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Cyclopentane for Refrigerators Market is poised to grow at a CAGR of 8% throughout the forecast period 2020-2030 - States Fact.MR
Cyclopentane Market
This positive development can be ascribed to improvements in the quality of fridge protection materials, supplanting of HCFCs with cyclopentane as a frothing specialist for polyurethane froths, and reception of cyclopentane by noticeable cooler makers as an alternative over ozone depleting substance producing materials in the protection procedure.
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Cyclopentane finds its application in commercial and residential refrigerators and as an insulator in the construction industry.
Furthermore, favorable regulatory policies and strategies are poised to phase out the usage of high-GWP and air polluting refrigerants like HCFCs, and increase usage of low-GWP refrigerants like cyclopentane in domestic as well as transport refrigeration applications.
These policies and strategies are expected to be among the most popular trends in the global cyclopentane market in coming years.
The outbreak of nCoV-19 has impacted demand and supply chain for global consumer electronics products, as a result of nation-wide lockdowns.
Furthermore, imposition of these lockdowns has suspended the construction industry and temporary ceased production of non-essential products and services, thus lowering demand for cyclopentane.
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Key Takeaways of Global Cyclopentane Market Study:
The global cyclopentane market is expected to create a value opportunity of around US$ 350 Mn during the forecast period, adding 2.2X more value in 2030 as compared to 2020.
Foam-blowing agents segment will continue to influence the demand for cyclopentane market, accounting for more than half of the global share, as a result of better quality and high reliability.
China and India will continue to maintain their supremacy in cyclopentane market owing to high population density and ascending demand for commercial and residential refrigerators.
Cyclopentane market in Europe is poised to grow at a healthy CAGR of 8% through 2030.
Japan is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 23 Mn and is expected to show prolific expansion over the forecast period
“Favorable regulatory compliance with respect to emissions of CFCs and mounting demand for refrigerators is anticipated to drive the growth of the cyclopentane market”, says a Fact.MR analyst.
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Key Players Focusing on Geographical Expansion and Acquisitions to Increase their Market Shares
The prominent players in the global cyclopentane market are Chevron Phillips Chemical Company LLC., Dymatic Chemicals, Inc., LG Chem., Ltd., Yeochun NCC Co. Ltd., Trecora Resources, Ineos Group Limited, Merck & Co Inc., Maruzen Petrochemical Co., Ltd. and Haldia Petrochemicals Limited.
These players are adopting aggressive growth strategies for establishing global foot-print to ensure their production capacity meets increasing demand, along with their presence in regional markets.
For instance, CPChem announced completion of expansion of an ethylene plant at its Sweeny complex in Old Ocean, Texas, the US. In September 2018, LG Chem acquired a US-based adhesive firm, Uniseal, Inc.
More Valuable Insights on Cyclopentane Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global cyclopentane market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030.
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The study divulges essential insights on the cyclopentane market on the basis of product type (foam-blowing agent and solvent and reagents) and application (residential refrigerators, commercial refrigerators, insulated containers and sippers, insulating construction material, scientific application and others) across six major regions.
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