The cyclopentane market 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. Global phase-out of HCFCs by 85% by late 2040s is the major driver of the cyclopentane market. High capital investments and flammability of cyclopentane are some of the key factors restraining and challenging the growth of the global cyclopentane market.
“The blowing agent & refrigerant segment dominated the market in 2020, by value”
By function, blowing agent & refrigerant segment dominated the market in 2020, by value. The stringent regulations in developed and developing countries have resulted in the phase-out of the existing blowing agents. This is expected to promote the use of environment-friendly cyclopentane as a blowing agent.
“The electrical & electronics segment, by value, is projected to grow at the highest CAGR during the forecast period”
By application,electrical & electronics segment is expected to grow at the highest CAGR during 2021 to 2026, by value. Cyclopentane is used as a solvent in the electrical & electronics application. Its cyclical structure provides a higher solubility coefficient, which makes it useful as a solvent in the electrical & electronics application. It is also being used for cleaning and as a polymer solvent for various alkyl lithium compounds.
“North America is the fastest-growing market, in terms of value, during the forecast period”
By region, North America is expected to grow at the highest CAGR during 2021 to 2026, by value. The North American cyclopentane market is expected to grow as the region has implemented the Montreal Protocol which would encourage the use of an environment-friendly blowing agent such as cyclopentane.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 50%, Tier 2 – 33%, and Tier 3 – 17%
- By Designation: C-level – 17%, Director Level – 33%, and Others– 50%
- By Region: Asia Pacific – 50%, North America – 25%, Europe – 25%
Some of the key market players in the cyclopentane market 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.
Research Coverage:
The report defines, segments, and projects the cyclopentane market based on product type, end use, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It analyzes competitive developments, such product launches, expansions, contract, partnerships, and agreements, undertaken by the players in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the cyclopentane market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
