Cyclopentanone Market Size, Share, Growth, and Industry Growth by Type (Electronic Grade, Industrial Grade, Pharmaceutical Grade) By Application (Fragrance, Pharmaceuticals, Electronics, and Rubber) Regional Forecast (2022-2027)

REPORT OVERVIEW

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The global Cyclopentanone Market size was USD 1915.11 million in 2020. The COVID-19 pandemic has negatively affected several markets globally. This market is expected to grow slowly during the COVID-19 pandemic. As per our research, the market is exhibiting a CAGR of 8.66% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The chemical compound of cyclopentanone has the formula C6H5O. It's the smallest cyclic enol ether with an alcohol functional group, or a cyclic ketone with five carbon atoms. It's a clear, colorless, flammable liquid. Cyclopentanone is a chemical that is used to make vitamin A and an intermediary in the creation of various perfumes including musk xylene and synthetic camphor. Bromination with elemental bromine or nitrogen tribromide, followed by dehydrobromination, can be used to make it from cyclohexanol.

The rise of the personal care sector in many developing economies such as India and China can be attributed to an increase in demand for cyclopentanone as an important chemical in the creation of fragrances and varied aromas from the perfume business. During the projected period, the market is expected to grow at a steady pace due to the steady rise of end-use industries.

COVID-19 Impact: Halt on Production to Impede Market Growth 

As COVID-19 imposed lockdowns in a number of nations, the chemical industry devised strategies to ensure that production was not halted and that workers in their organizations were managed remotely wherever possible.  This is expected to have a substantial negative impact on the industry's revenue growth. Furthermore, the high costs of installation and maintenance of these machines may limit the global cyclopentanone market growth throughout the forecast period.

LATEST TRENDS

"Increasing Demand from Various Sector to Bolster Market Progress"

During the forecast period, the global market is likely to be driven by increased demand for the chemical in the electronics industry, where it is utilized as a solvent. In addition, the market is predicted to rise due to the expansion of various end-use sectors such as rubber chemicals and pesticides, and an increase in its application in pharmaceuticals throughout the forecast period.

End-users and personal care product makers are concerned about the environmental impact of various goods and chemicals. The global personal care business is seeing a surge in demand for sustainable products made from organic solvents as people become more aware of the negative consequences of synthetic substances. This has a positive impact on the global market.

Segmentation

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• By Type Analysis

By type, the market is segmented into electronic grade, industrial grade, and pharmaceutical grade.

The pharmaceutical grade segment is expected to lead as It is utilized for a variety of things, including medications, scent, and electroplating. Pharmaceutical grade has fewer applications than industrial or electronic grades, although it can be prepared in a variety of ways depending on the needs. It can be made from cyclohexanone or cycloheptanone as a starting material. These factors are likely to influence the growth of the industry. 

• By Application Analysis

Based on application, the market is classified into fragrance, electronics, pharmaceuticals, and rubber. 

The rubber segment is expected to be the leader in cyclopentanone market share. The chemical additive cyclopentanone is used in a variety of rubber applications to aid enhance viscosity and flexibility. The use of this chemical compound as a gasoline additive is restricted because it can become carcinogenic when exposed to air, resulting in air pollution when burned with gasoline or diesel fuel. It's also used to dissolve different resins, cellulose acetate, and nitrocellulose which is expected to boost market progress. 

DRIVING FACTORS

"Increasing Demand from Chemical Industry to Facilitate Industry Progress"

The use of cyclopentanone in the synthesis of pharmaceuticals and biological agents is increasing in developing countries, which is driving up demand for the chemical. Because of the increased use of these pharmaceuticals in the treatment of Covid-19 and post-Covid-19 sequelae, the Covid-19 pandemic has generated a large supply and demand gap for numerous drugs. Demand for cyclopentanone is predicted to rise in the coming years due to rising demand for cyclopentanone in the manufacture of various chemicals. Furthermore, in emerging economies, cyclopentanone is projected to present various opportunities in flexible electronic displays and pharmaceutical formulations.

"Increasing Demand from End-Use Sector to Magnify Market Growth"

Cyclopentanone's most well-known application is as an aroma compound in the perfume and scent business. Therefore, continuous growth in the end-use industry is likely to propel the global market forward over the forecast period. Moreover, increasing demand from the electronics industry, where the chemical is employed as a solvent, expansion in other end-use sectors such as rubber chemicals, pesticides, and rising use in medicines is likely to propel the cyclopentanone market forward over the forecast period.

Due to a minor improvement in the economy and the relaxation of shutdown restrictions in several regions of the world, global automotive sales climbed in 2021 compared to 2020. The demand for rubber and related goods in the vehicle sector increased as a result. Therefore, the demand for rubber chemicals grew, boosting the market.

RESTRAINING FACTORS

"High Investments to Impede Market Progress"

The large capital investment required to start up a production plant is the primary limitation for the cyclopentanone market. This is due to the fact that cyclopentanone is combustible by nature, necessitating an additional investment in constructing a plant with fire-prevention measures.

REGIONAL INSIGHTS

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"Presence of a Developed Digital Infrastructure to Bolster Growth in Asia Pacific"

Asia Pacific is expected to dominate the cyclopentanone market share due to the rising need for organic solvents for use in perfumes, electronics, and various pharmaceuticals and insecticides is expected to fuel demand for cyclopentanone in the region. Due to an increase in demand for high-end personal care products and a rise in people's purchasing power, cyclopentanone demand is predicted to expand rapidly. Factors such as infrastructure development in nations like China and India, increased public and private investment, are driving up demand for solvents in industries including pharmaceuticals, personal care, and electronics. During the forecast period, this is expected to drive demand for cyclopentanone in the region.

North America is the second-largest market shareholder globally because of the increased demand for cyclopentanone among perfume and rubber makers in the region, and the high consumption of this chemical compound in countries such as North America and Latin America, it is likely to maintain its market dominance over the projection period. Furthermore, the cyclopentanone market in Latin America is expected to rise rapidly over the forecast period.

KEY INDUSTRY PLAYERS

"Companies to Invest in R&D to Improve Market Position"

The competitive landscape and company profiling of the key manufacturers participating in the market are covered in the following section of the study. This section of the research focuses on key developments such as new product launches, expansion, mergers and acquisitions, partnerships, agreements, joint ventures, business overview, key strategies, and financial analysis for key companies. To counteract COVID-19's influence, the majority of the market's main companies are investing in research and novel product development.

INDUSTRY DEVELOPMENT

List of Market Players Profiled

• Solvay (Belgium)
• BASF (Germany)
• Zeon (Japan)
• Caffaro (Italy)
• FREESIA CHEMICALS (India)
• Zhejiang NHU (China)
• Huifu (China)
• WanXiang International (China)
• Shandong Guorun Chemical (China)
• Pearlk Chemical Materials (India)

REPORT COVERAGE

The research highlights the most important market segments and the most recent industry developments. It investigates the influence of COVID-19, the driving and restraining elements in depth. This paper examines the key companies' strategy and regional changes. It also teaches readers on the variables that contribute to the industry's growth.