Cyclopentane Market – Growth Assessment
The Cyclopentane Market is forecasted to witness a significant growth over the course of the forecast period according to a newly published report by Fact.MR. The study highlights the critical trends that are likely to mold the growth of the Cyclopentane Market in the forecast year 2019 to 2027. Further, the report introspects the various factors that are expected to influence the overall dynamics of the Cyclopentane Market.
The report is an essential tool for stakeholders, upcoming market players, established companies, and investors who are looking to establish a strong presence in the Cyclopentane Market landscape. A detailed understanding of the raw material suppliers, vendors, manufacturers, and other components of the supply chain is provided in report.
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Key Takeaways from the Report
- Current and future prospects of the Cyclopentane market in over the forecast period 2019 to 2027
- Opportunity analysis for investors and market players in various regional markets
- Regulatory and government policy framework relevant to the Cyclopentane Market
- Mergers, acquisitions, collaborations, and partnerships in the Cyclopentane Market
- Growth potential of the emerging market players in the Cyclopentane Market
The report caters to the following questions related to the Cyclopentane Market:
- What is the anticipated value of the Cyclopentane market in 2029?
- Who are the leading market players in the Cyclopentane Market in region 1 and region 2?
- Which region is expected to witness the highest growth in terms of value during the forecast period?
- How are market players in the Cyclopentane Market adjusting to the economic slowdown worldwide?
- Which country in region 3 is expected to have a majority of the market share during the assessment period?
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The increasing demand for cyclopentane from end-use industries, has led to the production expansion by top players from past few years to meet the needs of the market. The market being driven by refrigerator appliance manufacturers, cyclopentane manufacturers have to meet the growing demands and are expected to add more capacities over the mid-term forecast. Refrigerator manufacturers have started with expansions across the globe to fulfill the requirements of the market.
Cyclopentane is obtained as a refinery product and is very cost efficient as compared to other foam blowing agents. Most of the manufacturers produce cyclopentane as a specialty chemical product that ensures its production as per the requirement.
Maruzen Petrochemical Co., Ltd. manufactures cyclopentane under the brand name of MARUKASOL FH. Its cyclopentane grade offers low heat transfer rates and is preferentially used as urethane foaming agent. Owing to its superior grade, it is also used as metal cleaning agent in the semiconductor industry. The company expanded its production capacity to 8,000 tons/year in 2015 at its Chiba plant.
Zeon Corporation is one of the leading producers of Cyclopentane in Japan. It completed its cyclopentane expansion project in 2013. It offers cyclopentane of >95% purity grade in 130 kg steel drum packing.
Other manufacturers are also opting for new product launches to meet the standard and improved qualities of cyclopentane to be used as foam blowing agent.
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Changing Regulatory Landscape Influencing the Global Cyclopentane Market
Greenhouse gas emissions are a matter of concern of all environmental regulatory authorities around the world. Steps to curb the greenhouse gas emissions have been incorporated from time to time to ensure the reduction in ozone layer depletion. Various substances have been phased out and banned with proper management plan prescribed by Montreal Protocol 1987. Montreal Protocol is a protocol to Vienna Convention for the protection of ozone layer that has prescribed measures to phase out substances that cause harm to the ozone layer. This management plan has so far been very successfully implemented by all countries in the world and former Secretary-General of United Nations, Kofi Annan quoted “perhaps the single most successful international agreement to date has been the Montreal Protocol”. Substances that are listed to be phased out include Chlorofluorocarbons (CFCs), Hydrochlorofluorocarbons (HCFCs) and Hydrochlorocarbons (HFCs). These chemicals are popularly being used as foam blowing agents and refrigerants in almost every refrigeration systems and appliances. The phase out management plan has facilitated the use of alternatives such as cyclopentane as substitute for the foam blowing agent and more than 80% reduction in the greenhouse gas emissions has been reported by manufacturers that have opted for the cyclopentane as a foam blowing agent.
Currently, Most of the countries have initiated the stage 2 of the phase out plan for HCFCs as per the reduction schedule specified in the Protocol. For example, India started the implementation of stage 2 phase out plan for HCFCs in 2017. As per the protocol, India has to reduce the consumption of 8190 MT of HCFC by 2023 to meet the targets under Protocol 2020. For this measure, India has managed to secure US$ 44.1 million from multilateral funds for proper implementation. This is expected to increase the demand for cyclopentane in the regional market to fill the deficit generated by the phase out plan of HCFCs. Under this plan, more than 400 enterprises in foam manufacturing are assured to be supported for conversion to non HCFCs from HCFCs. New standard codes are being framed to support the move. A net reduction of 8.5 million metric tonnes annually in CO2 equivalent emissions is expected to be achieved from 2023.
In Europe, imports of HCFCs and other ozone depleting substances have already been monitored from 2016, and significant reduction in imports have been reported by European Environment Agency (EEA) in 2017 as well. Some of the European countries such as Sweden have already phased out HCFCs and CFCs way back in late 90s. This has increased the consumption for non HCFC foaming agent such as cyclopentane in Europe.
United States Environmental Protection Agency introduced its stage 2 of HCFC phase out plan in 2010 and was successful in reducing the HCFC usage to below 90% of the baseline levels in 2015. HCFCs that are widely used as foam blowing agents include HCFC-141b and HCFC-142b. Their production has been reduced significantly in the United States. The US has targeted zero production and imports of HCFC-142b by the year 2020, and to reduce the consumption of HCFC below base levels by 99.5%. This is expected to increase the demand for cyclopentane in the North America region, from the foam manufacturers over the short-term forecast.
China being the largest consumer of HCFCs, is expected to phase out HCFCs too. It is being funded by the World Bank to freeze the production & consumption of HCFCs in the near future. Other Asian countries such as Malaysia has already started implementing the phase 2 plan for HCFCs, and is estimated to achieve the results by 2022. As a result, the demand in the Asia region is expected to increase for non- HCFC foaming agents including cyclopentane.
Japan achieved the CFC phase out in 1996 and is determined to phase out HCFC by 2020. Cyclopentane demand in the Japanese market, is thus expected to increase over the short and mid-term forecast.
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