Cyclopentane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Market is Segmented by Function (Blowing Agent & Refrigerant, Solvent & Reagent, and Others), Application (Refrigeration, Insulation, Chemical Solvent, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report also covers the market size and forecasts for the cyclopentane market in volume (kilo tons) for all the above segments.

Market Snapshot

Cyclopentane Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: North America
Largest Market: Asia Pacific
CAGR: >5 %
Cyclopentane Market Top Companies

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Market Overview

The Global Cyclopentane Market is projected to register a CAGR of more than 5% during the forecast period (2021-2026).

The Cyclopentane market is hampered by the COVID-19 pandemic. Due to nationwide lockdowns in several countries, strict social distancing measures, and disruption in global supply chain networks, the refrigerant industry was severely hit as most of the production plants and industries were shut down. A strong decrease in demand for R134a was observed in the automotive sector. The global automotive industry witnessed a decline in sales in 2020 which was approximately 78 million units, much below 90.4 million units sold in 2019, thereby affecting the demand for cyclopentane. The decline in the demand for refrigerants reduced the demand for cyclopentane in the market. However, the condition is expected to recover in 2021, which will restore the growth trajectory of the market studied over the forecast period.

  • Over the medium term, the major factors driving the growth of the cyclopentane market are increasing demand in refrigeration applications and growing demand from blowing agent applications to manufacturing polyurethane.
  • On the flip side, the high initial cost & installation costs, health-related issues associated with cyclopentane and negative impact of COVID-19 pandemic are expected to hinder the growth of the market.
  • Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China, India, and Japan.

Scope of the Report

Cyclopentane is a flammable hydrocarbon used in the manufacture of synthetic resins and rubber adhesives. It's also used as a blowing agent in the production of polyurethane insulating foam, which is used in a variety of household appliances like refrigerators and freezers, replacing environmentally harmful substitutes like CFC-11 and HCFC-141b. The Cyclopentane market is segmented by function, application, and geography. By function, the market is segmented into Blowing Agent & Refrigerant, Solvent & Reagent, and Other Functions. By application, the market is segmented into Refrigeration, Insulation, Chemical Solvent, and Other Applications. The report also covers the market size and forecasts for the cyclopentane market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Function
Blowing Agent & Refrigerant
Solvent & Reagent
Other Functions
Application
Refrigeration
Insulation
Chemical Solvent
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from Refrigeration Segment

  • Cyclopentane is formed by cracking cyclohexane in the presence of alumina at high pressure and temperature. Cyclopentane finds its major application as a foam-blowing agent in the production of polyurethane, which is used in the manufacture of refrigerators, freezers, etc.
  • The refrigeration market is expected to grow at a moderate CAGR during the forecast period which will provide ample opportunities for the growth of the cyclopentane market. The rising demand for storing food products at stable temperatures is fueling the demand for refrigerators and freezers in the food and beverage sector.
  • The rapid increase in demand for the safe storage of blood, blood derivatives, temperature-sensitive medicines from hospitals, pharmacies, clinics, and diagnostic centers are also propelling the demand for refrigeration in the healthcare and pharmaceutical industry.
  • According to the green cooling initiatives, globally, in 2010, the domestic refrigeration value of unit sales was about USD 30,200 million and by 2050, the unit sales is likely to increase by about USD 73,900 million. Such growth in likely to increase the demand for cyclopentane over the forecast period.
  • The demand for cyclopentane is being driven by a growth in population and an increase in demand for residential refrigerators and building applications with low ODP. Over the projected period, increased government spending and the introduction of policies to phase out CFCs in Africa and Latin America are expected to propel the cyclopentane market in both the Middle-East and Africa and Latin America.
  • North America has also gradually shifted toward use of cyclopentane, due to stringent regulations imposed on HCFCs by various government bodies in the region.The market in Asia Pacific is expanding at a high growth rate, as the region is providing immense growth opportunities to regional as well as global manufacturers.
  • Owing to all the above-mentioned factors for cyclopentane, its market is expected to grow rapidly over the forecast period.
Cyclopentane Market Share

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region is expected to dominate the market for cyclopentane during the forecast period. In countries like China, and India owing to increasing use in residential and commercial refrigerators, the demand for cyclopentane has been increasing in the region.
  • China is the largest producer & consumer of hydrochlorofluorocarbons (HFCs) and is expected to phase out HCFCs due to the environmental concerns associated with them. This will create ample opportunities for the non-HCFC foaming agents including cyclopentane.
  • The world bank is funding to freeze out the production and consumption of HCFCs in the near future. Some Asian countries including Malaysia have already started implementing the plan and are projected to achieve the results by 2022. This will increase the demand for cyclopentane in the region.
  • The government of India has raised around USD 44 million for proper implementation of the phase-out plan for HCFCs and is expected to reach the target by 2023.
  • Also, the production volume of refrigerators stood at over 12 million units across India in fiscal year 2020. The market value of refrigerators across the country was estimated to be over USD 3.5 billion . Refrigerators made up a share of 27% of the consumer appliance market. The domestic electronics industry is expected to increase at a compound annual growth rate of 9% by 2022.
  • The aforementioned factors, coupled with government support, are contributing to the increasing demand for cyclopentane during the forecast period.
Cyclopentane Market Growth By Region

Competitive Landscape

The Cyclopentane market is consolidated with key players accounting for a major share of the market. Some of the Key companies in the market include HCS group, Meilong Cyclopentane Co., Ltd., INEOS, YEOCHUN NCC CO., LTD, and Haldia Petrochemicals Limited, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand in Blowing Agent Application to Manufacture Polyurethane

      2. 4.1.2 Increasing Demand in Refrigeration Application

    2. 4.2 Restraints

      1. 4.2.1 High Initial Costs and Installation Costs

      2. 4.2.2 Health Related Issues Associated with Cyclopentane

      3. 4.2.3 Negative Impact of COVID-19 Pandemic

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Function

      1. 5.1.1 Blowing Agent & Refrigerant

      2. 5.1.2 Solvent & Reagent

      3. 5.1.3 Other Functions

    2. 5.2 Application

      1. 5.2.1 Refrigeration

      2. 5.2.2 Insulation

      3. 5.2.3 Chemical Solvent

      4. 5.2.4 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Haldia Petrochemicals Limited

      2. 6.4.2 HCS Group

      3. 6.4.3 INEOS

      4. 6.4.4 Meilong Cyclopentane Co., Ltd.

      5. 6.4.5 Merck KGaA

      6. 6.4.6 PURECHEM.CO.KR

      7. 6.4.7 SINTECO S.R.L

      8. 6.4.8 TRECORA RESOURCES

      9. 6.4.9 YEOCHUN NCC CO., LTD

      10. 6.4.10 ZEON CORPORATION

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Cyclopentane Market market is studied from 2016 - 2026.

The Cyclopentane Market is growing at a CAGR of >5% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

HCS Group, Meilong Cyclopentane Co., Ltd. , INEOS, YEOCHUN NCC CO., LTD , Haldia Petrochemicals Limited are the major companies operating in Cyclopentane Market.

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