Cyclopentane market to reach $573 million by 2032, driven by sustainability and energy efficiency
From GlobeNewswire: 2025-01-22 09:00:00
The Cyclopentane Market is on the rise, with a value of $360 million in 2023, set to reach $573 million by 2032, growing at a CAGR of 5.3%. Used in construction and refrigeration, cyclopentane offers energy efficiency and sustainability as a blowing agent and refrigerant in various applications.
The global phase-out of HCFCs has accelerated the adoption of cyclopentane in different industries, driving market growth. Demand for energy-efficient insulation materials in construction and refrigeration sectors is increasing, leading to technological advancements and new applications for cyclopentane. Safety measures are necessary due to its flammability, impacting operational costs.
Sustainability and environmental concerns are driving industries to shift to eco-friendly alternatives like cyclopentane. With a low GWP, it serves as a sustainable substitute for traditional blowing agents and refrigerants, supporting efforts to reduce emissions and comply with regulations while maintaining industrial performance standards.
In 2023, the blowing agent and refrigerant segment dominated the market with over 65% share, driven by cyclopentane’s eco-friendly properties. The residential refrigerator segment led with over 40% share, fueled by the demand for energy-efficient solutions. Cyclopentane’s role in enhancing sustainability across sectors is highlighted by its increasing adoption in various applications.
North America led the market in 2023 with over 45% share, driven by a strong manufacturing sector adopting cyclopentane for energy efficiency and compliance with regulations. Asia-Pacific is the fastest-growing market, with a projected CAGR of around 8%, fueled by rapid industrialization and urbanization in countries like China and India, increasing demand for insulation materials in construction and refrigeration. The company’s decision to focus on sustainability and expand in European and Asian markets shows a commitment to environmental responsibility. The research report on the Cyclopentane market covers market dynamics, statistical insights, competitive landscape, and regional analysis. SNS Insider offers detailed market research and consulting services to provide clients with up-to-date and accurate market data for informed decision-making.
Read more at GlobeNewswire: Cyclopentane Market to Reach USD 573 Million by 2032 Owing