The cyclopentane market is expected to rise at a very promising 8% CAGR during the period of assessment from 2020 to 2030. The Fact.MR report states that the cyclopentane market is expected to be adversely affected in the short term during the coronavirus crisis. The decline in manufacturing activities of household appliances and consumer electronics during the pandemic will hurt the short-term prospects of the cyclopentane market.
"The rising demand for food products in controlled temperature environments is boosting the demand for refrigeration and freezing applications. Similar uses in consumer appliances will support market growth following the end of the pandemic for the foreseeable future," says the Fact.MR analyst.
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Cyclopentane Market - Important Takeaways
- Function of cyclopentane as a refrigerant and blowing agent is contributing substantially to revenue, driven by extensive use in commercial and household refrigerator production.
- Refrigeration applications of cyclopentane are rapidly gaining traction owing to rise in food and beverage industries.
- Asia Pacific is a major cyclopentane market supported by the presence of major refrigeration product manufacturers. North America is also gaining ground with high adoption rates of consumer appliances.
Cyclopentane Market - Driving Factors
- Material innovations in refrigerator protection products is a key growth factor.
- Demand for eco-friendly alternatives to HCFCs in refrigeration and freezing applications to bolster market growth.
- Niche demand for cyclopentane as an insulation material in construction projects creates growth opportunities.
Cyclopentane Market - Leading Constraints
- Health risks associated with cyclopentane restricts adoption rates.
- High capital cost for purchase and installation procedures restrains cyclopentane applications.
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus outbreak has disrupted cyclopentane supply chains around the world and hurt production activities, as a result of lockdown measures imposed by governments around the world. The pandemic has also reduced demand for consumer appliances such as stabilizers and refrigerators in the short term. Also, the suspension of construction activities will also hurt market prospects. However, recovery will be steady, as the industry is likely to remain affected by economic uncertainty, even after the pandemic comes to an end.
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Competition Landscape
Leading producers in the cyclopentane market are Haldia Petrochemicals Ltd., Chevron Phillips Chemical Co., Maruzen Petrochemical Co., Dymatic Chemicals Inc., and Merck & Co. Inc. Major manufacturers are focusing on expansion of production capacities to keep up with demand, in addition to collaborations with end product manufacturers. For instance, BASF has entered into a collaboration with Whirlpool for the production of residential refrigerators which use cyclopentane.
More on the Report
The FACT.MR's market research report provides in-depth insights on cyclopentane market. The market is scrutinized according to product type (foam-blowing agent, and solvent & reagents), and application (residential refrigerators, commercial refrigerators, insulated containers & sippers, insulating construction material, and analytical & scientific application, and others) across six key regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East and Africa).
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