Worldwide Cyclopentane Industry to 2026 - Increasing Demand in Refrigeration Application is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Cyclopentane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

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

Companies Mentioned

• Haldia Petrochemicals Limited
• HCS Group
• INEOS
• Meilong Cyclopentane Co., Ltd.
• Merck KGaA
• PURECHEM.CO.KR
• SINTECO S.R.L
• TRECORA RESOURCES
• YEOCHUN NCC CO., LTD
• ZEON CORPORATION

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.

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.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Growing Demand in Blowing Agent Application to Manufacture Polyurethane

4.1.2 Increasing Demand in Refrigeration Application

4.2 Restraints

4.2.1 High Initial Costs and Installation Costs

4.2.2 Health Related Issues Associated with Cyclopentane

4.2.3 Negative Impact of COVID-19 Pandemic

4.3 Industry Value Chain Analysis

4.4 Porters Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Function

5.2 Application

5.3 Geography

6 COMPETITIVE LANDSCAPE

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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