Global Cyclopentane Market Estimated to Record Highest CAGR by 2017 to 2026 | Key Players are LG Chem, Ltd., Yeochun NCC Co. Ltd., Trecora Resources, etc.
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Production of freezers and refrigerators has led to surge in demand for the insulating materials. As the need for insulating materials for manufacturing range of refrigerating products remain high, manufacturers are increasingly opting for foam-blowing agents such as cyclopentane. Manufacturers mainly prefer opting for cyclopentane attributed to low ozone depletion features. In addition, application of cyclopentane leads to reduced emission of carbon dioxide. Growing preference for environment friendly insulation materials has led to surge in demand for cyclopentane globally.
Production of Refrigeration Products to Boost Demand
Demand for cyclopentane is mainly derived from increasing production of various refrigerating products. Surge in demand for freezers and refrigeration products in the residential, automotive, food and beverage, and construction industry has led manufacturers to develop effective insulating foams. In addition, production of epoxy resins for composite materials, carbon fiber and fiberglass reinforcements is further expected to contribute towards growth of the global cyclopentane market during the forecast period.
Demand for Environment Friendly Products to Impact Global Market Growth
Attributed to comparatively low potential of global warming and ozone depletion, manufacturers are increasingly looking for options that have low environmental impact. As cyclopentane possesses comparatively low ozone depletion features, manufacturers are increasingly witnessing demand for cyclopentane for production of the perfumes and adhesives. With the growing need for manufacturing range of paints, coatings, pharmaceutical and food products, demand for cyclopentane is expected to remain high in the global market. Increasing production of heaters, refrigerators and other chemical solvents will continue to impact growth of the global market of cyclopentane during the forecast period.
However, various factors are expected to impact growth of the global cyclopentane market negatively. Ingesting cyclopentane during the production process can lead to vomiting and nausea due to irritation in the gastrointestinal tract. In addition, exposure to cyclopentane leads to incoordination, loss of consciousness, dizziness, lightheadedness and excitement. Moreover, severe exposure to cyclopentane can result in fatality due to respiratory failure. These factors are expected to inhibit growth of the global cyclopentane market significantly throughout the forecast period.
Insulating Construction Material to Represent a Leading Segment
As the need for insulators in the refrigerator products continue to increase, demand for the foam-blowing agents is expected to remain high. On the basis of product type, the foam-blowing agents segment is expected to represent significant growth in terms of volume, accounting for over 99,200 units by the end of 2026. In addition, the foam-blowing agents product type segment is expected to register a significant CAGR throughout the forecast period.
Based on application, the insulating construction material segment is expected to represent the highest growth in terms of volume, recording over 18,300 units in terms of volume by the end of 2017. On the other hand, the residential refrigerators application segment is expected to register a robust CAGR throughout the forecast period.
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Leading market players operating in the global cyclopentane market include Chevron Phillips Chemical Company LLC, Dymatic Chemicals, Inc., Beijing Eastern Acrylic Chemical Technology Co., Ltd., LG Chem, Ltd., Yeochun NCC Co. Ltd., Trecora Resources, INEOS Group Ltd., Merck & Co. Ltd, Maruzen Petrochemical Co., Ltd., Haldia Petrochemicals Limited, ZEON Corporation, Exxon Mobil Corporation, and HCS Group GmbH.
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