Selbyville, Delaware, July 01, 2024 (GLOBE NEWSWIRE) -- Cyclopentane Market will reach a valuation of USD 565.7 million by 2032, as per a recent study by Global Market Insights Inc.
As per the report, the escalating adoption of polyurethane foams in diverse applications, such as packaging, automotive, and furniture, bolsters the demand for cyclopentane. It caters as an efficient blowing agent in manufacturing rigid and flexible foams, catapulting the cyclopentane market growth. Rapid urbanization and economic growth, especially in Asia Pacific and Latin America, are the growth catalysts in infrastructure and amplifying the demand for energy-efficient building materials. This spurs the demand for cyclopentane as insulation materials in myriad construction projects, thus favoring market growth.
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Besides, escalating efforts toward developing eco-friendly products with environmental impact will strengthen the cyclopentane market outlook through 2032. For instance, in response to the growing market demand, Honeywell recently launched the fourth-generation hydrofluoroolefin Solstice® Liquid Blowing Agent (LBA). This environmentally preferred blowing agent alternative is designed for OEMs. Solstice LBA, whether used alone or blended with cyclopentane, offers superior insulation compared to pure cyclopentane and delivers a better cost/performance ratio than using a combination of cyclopentane-based foam and vacuum-insulated panels (VIPs).
Solvents and reagents category takes the lead
The cyclopentane market size from the solvents and reagents segment will garner appreciable gains throughout 2024-2032 because of the ecologically friendly properties and versatility of cyclopentane solvents and reagents in industrial usage. As a blowing agent in foam manufacturing, cyclopentane provides a low global warming potential compared to conventional CFCs, aligning with strict environmental rules. Its low toxicity, excellent solvency, and stability make it perfect for adoption in adhesives, pharmaceuticals, and coatings. The role of cyclopentane as a reagent in organic synthesis and polymer production is proliferating owing to its efficacy and cost-efficacy. This thriving demand indicates the wider market trend toward eco-conscious and high-performance chemicals.
Electrical and electronics emerge as the trailblazers
The electrical and electronic devices segment will accumulate a modest cyclopentane market share by 2032 due to the excellent insulation and environmental benefits of cyclopentane. This contributes to the improvement of energy efficiency and is increasingly important to comply with strict energy regulations. Lower global temperatures make it more desirable than traditional hydrofluorocarbons. The stability and non-degradability of cyclopentane enhances the durability and reliability of electronic components. The push for greener, more sustainable manufacturing in the electronics industry is ushering in the adoption of cyclopentane, demonstrating the promise of reducing environmental impact while maintaining high performance.
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Charged up Asia Pacific Set the Pace
Asia Pacific cyclopentane industry will exhibit a healthy growth rate between 2024 and 2032, owing to increasing industrialization and stricter environmental regulations. As countries like China, India, and South Korea expand their production sectors, the need for sustainable and efficient materials rises. Cyclopentane, with its low global warming potential, is favored in the production of polyurethane foams used in construction and refrigeration. Government policies encouraging eco-friendly alternatives and the growth of the consumer electronics market thrust the adoption of cyclopentane. The focus of Asia Pacific on energy efficiency and environmental sustainability propels the demand for cyclopentane, reflecting broader global trends toward greener industrial activities.
Cyclopentane Market Players
Major players in the Cyclopentane Industry include DYMATIC Chemicals, Inc., Chevron Phillips Chemical Company LLC, SK Global Chemical Co., Ltd., Huntsman Corporation, LG Chem, Merck KGaA, INEOS, Prasol Chemicals Pvt. Ltd., TCI Chemicals, Zhejiang Weihua Chemical Co., Ltd., Haltermann Carless, and Eastman Chemical Company.
Key cyclopentane manufacturers are strengthening their competitive positions by aggressively investing in research and development, aiming to improve product quality and manufacturing. Strategic alliances and acquisitions are expanding their market footprint and diversifying their product range to meet evolving customer needs. These companies also use advanced technologies such as robotics and data analytics to drive innovation and maintain a competitive edge. A customer-centric approach, in line with comprehensive support services, ensures seamless integration and customer satisfaction. This early strategic plan positions these companies as leaders in the cyclopentane industry, poised for growth.
In May 2024, Merck signed a Memorandum of Understanding (MoU) with the Korea Advanced Institute of Science and Technology (KAIST). This venture stimulates collaborative research in industry to progress in life sciences.
In September 2023, A technology portal was launched by Huntsman Corporation. This platform aims to connect innovators and manufacturers.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
