Cyclopentane is a highly flammable, open chain hydrocarbon used in the manufacture of synthetic resins and rubber adhesives, as well as in the cell structure phase transformation of polyurethane foam insulation used in commercial refrigerators. It is essentially colorless and smells of gasoline. Its main advantage and reason for replacing other harmful chemicals in refrigerators is that it does not deplete the ozone layer and the possibility of global warming is very low. The Cyclopentane market is split into two parts: Applications and Features. The growth in different segments helps to gain knowledge about the different growth factors that are expected to spread across the whole market and develop different strategies to help identify the differences between regions, its main area of application and its target market. Residential refrigerators, commercial refrigerators, insulated and shipping containers, insulating building materials, electrical and electronic equipment, personal care products, fuels and fuel additives are among application segment of the cyclopentane market. Cyclopentane market is also categorized based on characteristics like foaming agent and coolant, solvent and reagent and others.
COVID-19 Impact analysis
- The Cyclopentane market has been hampered by the COVID-19 pandemic. As most production plants and industries were shut down, the refrigerant industry was severely impacted by nationwide lockdowns in several countries, strict social distancing measures, and disruptions in global supply chain networks.
- The automotive industry has seen a significant decrease in demand for R134a. The market demand for cyclopentane was reduced as refrigerant demand declined. However, the situation is expected to improve in 2021, restoring the market's growth trajectory over the forecast period.
- On the other hand, the high initial and installation costs, health-related issues associated with cyclopentane, and the negative impact of the COVID-19 pandemic are expected to stymie market growth.
Top Impacting factor
Globally, all environmental regulatory authorities are concerned about greenhouse gas emissions. Steps have been taken from time to time to reduce greenhouse gas emissions and ensure that ozone depletion is reduced. Various drugs have been phased out and prohibited as part of the proper management strategy approved by the Montreal Protocol in 1987. The Montreal Protocol is an addendum to the Vienna Convention on the Protection of the Ozone Layer that establishes measures to phase out ozone-depleting substances. Hydro chlorocarbons, chlorofluorocarbons, and hydrochlorofluorocarbons are all on the list of substances to be phased out. These chemicals are widely used as foam blowing agents and refrigerants in almost all refrigeration systems and appliances. The phase-out management plan facilitated the use of alternatives such as cyclopentane as a foam blowing agent replacement, and manufacturers who chose cyclopentane as a foam blowing agent reported a more than 80% reduction in greenhouse gas emissions. As a result, its popularity is increasing. The high capital investment required to establish a production plant is a significant constraint on the cyclopentane market. This is due to the fact that cyclopentane is inherently flammable, necessitating additional costs in the establishment of a plant with precautionary measures to reduce the risk of fires.
- The top companies have a strong market presence and as a result, a large market share, so competition among these players is moderate. Many of the participants are not pursuing any growth strategies.
- The rapid increase in demand for safe storage of blood, blood derivatives, and temperature-sensitive medicines from hospitals, pharmacies, clinics, and diagnostic centers is also driving demand for refrigeration in the healthcare and pharmaceutical industries.
- Population growth, as well as an increase in demand for low ODP residential refrigerators and building applications, are driving cyclopentane demand. Increased government spending and the implementation of CFC-phase-out policies in Africa and Latin America are expected to drive the cyclopentane market in the Middle East, Africa, and Latin America over the forecast period.
- North America has gradually shifted toward the use of cyclopentane due to the stringent regulations imposed on HCFCs by various government bodies in the region. The Asia-Pacific market is rapidly expanding, as the region provides tremendous growth opportunities for both regional and global manufacturers.
Key Benefits of the Report
- This study presents the analytical depiction of the cyclopentane industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cyclopentane market share.
- The current market is quantitatively analyzed to highlight the cyclopentane market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed cyclopentane market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the cyclopentane Report
- Who are the leading market players active in the cyclopentane market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- Upcoming Report specific FAQs
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- What will be the anticipated growth rates for your own cyclopentane Market economy altogether and also for every segment inside?
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Cyclopentane Market Report Highlights
Key Market Players
Maruzen Petrochemical, SK global chemical Co. Ltd, YEOCHUN NCC CO. LTD., Ineos, Liaoning Yufeng Chemical Co. Ltd., HPLA Group, HCS Group GmbH, Dymatic Chemicals, SOUTH HAMPTON RESOURCES, Chevron Phillips Chemical Company
LG Chem, Pure Chemicals, Haldia Petrochemicals Limited, TRECORA RESOURCES