Market Research Report
Global Cyclopentane Market - 2022-2029
|Global Cyclopentane Market - 2022-2029|
Published: March 11, 2022
Content info: 198 Pages
Delivery time: 2 business days
The global cyclopentane market has reached US$ XX Million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
Cyclopentane is an alicyclic hydrocarbon molecule that is an alkane generated from pentane. Cyclopentane is a kind of hydrocarbon that occurs naturally. It is found in extremely minute amounts in crude oil, with naphtha from crackers being the most prevalent source. Cyclopentane is practically insoluble in water but has good solubility or unrestricted miscibility with an extensive range of organic solvents, including other ethers, paraffin, esters, benzene, white spirit and chlorinated hydrocarbons.
Cyclopentane is a cycloalkane used to make synthetic rubber, resins and rubber adhesives and a blowing agent for polyurethane insulating foam. Further, cyclopentane possesses the qualities of pentanes and is extremely similar to hexanes and butanes; as a result, it is employed as a component in various types of fuels and as a solvent. In addition, pesticides are also made with cyclopentane.
The growing demand for environmentally friendly insulating materials in refrigeration is expected to drive the market. However, the large capital inputs required to set up a manufacturing plant acts as a restraining factor for the market.
The growing demand for environmentally friendly insulating materials in refrigeration
Energy savings and corresponding CO2 emissions drive the demand for high-quality insulation in the refrigeration industry. Refrigerator manufacturers focus on low-cost, high-efficiency appliances, especially the new energy class rating. A refrigerator must be adequately insulated to work optimally, such as having a high cooling capacity while spending little electricity.
Polyurethane (PU) insulation foams based on a high-quality cyclopentane blowing agent create the insulation. Aside from energy efficiency, cyclopentane has a great eco-balance because it has no ozone depletion potential and minimal global warming potential (GWP). Cyclopentane conforms with globally recognized international laws for maintaining the stratospheric ozone layer.
Moreover, cyclopentane is a more sustainable alternative to the banned chlorofluorocarbons (CFCs) and hydrofluorocarbons (HFCs). As a result, buyers in the refrigerator and freezer industries, in particular, want cyclopentane for effective insulation and excellent energy efficiency.
The large capital inputs required to set up a manufacturing plant
The large capital investments required to set up a manufacturing or production unit are the primary restraints for the cyclopentane market. Like many other gases, cyclopentane is extremely evaporative and combustible in its pure form. As a result, the flammable nature of cyclopentane necessitates an additional expenditure in establishing a facility with preventive steps to lower the risk of fires. However, the unit is no more dangerous than a unit foamed with other blowing agents once foamed.
The global cyclopentane market was significantly impacted by massive disruption in the chemicals and materials industry supply chain. It weakened company confidence, especially during the first phase. As a petrochemical, cyclopentane is strongly reliant on the oil and gas industries. The oil, gas and chemicals industries experienced an unexpected turning point in the first quarter of 2020. The industry felt the dual consequences of the COVID-19-related economic slowdown and the oil price fall.
The economic downturn lowered demand in both domestic and global markets. Furthermore, due to their reliance on the local market, U.S. petrochemical businesses' feedstock cost advantage has eroded, potentially rendering their goods less competitive in an ever-difficult market.
Based on application, the global cyclopentane market is segmented into refrigeration, insulation, fuel & fuel additives and others.
Cyclopentane is a blowing agent used to produce polyurethane foams to insulate refrigerators and freezers. Unlike some other compounds used to insulate refrigerators, cyclopentane does not contain hydrofluorocarbons (HFCs). Using cyclopentane reduces equivalent CO2 emissions significantly.
R134a and R245fa are the most commonly utilized foam-blowing agents in U.S. today. R134a and R245fa have global warming potential (GWP) between 1300 and 950. In comparison, the foam-blowing agent cyclopentane has a GWP of about 10. When it comes to GWPs, the lower the number, the better it is for the environment; hence cyclopentane is the preferable option.
Cyclopentane improves the effectiveness of insulation foam by around 4% above R134a foam, which is currently utilized in most refrigeration devices. In addition, its distinct structure, along with a low boiling point, makes it a suitable molecule for producing polyurethane insulation boards. Cyclopentane not only foams the material, but some of it remains in the foam cells and contributes to an even stronger insulating effect.
As a result, cyclopentane is employed in the building sector to insulate home facades and produce highly efficient refrigerators, freezers, cold shops and vehicles to deliver frozen or extremely temperature-sensitive items.
Based on geography, the global cyclopentane market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa.
Asia-Pacific is expected to have a considerable market share for cyclopentane due to increased home and commercial freezers. China is the world's largest producer and consumer of hydrochlorofluorocarbons (HCFCs) and is expected to phase them out due to environmental concerns. As a result, blowing agents such as cyclopentane will have plenty of opportunities.
The World Bank is sponsoring a limit on HCFCs production and consumption that will take effect in the future. Some countries, notably Malaysia, have already started executing the strategy and are anticipated to accomplish the outcomes by 2022. Thus, this will raise the demand for cyclopentane in the region.
In addition, India's refrigerator output volume was over 12 million units in 2020. The worth of refrigerators in the country was estimated to be more than US$ 3,500 million. Refrigerators accounted for 27% of the consumer appliance market. Therefore, heavy investment in research and development and various long-term programs is expected to drive the cyclopentane market in the region.
The global cyclopentane market is consolidated and moderately competitive with multinational businesses. Major players in the market include HCS Group, INEOS, Meilong Cyclopentane Co., Ltd., Haldia Petrochemicals Limited, YEOCHUN NCC CO., LTD, Jilin Beihua Fine Chemical Co., Ltd., Liaoning Yufeng Chemical Co., Ltd., DYMATIC Chemicals Inc., LG Chem and SK global chemical Co. Ltd, among others. The companies in the market incorporate several market strategies to achieve growth in the global cyclopentane market; these include mergers, product launches, acquisitions, contributions and collaborations.
Overview: HCS Group is a Germany-based global manufacturer and supplier of high-value hydrocarbon specialty solutions. It is headquartered in Frankfurt, Germany. HCS Group operates under three strong brands: Haltermann Carless, Electrical Oil Services (EOS) and ETS Racing Fuels, with global distribution channels in more than 90 countries.
Product Portfolio: HCS Group offers cyclopentane under its Haltermann Carless brand. The products have a minimum purity of 95%. Furthermore, they have been specifically designed to utilize in the construction, chemical, refrigeration and cosmetics industries.
In July 2021, Haltermann Carless, part of the HCS Group, expanded its production in cyclopentane and cyclopentane blends to complete its new hydrogenation facility at its Speyer site in Germany. The company expects to have increased its cyclopentane production capacity by up to 70% by the first quarter of 2022.
To visualize the global cyclopentane market segmentation by function, grade, application, end-user, region and understand key commercial assets and players.
Identify commercial opportunities in the global cyclopentane market by analyzing trends and co-development.
Excel data sheet with numerous data points of cyclopentane market-level with four segments.
PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
Product mapping available as excel consisting of key products of all the major market players
The global cyclopentane market report would provide approximately 69 tables, 67 figures and almost 198 pages.
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