CHICAGO, Feb. 17, 2022 /PRNewswire/ -- According to the new market research report "Cyclopentane Market With Covid-19 Impact Analysis by Function (Blowing Agent & Refrigerant, Solvent & Reagent), Application, and Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2026", published by MarketsandMarkets, the global market size was USD 272 million in 2020 and is projected to reach USD 430 million by 2026, at a CAGR of 7.8% between 2021 and 2026.
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By function, blowing agent & refrigerant segment is expected to grow at a faster rate during the forecast period, in terms of volume
The blowing agent & refrigerant segment is expected to grow at a faster rate during 2021 to 2026, in terms of volume. The demand for cyclopentane as a blowing agent is highly dependent on the economic growth of Asia Pacific. Increasing economic growth, followed by heavy investment in the consumer appliances industry, drive the demand for refrigerants in the region.
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By region, North America is expected to grow at a faster rate during the forecast period, in terms of volume
North America is expected to grow at a faster rate during 2021 to 2026, in terms of volume. North America has been a leader in terms of product innovation and application development. This factor has significantly influenced the growth of blowing agents, including cyclopentane. The North American market, especially the US, has always been at the forefront in terms of launching new types of blowing agents.
Some of the key market players include HCS Group (Germany), Jilin Beihua Fine Chemical Co., Ltd. (China), Dymatic Chemicals, Inc. (China), INEOS (UK), Liaoning Yufeng Chemical Co., Ltd. (China), Maruzen Petrochemical (Japan), SK Global Chemical Co., Ltd. (South Korea), Haldia Petrochemicals Limited (India), LG Chem (South Korea), PuyangZhongwei Fine Chemical Co, Ltd. (China), Zeon Corporation (Japan). These players have adopted investment, consortium, and partnership as their growth strategies.
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