NEW YORK, Dec. 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com publishes the report “Cyclopentane Market Size, Share & Trend Analysis Report by Function, By Application, By Region, By Segment, 2022-2030” Announcing the release of – https://www.reportlinker.com/p06373150/?utm_source=GNW
Cyclopentane Market Growth and Trends
The global cyclopentane market size is expected to reach USD 675.7 million by 2030, expanding at a robust CAGR of 7.3% during the forecast period. Increasing demand for refrigerators in various sectors is expected to drive the market growth.
The COVID-19 pandemic has had a negative impact on the market as production activities have come to a halt around the world. The outbreak of the pandemic has caused widespread supply chain disruptions, leading to raw material shortages and rising costs across the board.
However, since hydrochlorofluorocarbons (HCFCs) have been phased out of regulation by the Montreal Protocol, demand for cyclopentane has been boosted in applications such as refrigerators and thermal insulation products. It also eliminates substances that produce carbon emissions, providing a greener alternative for the future.
These factors contributed to a strong recovery in the cyclopentane industry.
The recent Russian-Ukrainian war has also led to higher oil prices, which has impacted the growth of the cyclopentane industry. is.
Highlights of the Cyclopentane Market Report
Based on function, the blowing agents and refrigerants segment will account for the largest revenue share of 62.6% in 2021, maintaining its dominance over the forecast period owing to its increasing use in the automotive, construction, electrical, and appliance industries It is expected thatSolvents and reagents segment is expected to grow at a CAGR of 7.1% during the forecast period
• Based on application, the refrigerator segment is expected to dominate the market over the forecast period due to rising per capita income and demand for packaged frozen food and pharmaceuticals.Containers and shippers segment could grow at a CAGR of 8.3% during the forecast period
• Asia Pacific is expected to hold 37.2% market share in 2021 and dominate the segment over the forecast period. Europe is expected to expand at a CAGR of 7.0% during the forecast period. This growth is primarily due to increased demand for insulation in the construction industry, refrigerators, and other insulation applications.
• In September 2022, Haltermann Carless, a brand of the HCS Group, opened a new hydrogenation unit in Germany to consolidate its position as a leading manufacturer of cyclopentane and expand its business area through the Speyer site . He plans to increase production by 70% by the first quarter of 2023.
• Mergers and acquisitions, contracts, R&D activities, and expansions are the major strategies adopted by companies over the last few years. For example, in June 2022, Chevron Phillips LLC expanded its European operations by installing a polyalphaolefin (PAO) production unit in Belgium to meet growing demand. The investment in the Bellingen plant will help the company double its PAO production by 2024. Sustainability and the use of eco-friendly materials are the keys moving forward and also a key factor driving the growth of the market during the forecast period.
Read the full report: https://www.reportlinker.com/p06373150/?utm_source=GNW
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