Cyclopentane Market Worth $335.7 Million by 2023 - Exclusive Report by MarketsandMarkets™

Cyclopentane Market Worth $335.7 Million by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, October 19, 2018

CHICAGO, October 19, 2018 /PRNewswire/ --

According to the new market research report "Cyclopentane Market by Function (Blowing Agent & Refrigerant, Solvent & Reagent), Application(Residential Refrigerator, Commercial Refrigerator, Insulated containers and sippers, and others), and Region - Global Forecasts to 2023", published by MarketsandMarkets™, the Cyclopentane market is projected to grow from USD 242.4 million in 2018 to reach USD 335.7 million by 2023, at a CAGR of 6.7%. The growth of the market can be attributed to the use of cyclopentane as a blowing agent & refrigerant. The major drivers for the market include the phase-out of HCFCs by 85% by the late 2040s.

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Among function, the blowing agent & refrigerant market had the largest market share in 2017 

On the basis of function, the cyclopentane market has been segmented into blowing agent & refrigerant, solvent & reagent, and others. The blowing agent & refrigerant segment accounted for the largest share of the cyclopentane market in 2017 and is projected to register the highest CAGR during the forecast period. The demand for cyclopentane is expected to increase, during the forecast period, owing to the planned phase-out of cyclopentane by 85% by the late 2040s.

The residential refrigerators segment is projected to register the highest CAGR between 2018 and 2023 

The residential refrigerators segment is projected to record the highest CAGR in the cyclopentane market during the forecast period. In the residential refrigerators application, the use of existing blowing agents is expected to phase-out by 2030s, as they have high ODP and GWP. This factor has promoted the use of eco-friendly blowing agent & refrigerants, subsequently driving the demand for cyclopentane.

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APAC was the largest market for cyclopentane in 2017 

The growth of the Cyclopentane Market in APAC is attributed to the increasing demand from the residential refrigerators and construction applications, where cyclopentane is used as a blowing agent and refrigerant. The low-cost and easy availability of raw materials, skilled labor, land, and equipment have helped APAC emerge as a key destination for appliances manufacturers, which, in turn, is increasing the use of cyclopentane.

HCS Group (Germany), Jilin Beihua Fine Chemical Co., Ltd. (China), DYMATIC Chemicals Inc. (UK), INEOS (UK), and Liaoning Yufeng Chemical Co., Ltd. (China) are the key players operating in the cyclopentane market.

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