The cyclopentane industry size is expected to register a CAGR of 6.9% between 2024 and 2032, owing to the increasing demand for energy-efficient insulation materials.
CELSVILLE, Del., July 01, 2024 (GLOBE NEWSWIRE) — The cyclopentane market is projected to reach USD 565.7 million by 2032. Recent Research By Global Market Insights Inc.
According to the report, the growing adoption of polyurethane foams in various applications, including packaging, automotive, and furniture, is driving the demand for cyclopentane. Cyclopentane acts as an efficient blowing agent in the production of rigid and flexible foams, fueling the growth of the cyclopentane market. Rapid urbanization and economic growth, especially in Asia Pacific and Latin America, is driving infrastructure growth and amplifying the demand for energy-efficient building materials. This stimulates the demand for cyclopentane as an insulation material in countless construction projects, thus fueling the market growth.
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Additionally, increased efforts towards developing eco-friendly products that consider environmental impact will strengthen the cyclopentane market outlook through 2032. For example, in response to growing market demand, Honeywell recently launched its fourth generation hydrofluoroolefin Solstice® liquid blowing agent (LBA). This eco-friendly blowing agent alternative is designed for OEMs. Whether used alone or mixed with cyclopentane, Solstice LBA offers superior insulation compared to pure cyclopentane and a better cost-performance ratio than using a combination of cyclopentane-based foam and vacuum insulated panels (VIPs).
Solvents and reagents category tops the list
The cyclopentane market size in the solvents and reagents segment will grow significantly from 2024 to 2032, owing to the eco-friendly properties and versatility of cyclopentane solvents and reagents in industrial applications. Used as a blowing agent, cyclopentane has a lower global warming potential compared to traditional CFCs and meets stringent environmental regulations. Its low toxicity, good solubility and stability make it ideal for adhesives, pharmaceuticals and coatings. Cyclopentane’s role as a reagent in organic synthesis and polymer production is expanding due to its effectiveness and cost-effectiveness. This robust demand indicates a widening market trend towards environmentally friendly high-performance chemicals.
Electrical and electronics emerge as pioneers
The electrical and electronic equipment segment will capture a moderate cyclopentane market share by 2032, owing to cyclopentane’s excellent insulating properties and environmental benefits. It contributes to improved energy efficiency, which is increasingly important for complying with stringent energy regulations. Global warming makes cyclopentane more desirable over traditional hydrofluorocarbons. Cyclopentane’s stability and non-degradability make electronic components more durable and reliable. In the electronics industry, the push for greener and more sustainable manufacturing is leading the adoption of cyclopentane, offering the potential to reduce environmental impact while maintaining high performance.
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Vibrant Asia-Pacific region sets the pace
The Asia Pacific cyclopentane industry will witness a healthy growth rate between 2024 and 2032 due to increasing industrialization and stringent environmental regulations. As countries such as China, India, and South Korea expand their production sectors, the need for sustainable and efficient materials is increasing. Cyclopentane, which has a low global warming potential, is preferred for the production of polyurethane foams used in construction and refrigeration. Government policies encouraging environmentally friendly alternatives and a growing consumer electronics market are driving the adoption of cyclopentane. Asia Pacific’s focus on energy efficiency and environmental sustainability is boosting the demand for cyclopentane, reflecting the global trend towards greener industrial activities.
Cyclopentane Market Players
Key players in the cyclopentane industry include DYMATIC Chemicals, Inc., Chevron Phillips Chemical Company LLC, SK Global Chemical Co., Ltd., Huntsman Corporation, LG Chem, Merck KGaA, INEOS, Prasol Chemicals Pvt. Ltd., TCI Chemicals, Zhejiang Weihua Chemical Co., Ltd., Haltermann Carless, and Eastman Chemical Company.
Leading cyclopentane manufacturers strengthen their competitive position by investing aggressively in research and development, aiming to improve product quality and manufacturing. Strategic alliances and acquisitions expand market reach and diversify product range to meet changing customer needs. These companies also leverage advanced technologies, such as robotics and data analytics, to drive innovation and stay competitive. A customer-centric approach coupled with comprehensive support services ensures seamless integration and customer satisfaction. This early strategic planning has positioned these companies well-positioned for growth as leaders in the cyclopentane industry.
In May 2024, Merck signed a Memorandum of Understanding (MoU) with the Korea Advanced Institute of Science and Technology (KAIST). The initiative will foster industry-industry collaborative research towards advancements in life sciences.
A technology portal was launched by Huntsman Corporation in September 2023. The platform aims to connect innovators and manufacturers.
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