The global   cyclopentane market   size was valued at USD 455.0 million in 2023 and is projected to grow from USD 491.8 million in 2024 to USD 808.3 million by 2032, exhibiting a CAGR of 6.4% during the forecast period. Cyclopentane refers to a saturated hydrocarbon compound that includes five carbon atoms in a ring that creates a cycloalkane. The high chemical stability and low boiling point of the product make it an ideal product for producing energy-efficient insulation materials, which are used in refrigeration, home appliances, and construction. Growing emphasis on sustainability and efficiency boosts product adoption.

Fortune Business Insights™   mentions this in a report titled, “ Cyclopentane Market, 2024-2032 ”.

Segments:

Growing Demand for Cyclopentane as an Eco-Friendly Blowing Agent Drives Market Expansion

By function, the market is divided into blowing agent & refrigerant, solvent & reagent, and others. The blowing agent & refrigerant segment is expected to dominate the market during the forecast period and led the market in 2023. The segment’s growth is attributed to the high demand for cyclopentane as an eco-friendly blowing agent and refrigerant by countries to reduce greenhouse gas emissions.

Growing Popularity of Cyclopentane as an Alternative to Synthetic Refrigerants Boosts Refrigerant Segment’s Growth

Based on application, the market is segmented into refrigeration, insulation in construction, insulation in container and sippers, chemical synthesis, and others. The refrigeration segment is anticipated to dominate the market during the forecast period and accounted for the dominant cyclopentane market share in 2023. The increasing popularity of the product as an alternative to synthetic refrigerants, including HCFCs and HFCs, drives the segment expansion.

Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players to boost market share and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Growing Research and Development Efforts to Drive Market Growth

The increasing research and development efforts to increase the efficiency of refrigeration systems are further increasing technological advancements in refrigerants, augmenting the cyclopentane market growth. The growth of the market is also driven by the growing demand for refrigeration across various industries, such as pharmaceuticals, food and beverage, and cold chain logistics.

Moreover, the increased safety concerns owing to its large flammable range and lower flash point may impede market growth.

Regional Insights:

Growing Policies and Regulations Implementation Drives Market Growth in Asia Pacific

Asia Pacific accounts for the dominant share of the market due to the increasing implementation of policies and regulations by governments to promote energy efficiency in buildings and appliances across the region.

North America’s market growth is favored by builders and developers deploying energy efficient materials and technologies to lower operating costs and environmental impact.

Competitive Landscape:

Key Players’ Established Distribution Networks Drives Their Market Dominance

The cyclopentane market consists of major market players, such as Haldia Petrochemicals Limited, Spectrum Chemical, and others. The established distribution networks and significant manufacturing capacity contribute to their expansion in the market.

Get More Information:   https://www.fortunebusinessinsights.com/cyclopentane-market-109545

Key Industry Development:

July 2021 –   HCS completed the new hydrogenation plant at its Speyer site in Germany. The newly added capacity is anticipated to raise its manufacturing capacity for cyclopentane and its blends in many ways.

List of Key Players Present in the Report :

• ATAMAN KIMYA (Turkey)
• Haldia Petrochemicals Limited (India)
• HCS Group (Germany)
• Junyuan Petroleum Group (China)
• Mainchem (China)
• Maruzen Petrochemical (Japan)
• Shandong Senzhihai New Material Co., Ltd. (China)
• Shandong Yuean Chemical Industry Co., Ltd.  (China)
• Spectrum Chemical (U.S.)
• Tokyo Chemical Industry Co., Ltd. (Japan)