Cyclopentane Market Size - By Function, By Application - Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Cyclopentane Market Size - By Function, By Application - Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Global Cyclopentane Market Overview:

According to SPER Market Research, the Global Cyclopentane Market is estimated to reach USD 0.69 billion by 2032 with a CAGR of 8.06%.

Open Chain Hydrocarbon cyclopentane is extremely flammable and is used to make synthetic resins and rubber adhesives. It has a gasoline-like odour and is practically colourless. The cyclopentane market is being driven by diagnostic centres, and demand for safe storage of blood derivatives and temperature-sensitive medication from hospitals is likely to grow over the forecast period. The market's expansion is aided by its widespread use as a blowing agent, refrigerant, solvent, and reagent. To minimise greenhouse gas emissions and safeguard the ozone layer, governments all around the world are encouraging the use of sustainable products.Cyclopentane is produced through the conversion of crude oil, ethylene chemical reaction, and copolymerization of hydrocarbons.The demand for C pentane is also boosted by the expansion of public infrastructure, including the building of more homes, businesses, and other structures. To meet the rising demand for residential and commercial refrigeration solutions, market participants are increasingly releasing new and cutting-edge products.The need for freezers, insulated containers, and insulating building materials is predicted to expand, fuelling the growth. Additionally, strict government rules and policies are needed to stop using hydrochlorofluorocarbons (HCFC), increase the usage of cyclopentane as a potential replacement, and guarantee a sustainable future through its widespread use. Rising public knowledge of cyclopentane's many benefits, including its broad range of applications and eco-friendliness, is also anticipated to increase demand for the substance.

Impact of COVID-19 on the Global Cyclopentane Market

Due to decreased demand from the chemical, electronics, and construction sectors, the appearance of COVID-19 had a detrimental impact on the expansion of the global market. Lack of workers, operational hiccups, and limitations on import-export activities all hurt the worldwide sector. Market expansion was impeded by market closures, problems in the supply chain, and the implementation of lockdown. Covid-19 impacted the cyclopentane market, negatively. Due to the pandemic, borders were sealed and businesses and markets were temporarily shut down.This led to a significant supply shortfall. The need for refrigerators, freezers, and cold storage, among other things, increased significantly as a result of the medical and food industries, which turned out to be good for this industry. After some time, the market experienced a comeback.

Scope of the Report:

Market size available for years 2019-2032
Base year considered 2021
Forecast period 2022-2032

Segments covered By Function, By Application

Regions covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Companies Covered Chevron Phillips Chemical Company LLC, DYMATIC Chemicals Inc., Haltermann Carless, HCS Group, INEOS, Jilin Beihua Fine Chemical Co. Ltd, LG Chem Ltd, Liaoning Yufeng Chemical Co. Ltd, Maruzen Petrochemical, PuyangZhongwei Fine Chmeical Co Ltd., SK Global Chemical Co. Ltd., South Hampton Resources, YEOCHUN NCC Co Ltd., Zeon Corporation

Global Cyclopentane Market Segmentation:

By Function: Based on the Function, Global Cyclopentane Market is segmented as; Bowling Agent & Refrigerant, Solvent & Reagent, Others.

By Application: Based on the Application, Global Cyclopentane Market is segmented as; Containers and Sippers, Refrigerators Personal Care Products, Electricals and Electronics, Insulating Construction Material, Fuel & Fuel Additives, Others.

By Region: A substantial portion of the global market was accounted for by Asia Pacific because of urbanisation and industrial expansion. The market is expanding as a result of rising environmental awareness, increased use in the building and construction industry, and increased use of sustainable refrigeration solutions. Growth prospects would be available in the upcoming years thanks to the availability of low-cost labour and raw materials, as well as expenditures in research and development and technical developments.