The global cyclopentane demand reached over 200,000 tons in 2018 as per the new research study carried by Fact.MR and the market is valued ~ US$ 350 million. According to the report, the cyclopentane market is expected to grow at ~ 7% CAGR over the forecast period. This healthy growth can be attributed to the developments in the refrigerator insulation materials, replacement of HCFCs with cyclopentane as foaming agent for polyurethane foams, and adoption of cyclopentane by prominent refrigerator manufacturers as eco-friendly alternatives over greenhouse gas emitting materials in the insulation process. As per industry experts, the sales of residential refrigerators are experiencing a boost across the globe and the market is expected to grow over ~ 6% globally. Also, the government promotions for the use of cyclopentane as foam blowing agent are expected to provide impetus to the cyclopentane market. For instance, China is promoting the use of cyclopentane as foam blowing agent, which has significantly influenced refrigerator manufacturers to adopt cyclopentane over other alternatives. Some of the key refrigerator manufacturers have increased their manufacturing capabilities for cyclopentane-based refrigerators owing to the demand for eco-friendly refrigerators in the market from customers.Request Sample Report- [URL]https://www.factmr.com/connectus/sample?flag=S&rep_id=371[/URL]
Governmental Policies and Strategies Providing Traction to the Market
HFC refrigerants and foams are being phased out by many government and environmental organizations in the world, due to the increasing amount of air pollution caused by them, and their significant damage to the ozone layer. According to United States Environmental Protection Agency (EPA), around 2% of the total U.S. HFC emissions were caused due to domestic refrigeration, in 2015. Cyclopentane is becoming one of the most popular refrigerants, which replaces high-GWP refrigerants, in domestic refrigeration applications such as freezers, air conditioners, refrigerators, etc. Similarly, refrigerated or insulated containers employed in different modes of transportations, such as intermodal transport, rail transport, road transport, and ship transport, are shifting from using HCFCs to using cyclopentane. Majority of governments with their policies and strategies are proposing to phase out the usage of high-GWP and air polluting refrigerants like HCFCs, and using 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.
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Asia Pacific to Retain the Status of Largest Consumer
The Asia Pacific region has been the largest consumer of cyclopentane and is expected to dominate the market in the long-term forecast with the share ~ 40% by the end of 2027. The increasing demand in the region can be attributed to the collective efforts by the government on the use of eco-friendly foaming alternatives, the rising awareness regarding greenhouse gas emissions, the rise of the middle class in the region, and the increasing demand for refrigeration systems in the region.