Global Cyclopentane Market Is Predicted to Grow Around USD 68 Million By 2030

29-May-2023 | Zion Market Research

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.

Global Cyclopentane Market Size

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.

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.

Global Cyclopentane Market

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.

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.

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

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

The global cyclopentane market is led by players like:

  • 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).

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

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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