Dublin, May 27, 2021 (GLOBE NEWSWIRE) -- 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).
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.
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.
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.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand in Blowing Agent Application to Manufacture Polyurethane
4.1.2 Increasing Demand in Refrigeration Application
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
5.1.1 Blowing Agent & Refrigerant
5.1.2 Solvent & Reagent
5.1.3 Other Functions
5.2.3 Chemical Solvent
5.2.4 Other Applications
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Haldia Petrochemicals Limited
6.4.2 HCS Group
6.4.4 Meilong Cyclopentane Co., Ltd.
6.4.5 Merck KGaA
6.4.7 SINTECO S.R.L
6.4.8 TRECORA RESOURCES
6.4.9 YEOCHUN NCC CO., LTD
6.4.10 ZEON CORPORATION
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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