Analysis of Cyclopentane market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Cyclopentane market value to increase at a high CAGR 7.4% over the forecast period of 2021 to 2031 and reach US$ 770 Mn. Cyclopentane sales were valued at US$ 367 Mn in 2020. Global cyclopentane consumption stood at around 216 kilo tons in 2020, which is poised to increase at a volume CAGR of around 6.8% through 2031.
The global cyclopentane (C Pentane) market will continue to be influenced by broader developments in the refrigerant and construction industries and resonate strong consumption potential, evaluates Fact.MR, a market research and competitive intelligence provider.
However, government regulations have been another major influencing factor for the demand growth of cyclopentane, as restrictions on the use of CFCs, HFCs, and HCFCs with HC have prompted end users to look for better and eco-friendly alternatives.
Nevertheless, market growth has remained steady on account of wide ranging applications of cyclopentane in the construction sector, where it is used as an insulating material. Mounting demand as a substitute for chlorofluorocarbon in refrigerators is thereby opening up numerous market opportunities for cyclopentane uses globally.
|Cyclopentane Market Size Value in 2020||US$ 367 Mn|
|Forecasted Sales of Cyclopentane by 2031||US$ 770 Mn|
|Global Market Growth Rate||7.4% CAGR|
|North America Market Size in 2020||US$ 81 Mn|
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Historically, from 2016-2020, the market for cyclopentane expanded at a CAGR 5%. Since the ban and phasing out of substances such as chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and hydrochlorocarbons (HFCs), demand for cyclopentane has picked up as a substitute for these substances.
Rising application of cyclopentane in the construction industry as an insulation raw material is one of the prominent factors that drove the growth of cyclopentane sales during 2016-2020. Use of cyclopentane as a blowing agent in insulation boards is increasing, where it is used for insulation performance and directly contributes to the reduction of heating expenses and CO2 emissions.
The construction industry showcased a growth in value of close to US$ 12 Tn before the COVID-19 pandemic, and is contemplated to grow 3% per annum. This comprises real estate developments, both, residential and commercial, as well as infrastructure and industrial constructions.
Cyclopentane is used as an insulating material in the construction industry, specifically as a blowing agent in polyurethane insulation boards. Considering the forecast period of 2021-2031, the industry is anticipated to experience substantial growth, which is a positive outlook for cyclepentane manufacturers.
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Cyclopentane finds tremendous use cases in various industries such as the polymer industry, paints & coating industry, packaging industry, chemical industry, etc., while manufacturing a huge variety of products. As a result, the market is estimated to reach a valuation of US$ 770 Mn by 2031.
Being a low-GWP foaming agent and refrigerant, cyclopentane is used in the manufacturing process of products such as cosmetics, insulated containers, heat transfer fluids, perfumes and fragrances, cleaning products such as detergents and wash liquids, etc. Beneficial insulating capabilities and environmental benefits of cyclopentane and the cyclopentane formula are thus contributing towards its increased industrial application globally.
Reduction in greenhouse gas (GHG) emissions is among the most important advantages of using cyclopentane, which replaces other hazardous chemicals such as HCFCs, due to which, many governmental and environmental organizations are promoting the usage of cyclopentane as a potential substitute.
As such, the cyclopentane structure finds a wide range of application in many industries, which is expected to be an important driving factor for the cyclopentane industry expanding at a CAGR of 7.4% over the next ten years.
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Over the past half-decade, the China market for cyclopentane expanded at a CAGR of 5.6%, creating an absolute $ opportunity of US$ 82 Mn.
China has a sizable wet food sector, which has exploded in popularity in recent months as a result of the pandemic. As a result, the country has taken precautions to maintain hygiene in these marketplaces, resulting in a surge in demand for refrigerators to keep food fresh.
As a result of cyclopentane use as a blowing agent for polyurethane foams used to insulate refrigerators and freezers, cyclopentane demand has risen as a result of the increased demand for refrigerators.
Owing to the above-discussed factor, the market in China is projected to expand at a CAGR of round 7.9% over the forecast period.
The U.S. cyclopentane market accounted for 89% the market share in 2020 in North America, and created an absolute $ opportunity of US$ 75 Mn. The U.S. has a well-established market for cyclopentane, which is mainly attributed to high demand for polyurethane (PU) foams from the growing construction sector in the country.
Additionally, the pandemic relief package of US$ 1.9 Tn stimulus is anticipated to raise infrastructure spending. In terms of infrastructure investments, the United States was rated 39th in the world in 2018. This includes putting in pricing infrastructure to encourage the use of green buildings.
In terms of value, sales of cyclopentane in the U.S. are anticipated to increase at a CAGR of 7% and be valued over US$ 152 Mn by 2031.
Use of cyclopentane in commercial freezers has given the market new potential. Cyclopentane is a foam-blowing agent commonly used in the insulation of freezers and refrigerators.
The commercial refrigerator industry is expanding at a healthy rate around the world, with Asia Pacific leading the way. The relevance of commercial refrigerators is also growing as a result of changing climatic circumstances, which has resulted in agricultural waste due to insufficient storage choices.
According to studies, more than a quarter of the harvest never makes it to market owing to faulty cooling. Growing population has necessitated effective delivery of food in order to avoid famine, hunger, and illness. Commercial refrigeration systems have become more important as a result, and governments across the world are supporting their use to keep food fresh and extend its shelf life.
Due to its improved advantages over conventional foaming agents, cyclopentane is gaining significant traction as a foaming agent in polyurethane foam manufacturing, accounting for over 90% market share. Furthermore, cyclopentane minimizes greenhouse gas (GHG) emissions during the insulation process of refrigerator production. As a result, the segment is poised to expand at a CAGR of 7.5% over the forecast period.
Cyclopentane is frequently utilised as a blowing agent in the manufacture of insulation materials for use in insulated containers and sippers, which held a market value of US$ 15 Mn year 2020.
The worldwide consumer goods industry is expanding fast, and is likely to boost demand for cyclopentane, which is used to make insulating materials for use in insulated containers and sippers. Insulated containers, particularly lunch boxes, are in high demand in the consumer market due to the numerous benefits they offer. The use of sippers is ubiquitous in the athletic and sports community, and insulated sippers are gaining popularity.
Due to the economic effectiveness of cyclopentane over other blowing agents, leading manufacturers of sippers and lunch boxes are also choosing PU-based insulation that employs cyclopentane as the foam blowing agent. Consumers have also shown strong interest in large insulated containers, such as non-electric cold drink containers.
Furthermore, pharmaceutical and medical institutions are expanding their need for big insulated containers that use cyclopentane as a foam blowing agent to store important drugs and samples (blood and others) to be examined.
These factors are likely to contribute to high segment growth at a CAGR of 8.1% over the forecast period.
Cyclopentane market competitive landscape reveals that the top manufacturers of cyclopentane include
All these manufacturers are focussed on gaining maximum market attraction, delivery focus, portfolio expansion, and brand development.
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Kilo Tons|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
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In 2020, total production of cyclopentane was 216 kilo tons.
Demand growth rate for cyclopentane is projected to increase at a CAGR of 7.4% during 2021 – 2031.
Sales of cyclopentane increased at a CAGR of 5% during 2016 – 2020.
Use of low-GWP refrigerants such as cyclopentane in domestic as well as transport refrigeration applications is expected to be the most popular trend related to cyclopentane over the coming years.
Appliance manufacturers shifting to cyclopentane to adapt ecofriendly technologies to attract customers is one of the main driving factors of the market.
Top manufacturers of cyclopentane are Chevron Phillips Chemical Company LLC, Dymatic Chemicals, Inc., Beijing Eastern Acrylic Chemical Technology Co., Ltd., and LG Chem, Ltd. .
Top 5 countries/regions driving demand for cyclopentane are the U.S., South Korea, China, GCC countries, and Germany.
North America accounted for 22.2% market share in 2020.
The European market for cyclopentane is projected to expand at a CAGR of 7.1% during 2021 – 2031.
China and South Korea cyclopentane business is set to surge at 7.9% and 7% CAGRs respectively, with both countries cumulatively accounting for 62.2% share in the South Asia & Oceania market.
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