Cyclopentane Demand Surges in Asia Pacific, Contributing to a Projected $430 Million Market Value by 2026
Cyclopentane is a cyclic hydrocarbon made up of five carbon atoms grouped in a ring, each connected to two hydrogen atoms. At room temperature, it is a clear, colorless liquid with a faint, gasoline-like odor. It is extensively employed as a blowing agent in the creation of polyurethane foams, particularly in the production of insulation materials for refrigerators and freezers, despite the fact that it is a highly combustible substance. Cyclopentane has gained recognition as a sustainable alternative to classic foam-blowing agents such as CFCs and HCFCs due to its ozone-friendly and low global warming potential qualities.
The report "Cyclopentane Market With Covid-19 Impact Analysis by Function (Blowing Agent & Refrigerant, Solvent & Reagent), Application, and Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2026", size was USD 272 million in 2020 and is projected to reach USD 430 million by 2026, at a CAGR of 7.8% between 2021 and 2026.
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By function, blowing agent & refrigerant segment is expected to grow at a faster rate during the forecast period, in terms of volume
The blowing agent & refrigerant segment is expected to grow at a faster rate during 2021 to 2026, in terms of volume. The demand for cyclopentane as a blowing agent is highly dependent on the economic growth of Asia Pacific. Increasing economic growth, followed by heavy investment in the consumer appliances industry, drive the demand for refrigerants in the region.
By region, North America is expected to grow at a faster rate during the forecast period, in terms of volume
North America is expected to grow at a faster rate during 2021 to 2026, in terms of volume. North America has been a leader in terms of product innovation and application development. This factor has significantly influenced the growth of blowing agents, including cyclopentane. The North American market, especially the US, has always been at the forefront in terms of launching new types of blowing agents.
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Some of the key market players include HCS Group (Germany), Jilin Beihua Fine Chemical Co., Ltd. (China), Dymatic Chemicals, Inc. (China), INEOS (UK), Liaoning Yufeng Chemical Co., Ltd. (China), Maruzen Petrochemical (Japan), SK Global Chemical Co., Ltd. (South Korea), Haldia Petrochemicals Limited (India), LG Chem (South Korea), Puyang Zhongwei Fine Chemical Co, Ltd. (China), Zeon Corporation (Japan). These players have adopted investment, consortium, and partnership as their growth strategies.
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