The market for cyclopentane was estimated to be worth USD 401 million in 2022 and is expected to reach USD 680 million by 2030, with a CAGR of around 7.30% between 2023 and 2030.
The study examines the drivers, challenges, and restraints of the worldwide cyclopentane market and how they will affect demand during the forecast period. The paper also looks at new potential in the cyclopentane sector.
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Overview of the cyclopentane market
Cyclopentane is a cyclic hydrocarbon with the chemical formula C5H10. It is a member of the group of substances known as cycloalkanes. Ring formation by saturated hydrocarbons is the feature of the compound that best characterises this form. The ring in cyclopentane is composed of five carbon atoms that are pentagonally linked to one another. Each carbon is also joined to two hydrogen atoms in turn.
When the chemical is stored at normal temperature, it transforms into a clear, colourless liquid. It has a very strong volatility and a comparatively low boiling point of 49 °C. It mixes well in a variety of organic solvents but is insoluble in water. Its main role is that of a blowing agent employed in the manufacture of flexible and rigid polyurethane foams. The substance’s low global warming potential (GWP) in comparison to other frequently used blowing agents is what makes it so well-liked.
Key Findings:
• Our research analyst’s analysis indicates that over the forecast period (2023-2030), the worldwide cyclopentane market will grow annually at a CAGR of about 7.301%.
• The market for cyclopentane was estimated to be worth USD 401 million in 2022 and is anticipated to grow to USD 680 million by 2030.
• The market for cyclopentane is anticipated to expand significantly as a result of the rising demand for polyurethane foams.
Growing demand for polyurethane foams will fuel market expansion
A high growth rate in the cyclopentane market is anticipated due to the rising demand for polyurethane foams. With the help of a reaction between polyols and diisocyanates as well as the presence of a blowing agent, they are a type of adaptable polymer. Polyurethane foams are used in many different end-user industries, and demand is mostly driven by the product’s desirable qualities and adaptability. The employment of polyurethane foams as insulators in buildings, refrigeration systems, and appliances is among their most widespread uses.
Additionally, these foams are employed in the creation of premium furniture and bedding items including pillows, mattresses, and cushions. They offer users comfort, support, and toughness. The manufacturing of shoes, the motor sector, and appliances are some further common applications. Without a blowing agent, it is impossible to make polyurethane foams, and cyclopentane is one of the most popular options.
High flammability and safety issues may limit market growth.
The high flammability of cyclopentane is one of the major factors limiting the growth of the global cyclopentane market. Due to the compound’s flammability, extreme caution must be taken when handling it and storing it. An explosion or fire threat might be caused by any carelessness. Due to the high costs involved with cyclopentane’s use, storage, and shipping, there are growing worries about the safety of its use, which could lead to higher expenditures.
Energy-efficient products are in greater demand, creating potential for growth.
The increasing need for energy-efficient solutions across sectors is anticipated to be beneficial for the worldwide cyclopentane market. The creation of procedures and goods that support sustainable growth is a priority for the entire world and its leaders. Products like cyclopentane-produced polyurethane foams, which have high thermal insulation qualities, can help minimise the energy used by buildings, appliances, and other products. The market participants can seize the chances that result from this.
Regulatory compliance will impede market expansion
Strict guidelines and norms regarding the handling, safety, and environmental effects of cyclopentane are in place. The increasing prohibitions on ozone-depleting compounds and the caps on global warming potential (GWP) show some of these features. The players in the cyclopentane business may find it difficult to overcome this issue since they will need to keep up with the constantly changing laws and maintain correct paperwork and reporting to avoid falling foul of the governing bodies.
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The Global Cyclopentane Market is segmented based on product, application and region.
Global Cyclopentane Market: Product Segment Analysis
● Hardware Solution
● IT Solution
Global Cyclopentane Market: Application Segment Analysis
● Insulation & Construction Material
● Refrigerators
● Personal Care Products
● Fuel & Fuel Additives
● Electrical & Electronics
● Others
Recently Occurring Events :
• The intention to invest more than USD 75 million in a new factory in Japan was announced by Daikin, a leading supplier of high-quality, cutting-edge air conditioning solutions for residential, commercial, and industrial uses, in January 2023. The facility will be utilised to produce Daikin’s R474A, a low GWP refrigerant used for air conditioning systems in electric vehicles. By 2027, the plant should be fully operational.
• Daikin Middle East and Africa FZE unveiled the newest Monoblock refrigeration system in November 2022. The unveiling took place at Gulfood production 2022, one of the premier conferences for the UAE’s food production sector. R-290 and inverter technology were used in the creation of the product, which has little effect on the environment.
• Blue Star announced the introduction of a new line of deep freezers in May 2022 after increasing its production capacity at its cutting-edge factory in India’s Wada region.
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
Asia-Pacific is expected to hold the majority of market share.
By controlling over 40% of the global industry share in 2022, Asia-Pacific dominated the cyclopentane market. The presence of top-notch production facilities in the developing economies of China, India, and other Southeast Asian countries is what fuels the region’s growth. Important industries including construction, consumer appliances, and refrigeration systems are increasing at an explosive rate due to the rapid rate of urbanisation and industrialization. China has reported a significant increase in cooling system demand since 2000. By 2030, it’s anticipated that 85% of Chinese homes would have AC systems. Currently, more than 60% of Chinese homes have them. One of the biggest producers of cyclopentane is China.
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