The global cyclopentane market size is expected to reach USD 556.74 million by 2030, according to a new study by Polaris Market Research. The report “Cyclopentane Market Share, Size, Trends, Industry Analysis Report, By Function (Blowing Agent & Refrigerant, Solvent & Reagent, Others); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for cyclopentane is expected to increase during the forecast period owing to increasing demand for safe storage of blood derivatives and temperature-sensitive medicine from the hospital, and diagnostic centers are driving the cyclopentane market. Wide application as a blowing agent & refrigerant, solvent & reagent supports the market’s growth. Governments across the globe are promoting the use of sustainable products to reduce greenhouse gas emissions and protect the ozone layer.
Increasing environmental concerns and stringent regulations have increased the demand for cyclopentane in recent years. In addition, rising demand for sustainable refrigeration solutions, initiatives to reduce use of hydrofluorocarbon, and higher application in the construction sector would contribute to the market growth in the coming years.
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Moreover, the rise in the construction of residential and commercial buildings and public infrastructure development further increases demand for C pentane. Market players are increasingly launching new and advanced products to cater to the growing demand for residential and commercial refrigeration solutions.
The occurrence of COVID-19 negatively influenced the growth of the global market due to reduced demand from chemical, electronics, and construction sectors. The global industry suffered from a lack of workforce, operational disruptions, and restricted import-export activities. Closure of markets, disruptions in the supply chain, and imposition of lockdown hampered the growth of the market.
Asia Pacific accounted for a significant share of the global market owing to urbanization and industrial growth. An increase in adoption of sustainable refrigeration solutions, a rise in environmental awareness, and an increase in application in building & construction sector boosts the market’s growth. Access to low-cost raw materials and labor, investments in research and development, and technological advancements would offer growth opportunities in the coming years.
Cyclopentane Market Report Highlights
- The blowing agents & refrigerant segment is expected to witness growth during the forecast period due to the demand for refrigeration solutions from healthcare, pharmaceutical, and hospitality sectors
- The demand for cyclopentane from the construction sector is expected to increase during the forecast period owing to greater use of polyurethane foam construction of residential and commercial buildings
- Asia Pacific dominated the global market because of the greater need for refrigeration solutions in the commercial and residential sectors and growth in demand from cold chain logistics
- The major players operating in this market include Chevron Phillips Chemical Company LLC, DYMATIC Chemicals Inc., Haltermann Carless, HCS Group, INEOS, Jilin Beihua Fine Chemical Co., Ltd, LG Chem Ltd, Liaoning Yufeng Chemical Co., Ltd, Maruzen Petrochemical, Puyang Zhongwei Fine Chemical Co, Ltd., SK Global Chemical Co., Ltd., South Hampton Resources, YEOCHUN NCC Co., Ltd., and Zeon Corporation
Polaris Market Research has segmented the cyclopentane market report based on function, application, and region:
Cyclopentane, Function Outlook (Revenue – USD Million, 2018 – 2030)
- Blowing Agent & Refrigerant
- Solvent & Reagent
Cyclopentane, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Electrical & Electronics
Cyclopentane, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa