The global cyclopentane market size was valued at USD 455.0 million in 2023. The market is projected to grow from USD 491.8 million in 2024 to USD 808.3 million by 2032, exhibiting a CAGR of 6.4% during the forecast period.
Cyclopentane is a saturated hydrocarbon compound having five carbon atoms that are arranged in a ring, making it a cycloalkane. Cyclopentane serves as an important component in producing foam-bowing agents utilized for producing insulation materials, specifically in the refrigeration and construction industries. The increasing adoption of the product as a blowing agent to produce foam insulation materials to augment market growth.
List of Key Players Present in the Report:
ATAMAN KIMYA (Turkey)
Haldia Petrochemicals Limited (India)
HCS Group (Germany)
Junyuan Petroleum Group (China)
Mainchem (China)
Maruzen Petrochemical (Japan)
Shandong Senzhihai New Material Co., Ltd. (China)
Shandong Yuean Chemical Industry Co., Ltd. (China)
Spectrum Chemical (U.S.)
Tokyo Chemical Industry Co., Ltd. (Japan)
Fortune Business Insights™ mentions this in a report titled, “Cyclopentane Market, 2024-2032”.
Segments
Blowing Agent & Refrigerant Segment Dominates Due to its Properties
Based on function, the market is classified into blowing agent & refrigerant, solvent & reagent, and others. The blowing agent & refrigerant segment led the market in 2023 and is expected to maintain its dominance during the projected period due to the properties of cyclopentane, such as ozone-friendly and low global warming potential.
Refrigeration Segment Leads Owing to Growing Shift of Refrigeration Industry Toward Natural Refrigerants
By application, the market is classified into refrigeration, insulation in construction, insulation in container and sippers, chemical synthesis, and others. The refrigeration segment held the largest cyclopentane market share and is expected to lead the market during the forecast period. The segment’s growth is attributed to the growing shift of the refrigeration industry toward natural refrigerants from synthetic refrigerants owing to their regulatory compliance and environmental impact.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Growing Use of the Product as a Refrigerant to Augment Market Growth
The increasing utilization of cyclopentane as a refrigerant due to its superior thermodynamic properties and environmental benefits is boosting the cyclopentane market growth. The increasing product adoption is also attributed to its low boiling point and high latent heat of vaporization, which enable refrigeration systems to achieve optimal cooling performance and reduce the consumption of energy.
However, the high availability of many alternative solutions with lesser flammability risks may reduce the demand for cyclopentane-based products, further limiting market expansion.
Regional Insights
Asia Pacific Dominates the Market Due to Rapid Urbanization
Asia Pacific holds the largest market share. The region’s growth is attributed to the rapid industrialization and urbanization across Asia Pacific nations, including India, China, and other Southeast Asian nations.
North America holds the second leading position in the market driven by the U.S. government’s initiatives to prioritize infrastructure funding and improve transportation networks.
Inforamtion Source: https://www.fortunebusinessinsights.com/cyclopentane-market-109545
Competitive Landscape
Substantial Production Capacity of Key Players Helps Them Dominate the Market
The market is consolidated by several market players, such as ATAMAN KIMYA, Tokyo Chemical Industry Co., Ltd., and others. The substantial production capacity, high economies of scale, and networks of these market players drive their market dominance.
Key Industry Development
February 2023 – HCS Group introduced a new low-carbon pentane product range, which have Cyclopentane, n- and iso-Pentance and their blends. The new product range is ISCC PLUS certified and was launched for customers who aim to decrease their carbon footprint in specialty industries and applications.