According to the new market research report [117 pages] "Cyclopentane Market by Function (Blowing Agent & Refrigerant, Solvent & Reagent), Application(Residential Refrigerator, Commercial Refrigerator, Insulated containers and sippers, and others), and Region - Global Forecasts to 2023", published by MarketsandMarkets™, the Cyclopentane market is projected to grow from USD 242.4 million in 2018 to reach USD 335.7 million by 2023, at a CAGR of 6.7%. The growth of the market can be attributed to the use of cyclopentane as a blowing agent & refrigerant. The major drivers for the market include the phase-out of HCFCs by 85% by the late 2040s.
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Among function, the blowing agent & refrigerant market had the largest market share in 2017
On the basis of function, the cyclopentane market has been segmented into blowing agent & refrigerant, solvent & reagent, and others. The blowing agent & refrigerant segment accounted for the largest share of the cyclopentane market in 2017 and is projected to register the highest CAGR during the forecast period. The demand for cyclopentane is expected to increase, during the forecast period, owing to the planned phase-out of cyclopentane by 85% by the late 2040s.
The residential refrigerators segment is projected to register the highest CAGR between 2018 and 2023
The residential refrigerators segment is projected to record the highest CAGR in the cyclopentane market during the forecast period. In the residential refrigerators application, the use of existing blowing agents is expected to phase-out by 2030s, as they have high ODP and GWP. This factor has promoted the use of eco-friendly blowing agent & refrigerants, subsequently driving the demand for cyclopentane.
APAC was the largest market for cyclopentane in 2017
The growth of the Cyclopentane Market in APAC is attributed to the increasing demand from the residential refrigerators and construction applications, where cyclopentane is used as a blowing agent and refrigerant. The low-cost and easy availability of raw materials, skilled labor, land, and equipment have helped APAC emerge as a key destination for appliances manufacturers, which, in turn, is increasing the use of cyclopentane.
The cyclopentane market is led by major players, such as HCS Group (Germany), Jilin Beihua Fine Chemical Co., Ltd. (China), DYMATIC Chemicals Inc. (UK), INEOS (UK), Liaoning Yufeng Chemical Co., Ltd. (China), Maruzen Petrochemical (Japan), Chevron Phillips Chemical Company LLC (US), YEOCHUN NCC Co., Ltd. (South Korea), South Hampton Resources (US), and SK Global Chemical Co., Ltd. (South Korea). These key players have adopted various organic and inorganic strategies to maintain their shares in the cyclopentane market.
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