IMARC Group, a leading market research company, has recently releases report titled, “Cyclopentane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global cyclopentane market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the cyclopentane market?
The global cyclopentane market size reached US$ 274.04 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 418.71 Million by 2028, exhibiting a growth rate (CAGR) of 7.50% during 2023-2028.
What is cyclopentane?
Cyclopentane is a hydrocarbon compound consisting of five carbon atoms arranged in a ring structure. It has a relatively low boiling point of around -29.2°C (-20.6°F), which makes it suitable for applications where rapid vaporization is desired. It is highly flammable and can form explosive mixtures with air. It also has a lower density compared to water, and it can float on the surface of water. In addition, cyclopentane has a lower global warming potential (GWP) compared to some older blowing agents and refrigerants, making it a more environmentally friendly choice in some applications. Cyclopentane is widely used as a blowing agent in the production of polyurethane foams, including rigid foam insulation and flexible foam used in upholstery and mattresses. It is also used as a propellant in aerosol products such as sprays for personal care and household items. Moreover, cyclopentane serves as a starting material for the synthesis of other chemicals, including pharmaceutical compounds.
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What are the growth prospects and trends in the cyclopentane industry?
The global cyclopentane market is witnessing robust growth driven by a convergence of key factors that are shaping the industry landscape. One of the prominent drivers propelling the market’s expansion is the escalating demand for environmentally conscious solutions. As industries worldwide prioritize sustainability, the adoption of cyclopentane as a blowing agent in the production of eco-friendly polyurethane foams has surged. The compound’s lower global warming potential (GWP) compared to conventional alternatives aligns with the increasing emphasis on reducing carbon footprints. This trend is notably prominent in the construction and automotive sectors, where energy-efficient insulation materials and greener automotive components are gaining prominence. Furthermore, the cyclopentane market is experiencing a significant upswing due to its crucial role in refrigeration applications. With mounting concerns over conventional refrigerants’ environmental impact, industries are turning to cyclopentane as a greener alternative. Its low boiling point and reduced impact on ozone depletion make it an attractive choice for various refrigeration systems. This shift toward sustainable cooling solutions is projected to have a lasting impact on market growth, especially in regions where stringent regulations are driving the transition towards environmentally friendly refrigerants. The burgeoning automotive industry also contributes substantially to the cyclopentane market’s expansion. As automotive manufacturers strive for enhanced efficiency and reduced emissions, cyclopentane’s role in cleaning engine components, vehicle parts, and machinery becomes pivotal. Industrial degreasers formulated with cyclopentane have proven effective in removing oil, grease, and road grime, ensuring optimal vehicle performance and safety. Moreover, the introduction of bio-based degreasers with minimal volatile organic compounds (VOCs) aligns with the industry’s push toward sustainability and safety.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Function:
- Blowing Agent and Refrigerant
- Solvent and Reagent
Breakup by Application:
- Refrigeration
- Insulation
- Chemical Solvent
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Haldia Petrochemicals Ltd. (The Chatterjee Group)
- HCS Group GmbH
- INEOS Group Limited
- Liaoning Yufeng Chemical Co. Ltd.
- Maruzen Petrochemical Co. Ltd.
- MEILONG Cyclopentane Chemical Co. Ltd.
- Merck KGaA
- PureChem Co. Ltd.
- Trecora Resources
- Yeochun NCC Co. Ltd.
- Zeon Corporation
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