India Cyclopentane Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, End Use, Application, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030
India Cyclopentane market demand stood at 15.71 Thousand Tonnes in FY2021 and is forecast to reach 25.94 Thousand Tonnes by FY2030, growing at a healthy CAGR of 5.73% until FY2030. An increase in the use of Cyclopentane as a blowing agent in Polyurethane foams used in refrigerators is likely to increase Cyclopentane consumption in India. India is one of the 24 countries signing the ‘Montreal Protocol’ on substances that deplete the Ozone Layer and is proactively working to completely phase out harmful HCFCs by 2020. This is likely to supplement the demand for Cyclopentane across the globe. India became the first country in the world to launch a comprehensive India Cooling Action Plan (ICAP) in March 2019, which will work towards addressing the cooling requirement across residential and commercial buildings, cold-chain, refrigeration, transport, and industrial sectors. As of 2019, India’s cooling demand stands at 120 Million TR (where TR stands for Tonnage of Refrigeration). However, ICAP aims to reduce India’s total cooling demand by 20 to 25 percent by 2037. Currently, Haldia Petrochemicals Limited is the only manufacturer of Cyclopentane in the country and is planning to expand its production capacity in the coming years with the rest of the country’s demand being met through imports. More players are expected to enter this market in the years to come taking into consideration the product’s increasing demand.
The refrigeration and air-conditioning (RAC) equipment consumes a significant proportion of the HCFCs in the country. Indian Ozone Cell implemented HPMP Stage-I which led to the conversion of 15 large enterprises indulged in the foam manufacturing sector to switch from HCFC-141b to Non-Ozone Depletion Scheme, Cyclopentane based technologies till FY 2016. Currently, the Ministry of Environment, Forest, and Climate Change (MoEFCC) has implemented HPMP Stage-II which aims to phase out HCFCs from the country completely by 2030. The ministry is also working towards funding the domestic foam industries to promote the replacement of ozone-depleting Hydrochlorofluorocarbons (HCFC) with Cyclopentane and this is projected to encourage the Indian industrialists to enter the Cyclopentane market during the next five years. Increasing Cyclopentane demand from the residential refrigerants sector is likely to propel the country’s Cyclopentane market. Additionally, increasing demand for refrigeration and freezers from the food and beverage industry, and the construction industry is likely to contribute towards growth in demand for Cyclopentane in the country.
The COVID-19 pandemic put a significant impact on the cyclopentane market as the production facilities were shut down coupled with a major disruption in the supply chain. However, as the world is slowly recovering and the industrial, as well as construction activities, have started in full swing, the demand for cyclopentane is increasing at a rapid rate.
Years Considered for this Report:
Historical Years: FY2015– FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023 – FY2030
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