., Huntsman Corporation, TotalEnergies SE, PetroChina Company Limited, The Dow Chemical Company, LyondellBasell Industries N.V., Repsol S.A., Saudi Basic Industries Corporation (SABIC), Formosa Plastics Corporation, Covestro AG, and China National Petroleum Corporation (CNPC).
Key Segment	By Application, By Function, and By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Cyclopentane Market: Segmentation Analysis

The global cyclopentane market is segmented based on application, function, and region.

Based on application, the global market segments are insulation & construction materials, refrigerators, personal care products, fuel & fuel additives, electrical & electronics, and others. The industry was dominated by the insulation & construction material segment in 2022 due to the higher use of the compound in the production of rigid polyurethane foam insulation panels. They are subsequently used for thermal insulation purposes across industries including buildings, refrigeration systems, appliances, and cold storage facilities. However, the compound also has several other applications. For instance, it is used as a blowing agent in the production of refrigerator and freezer insulation, providing thermal insulation and energy efficiency. It is also used in personal care products such as hairsprays and foaming cleansers. Its main role is that of a propellant. Cyclopentane’s melting point is −94 °C

Based on function, the global market segments are solvent & reagent, blowing agent & refrigerant, and others. The cyclopentane industry growth was led by the blowing agent & refrigerant segment in 2022. It assists in the production of polyurethane foams due to its low boiling point which allows it to vaporize and create the cellular structure of the foam during the foaming process. Since it has a low environmental impact, it is also used extensively as a refrigerant. Its application as a solvent & reagent is noteworthy since it serves as a medium for various synthesis reactions. Some examples of its application as a solvent are in terms of the synthesis of various organic compounds and the production of pharmaceutical products. Cyclopentane may be used as a cleaning solvent in electronics manufacturing processes. The compound has received a flammability rating of 3 by the National Fire Protection Association.

The global Cyclopentane market is segmented as follows:

By Application

Insulation & Construction Material
Refrigerators
Personal Care Products
Fuel & Fuel Additives
Electrical & Electronics
Others

By Function

Solvent & Reagent
Blowing Agent & Refrigerant
Others

Browse the full “Cyclopentane Market By Application (Insulation & Construction Material, Refrigerators, Personal Care Products, Fuel & Fuel Additives, Electrical & Electronics, and Others), By Function (Solvent & Reagent, Blowing Agent & Refrigerant, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/cyclopentane-market

Competitive Landscape

Some of the main competitors dominating the global Cyclopentane market include -

Chevron Phillips Chemical Company LLC
SK Global Chemical Co. Ltd.
Haldia Petrochemicals Ltd.
LG Chem Ltd.
Dymatic Chemicals Inc.
Maruzen Petrochemical Co. Ltd.
Merck KGaA
Eastman Chemical Company
Haltermann Carless
Chevron Corporation
INEOS Group Holdings S.A.
ISOPA (European Diisocyanate and Polyol Producers Association)
Honeywell International Inc.
BASF SE
Mitsui Chemicals Inc.
Huntsman Corporation
TotalEnergies SE
PetroChina Company Limited
The Dow Chemical Company
LyondellBasell Industries N.V.
Repsol S.A.
Saudi Basic Industries Corporation (SABIC)
Formosa Plastics Corporation
Covestro AG
China National Petroleum Corporation (CNPC).

Key Insights from Primary Research:

According to the analysis shared by our research forecaster, the Cyclopentane market is likely to expand at a CAGR of around 7.30% during the forecast period (2023-2030).
In terms of revenue, the Cyclopentane market size was valued at around US$ 401 million in 2022 and is projected to reach US$ 680 million by 2030.
The cyclopentane market is projected to grow at a significant rate due to the growing demand for polyurethane foams.
Based on application segmentation, insulation & construction material was predicted to show maximum market share in the year 2022.
Based on functional segmentation, blowing agent & refrigerant was the leading segment in 2022.
On the basis of region, Asia-Pacific was the leading revenue generator in 2022.

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Key questions answered in this report:

What is the market size and growth rate forecast for Cyclopentane industry?
What are the main driving factors propelling the Cyclopentane Market forward?
What are the leading companies in the Cyclopentane Industry?
What segments does the Cyclopentane Market cover?
How can I receive a free copy of the Cyclopentane Market sample report and company profiles?

Key Offerings:

Market Size & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis By Application, By Function, and By Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Asia-Pacific is anticipated to lead the global cyclopentane market owing to the strategic phasing out of HFOs and Hydrochlorofluorocarbons (HCFCs) as the regions are registering the emergence of stricter government rules in terms of the impact of business operations on the environment. Additionally, countries such as China and India have a strong hold over the global petrochemical sector which contributes to regional market expansion in association with the growing demand for consumer goods leading to higher consumption of cyclopentane. Europe is expected to grow at a CAGR of over 6.1% during the forecast period led by growing demand for insulation materials in the expanding construction and consumer goods segments. The rising emphasis on energy-efficient solutions could also assist in regional market growth. The refrigeration industry is leading the revenue in North America.

By Region

North America
- U.S.
- Canada
- Rest of North America
Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America

Recent Developments

In October 2022, Daikin Europe NV announced the launch of 2 new natural refrigerant products called the CO2 ZEAS and the Monoblock of the future range. The announcement is a part of the company’s vision for a future sustainable city
In January 2022, The Chemours Company initiated taking orders for its Opteon™ XL41 (R-454B) hydrofluoroolefin (HFO) refrigerant in the North American market
In January 2023, Kingspan announced the launch of a new range of insulation panels that demonstrates a 41% reduction in embodied carbon

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/cyclopentane-market

FREQUENTLY ASKED QUESTIONS

What is cyclopentane?
Which key factors will influence cyclopentane market growth over 2023-2030?
What will be the value of the cyclopentane market during 2023-2030?
What will be the CAGR value of the cyclopentane market during 2023-2030?
Which region will contribute notably towards the cyclopentane market value?
Which are the major players leveraging the cyclopentane market growth?

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