Cyclopentane Market Report by Function (Blowing Agent and Refrigerant, Solvent and Reagent), Application (Refrigeration, Insulation, Chemical Solvent), and Region 2024-2032

Cyclopentane Market Report by Function (Blowing Agent and Refrigerant, Solvent and Reagent), Application (Refrigeration, Insulation, Chemical Solvent), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A9771
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Cyclopentane Market Size:

The global cyclopentane market size reached US$ 294.6 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 530.3 Million by 2032, exhibiting a growth rate (CAGR) of 6.8% during 2024-2032. The increasing product applications in the cosmetics and personal care industry, the rising product use as a solvent in various chemical processes, and the growing product integration in medical devices and equipment due to its biocompatibility are some of the major factors propelling the market toward growth.

Report Attribute
 Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 294.6 Million
Market Forecast in 2032 US$ 530.3 Million
Market Growth Rate (2024-2032)
6.8%


Cyclopentane Market Analysis:

  • Major Market Drivers: The cyclopentane market is being driven by the introduction of eco-friendly substances advocated by stringent environmental regulations, the widespread product usage as a blowing agent in refrigeration foam insulation, and rapid technological innovations in insulation materials.
  • Key Market Trends: Some of the key trends for the cyclopentane market include its increasing adoption on eco-friendly refrigeration systems and energy-efficient building insulation, rising environmental consciousness across the globe, and innovations in foam technology.
  • Geographical Trends: Asia Pacific is leading the cyclopentane market due to escalating construction activities, robust manufacturing base, region’s growing economic prosperity, stringent environmental regulations, and rising demand for energy-efficient refrigeration and insulation solutions.
  • Competitive Landscape: Some of the major market players in the cyclopentane industry include 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., and Zeon Corporation, among many others.
  • Challenges and Opportunities: The market faces several challenges like volatility in raw material prices and stringent safety regulations due to its flammability. However, these challenges present several opportunities as well, such as prompting manufacturers to innovate in safe handling and storage solutions and develop advanced formulations.
     

Cyclopentane Market


Cyclopentane Market Trends:

Stringent Regulations Promoting the Use of Low-Global Warming Potential (GWP) Materials

Stringent regulations promoting low-global warming potential (GWP) materials are creating a positive outlook for the market. As concerns about climate change and environmental sustainability intensify, governments and international bodies are implementing stricter regulations to curb greenhouse gas emissions and reduce the impact of high-GWP substances. For instance, in March 2021, Honeywell announced that it has developed a new low-global-warming-potential (GWP) blowing agent for foam insulation applications, which is based on cyclopentane. According to the company, their products have helped avoid the potential release of 250 million metric tons of carbon dioxide into the atmosphere, equal to eliminating the potential emissions from more than 52 million cars per year. Due to its low global warming potential (GWP) and negligible ozone depletion potential (ODP), the product serves as an environmentally friendly substitute for traditional blowing agents in polyurethane foam production. This alignment with environmental regulations promotes its widespread use across multiple industries.

Expanding Construction Industry

The expanding construction industry, along with the rising demand for energy-efficient building materials, represent a significant factor for the cyclopentane market growth. Cyclopentane is extensively used as a blowing agent in polyurethane foam, a key material for insulation in buildings. Incorporation of cyclopentane-produced foam materials is encouraged by governments through subsidies, grants, and several other incentives, as it helps authorities meet climate goals and save upon costs incurred on utilities in the long run. According to the U.S. Environmental Protection Agency, around 41,000 buildings across the nation were recognized as energy-efficient in 2022. Together, these buildings have collectively reduced greenhouse gas emissions by nearly 22 million metric tons and saved approximately $5.4 billion in utility expenses. Moreover, according to the China Daily, mainland China houses the leading number of green buildings globally. Almost 60% of all urban civil buildings in the country are energy efficient.

Increasing Demand for Consumer Electronics and Appliances

The increasing demand for consumer electronics and appliances is acting as another growth-inducing factor. As the global population becomes more technologically connected and living standards rise, the consumer electronics and appliance industry is experiencing substantial growth. Global demand for consumer electronics is anticipated to bring $444.6 billion in revenue in 2024, highlighting a 12.7% annual increase. Furthermore, this revenue follows a 9.2% increase from 2023, as the industry recovered from a 12.2% dip it experienced in 2022 due to geopolitical tensions and pandemic-related stress.
Cyclopentane-based foams are favored in the manufacturing of these products due to their superior insulation and lightweight features, enhancing performance in refrigerators, air conditioners, and more. This preference is driven by their low global warming potential and zero ozone depletion, aligning with rising eco-consciousness and stringent environmental standards.

Cyclopentane Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on function and application.

Breakup by Function:

Cyclopentane Market By Function

  • Blowing Agent and Refrigerant
  • Solvent and Reagent
     

Blowing agent and refrigerant dominates the market

The report has provided a detailed breakup and analysis of the market based on function. This includes blowing agent and refrigerant and solvent and reagent. According to the report, blowing agent and refrigerant represented the largest segment.

Blowing agents and refrigerants dominate the cyclopentane market primarily because of their critical roles in environmental sustainability and energy efficiency. Cyclopentane serves as an eco-friendly alternative to more harmful chemicals like HFCs and HCFCs in the production of insulating foams used extensively in refrigeration and building industries. This shift is driven by global regulations aimed at reducing greenhouse gas emissions and improving energy conservation. The widespread adoption in these applications ensures steady demand, positioning Cyclopentane as a leading choice in the market for these sectors. For instance, India has actively pursued environmentally friendly and energy-efficient technologies, successfully phasing out ozone-depleting substances (ODSs) like HCFC-141b, used primarily by the foam manufacturing sector. By January 1, 2020, India had not only ceased the production of HCFC-141b but also prohibited its import, aligning with its commitments under the Ozone Depleting Substances (Regulation and Control) Amendment Rules. This move was part of a broader strategy to adopt non-ODS and low GWP technologies, supported by the HCFC Phase-out Management Plan (HPMP), which includes technical and financial assistance for foam manufacturers transitioning to safer alternatives. Around 175 foam manufacturing enterprises have been covered under HPMP out of which, 163 enterprises are covered under stage II of HPMP.

Breakup by Application:

  • Refrigeration
  • Insulation
  • Chemical Solvent
     

Refrigeration dominates the market

The report has provided a detailed breakup and analysis of the market based on application. This includes refrigeration, insulation, and chemical solvent. According to the report, refrigeration represented the largest segment.

Cyclopentane is used as a blowing agent in the refrigeration industry for producing polyurethane foam insulation. This foam insulation plays a crucial role in improving the energy efficiency and thermal performance of refrigeration units. Energy-efficient refrigeration and cooling systems are in high demand as a response to environmental concerns and efforts to reduce greenhouse gas emissions. Using cyclopentane in the production of polyurethane foam insulation aligns with these environmental goals and regulations, making it a preferred option for manufacturers and consumers seeking sustainable and eco-friendly refrigeration solutions. For instance, in January 2023, LG Electronics India, aligned with PM Modi's Make in India and Aatma Nirbhar Bharat initiatives, launched a local production line for Side-by-Side Refrigerators. This new line, inaugurated by key LG executives and dignitaries, represents an investment of about Rs. 200 crore to enhance the facility's capabilities with advanced technologies and machinery.

Breakup by Region:

Cyclopentane Market By Region

  • North America 
    • United States
    • Canada
  • Europe 
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific 
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America 
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Asia Pacific leads the market, accounting for the largest cyclopentane market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for cyclopentane.

Asia Pacific dominates the cyclopentane market due to its extensive manufacturing sector, rapid industrial growth, and stringent environmental regulations. The region's robust expansion in construction and refrigeration industries, driven by urbanization and rising incomes, heavily utilizes cyclopentane for energy-efficient insulation and eco-friendly refrigeration solutions. For instance, Japanese imports of household refrigerators are projected to reach $207 million by 2026, growing at a compound annual rate of 3.5% from $169 million in 2021, an increase of 4.3% per year since 1993. This growth in import and adoption of refrigerators highlight the rapid urbanization across country, thereby driving the market. Moreover, governments across Asia Pacific are increasingly implementing policies that favor environmentally sustainable practices, further accelerating the adoption of Cyclopentane in local and regional markets, thus reinforcing its leading position in the global landscape. For example, the Government of India (GoI) has initiated multiple programs such as the Chemical Promotion and Development Scheme, PCPIRs, and Plastic Parks to stimulate the chemical sector. Additionally, plans are underway to introduce a Production-Linked Incentive (PLI) scheme aimed at enhancing domestic manufacturing and exports in the chemical industry. This scheme will offer incentives to companies for increases in sales of domestically manufactured products. In the Union Budget 2023-24, the central government demonstrated its commitment by allocating US$20.93 million to the Department of Chemicals and Petrochemicals (DCPC) to support and advance the chemical sector.

Competitive Landscape:

Top cyclopentane companies are propelling market growth through innovative strategies and a commitment to sustainability. They are Investing in research and development to continuously improve cyclopentane production techniques, resulting in higher purity and lower environmental impact. These companies actively collaborate with end-users and industry experts to understand evolving market demands, tailoring their offerings accordingly. Additionally, these firms are dedicated to promoting cyclopentane's eco-friendly properties, emphasizing its role as a potent alternative to traditional blowing agents in foam manufacturing. Furthermore, these companies uphold strict quality standards, ensuring consistent supply and customer satisfaction. For instance, in June 2022, Chevron Phillips LLC expanded its operations in Europe by setting up a polyalphaolefins (PAOs) production unit in Belgium to cater to the growing demand. The investment at the Beringen plant will help the company double its PAO production by 2024. In February 2022, Zeon Corporation acquired a leading manufacturer of high-performance microplates called Aurora Microplates. This will help Zeon develop new strategies to provide products and materials in research and diagnostics.

The report has provided a comprehensive analysis of the competitive landscape in the cyclopentane market. Detailed profiles of all major companies have also been provided.

  • 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
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Cyclopentane Market News:

  • In September 2022, Haltermann Carless, a brand of the HCS Group, opened a new hydrogenation unit in Germany. This development is aimed at reinforcing its status as a top cyclopentane manufacturer and broadening its business operations at the Speyer site. The company aims to boost its production by 70% by the first quarter of 2023.
  • In December 2022, Haier India, a leading manufacturer of cooling appliances, won the award for “the energy-efficient appliance of the year 2022”, in refrigerator category by Bureau Of Energy Efficiency (BEE) at 32nd National Energy Conservation Awards.


Cyclopentane Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Function
  • Application
  • Region
Functions Covered Blowing Agent and Refrigerant, Solvent and Reagent
Applications Covered Refrigeration, Insulation, Chemical Solvent
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global cyclopentane market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global cyclopentane market?
  • What is the impact of each driver, restraint, and opportunity on the global cyclopentane market?
  • What are the key regional markets?
  • Which countries represent the most attractive cyclopentane market?
  • What is the breakup of the market based on the function?
  • Which is the most attractive function in the cyclopentane market?
  • What is the breakup of the market based on the application?
  • Which is the most attractive application in the cyclopentane market?
  • What is the competitive structure of the market?
  • Who are the key players/companies in the global cyclopentane market?


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cyclopentane market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the cyclopentane market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the global cyclopentane industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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Cyclopentane Market Report by Function (Blowing Agent and Refrigerant, Solvent and Reagent), Application (Refrigeration, Insulation, Chemical Solvent), and Region 2024-2032
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