The report [117 pages] "Cyclopentane Market by Function (Blowing Agent & Refrigerant, Solvent & Reagent), Application(Residential Refrigerator, Commercial Refrigerator, Insulated containers and sippers, and others), and Region - Global Forecasts to 2023", The cyclopentane market is projected to grow from USD 242.4 million in 2018 to reach USD 335.7 million by 2023, at a CAGR of 6.7%. The growth of the market can be attributed to the use of cyclopentane as a blowing agent & refrigerant. The major drivers for the market include the phase-out of HCFCs by 85% by the late 2040s.

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On the basis of application, residential refrigerants is the largest application in the cyclopentane market. The demand for cyclopentane for residential refrigerants is driven by the reduced use of fluorinated blowing agents in this application owing to the stringent regulations. Cyclopentane is a cheap substitute for the existing blowing agents in this application.

By region, the market is segregated into APAC, Europe, North America, South America, and the Middle East & Africa. APAC is the largest and fastest-growing market for cyclopentane. According to the International Monetary Fund (IMF), China and India are two of the fastest-growing economies in the world. India is expected to overtake China with the highest growth rate, thus, driving the global economy. With such a growth rate in these countries, the cyclopentane market is also projected to register a high growth rate in the future.

The cyclopentane market is led by major players, such as HCS Group (Germany), Jilin Beihua Fine Chemical Co., Ltd. (China), DYMATIC Chemicals Inc. (UK), INEOS (UK), Liaoning Yufeng Chemical Co., Ltd. (China), Maruzen Petrochemical (Japan), Chevron Phillips Chemical Company LLC (US), YEOCHUN NCC Co., Ltd. (South Korea), South Hampton Resources (US), and SK Global Chemical Co., Ltd. (South Korea). These key players have adopted various organic and inorganic strategies to maintain their shares in the cyclopentane market.

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