Cyclopentane Market Research Report:
The Cyclopentane Market is projected to register a CAGR of 7.40% to reach USD 493,623.5 Thousand by the end of 2027.
Cyclopentane is a combustible hydrocarbon, which is also known as pentamethylene. It is widely used as a blowing agent in foam manufacturing and has zero ozone depletion potential, thereby recognized by environmental groups. It is a superior alternative to HCFCs and CFCs. It is used in home refrigerator appliances, insulating foams, panels, boards, and pipes in the construction industry.
The primary driver of the global cyclopentane market growth is its use as a blowing agent for manufacturing rigid foam insulation and phase-out of HCFCs and HFCs refrigerants. Refrigerants are working agents or fluids used in refrigerating systems to absorb heat during evaporation in regions of low temperatures and pressures and release heat during condensation in regions with high temperatures and pressures. They are the primary fluid responsible for cooling purposes in commercial and residential refrigerators. Hydrofluorocarbon (HFC) and hydrochlorofluorocarbon (HCFC) are used in various applications such as automotive, home air conditioners, and industrial refrigeration.
Cyclopentane has less global warming potential and promises low operating costs, making them the preferred choice for blowing agents in end-use industries.
The global Cyclopentane Market has been segmented based on Application, End User, and Region.
The global cyclopentane market is classified into blowing agent, solvent & reagent, and others. The blowing agent segment accounted for the largest market share of 85.60% in 2019, with a market value of USD 2,92,645.3 thousand; it is expected to register the highest CAGR of 7.59% during the forecast period.
The cyclopentane market is categorized into residential refrigerators, commercial refrigerators, construction, and others by end-use industry. The residential refrigerators segment accounted for the largest market share of more than 40% in 2019 and is expected to register a CAGR of 7.48% during the forecast period. However, the construction segment will register the highest CAGR of 8.22%.
The global Cyclopentane Market has been studied across five regions: Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific held the largest market share of over 43% in 2019, with a market value of around USD 151,108.9 thousand. The increasing growth in this region can be attributed to the rapid industrialization and growing economic conditions in growth-centric countries such as India, South Korea, and Malaysia.
Growing demand from residential refrigerators, commercial refrigerators, construction end-users drive the regional market. The high public and private investments in the construction industry on account of the rapid industrialization and urbanization and high spending on renovation are expected to contribute to the regional market growth followed by its unquestionable dominance over the global market players.
The growing investments by the prominent market players and global governments in the regions belonging to the APAC market are helping in the market expansion, followed by its dominance over other participating regions and companies of the cyclopentane market during the ongoing forecast period ending in 2027.
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