Cycloalkanes Market to Garner $9.1 Billion, Globally, By 2031 at 5.7% CAGR, Says Allied Market Research
Growing demand from pharmaceutical and personal care industries drive the growth of the global cycloalkanes market.
PORTLAND, Ore., Feb. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cycloalkanes Market by Type (Small Rings, Common Rings, Medium Rings, and Others), by Application (Pharmaceutical, Personal Care, Oil and Gas, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global cycloalkanes industry generated $5.3 billion in 2021 and is estimated to reach $9.1 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Surge in demand for cycloalkanes in motor fuel and petroleum gas drives the growth of the global cycloalkanes market. On the other hand, the toxic nature of cycloalkanes impede the growth to some extent. However, rise in interest in eco-friendly blowing agent is expected to create lucrative opportunities in the industry.
Covid-19 scenario-
* The COVID-19 pandemic has had a significant impact on the cycloalkanes market due to lockdowns and travel restrictions. Prices have risen slowly and steadily, while reductions in global oil production have caused a much faster and more dramatic rise. Fuel consumption is back to 98% of pre-pandemic levels, but only 95% of supply has been restored.
* However, Increased demand for pharmaceuticals and organic solvent products has increased the demand for cycloalkanes, which have been used to treat SARS-CoV-2 infection and preoperative assessment and anesthetic treatment.
The small rings segment to rule the roost-
By type, the small rings segment held the major share in 2021. The common rings segment would also showcase the fastest CAGR of 5.93% during the forecast period. Various advantages associated with the use of small rings cycloalkanes, small rings cycloalkanes comprise of cyclopropane and cyclobutene, where cyclopropane, also referred as trim ethylene, and used as an explosive, colorless gas in medicine as a general anesthetic in medications that put patients to sleep before surgery or other medical treatments, thus driving the segment growth.
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The oil and gas segment to maintain its dominance during the forecast period-
By application, the oil and gas segment contributed to the highest share in 2021. The pharmaceuticals segment would also showcase the fastest CAGR of 5.1% throughout the forecast period. This is attributed to the fact that the combination of bio-based cycloalkanes and synthetic paraffinic kerosene allows for the creation of 100% bio-based fuels that outperform typical petroleum-based fuels.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021 and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 5.95% during the forecast period. Cycloalkanes have benefits over jet fuels, such as higher density, and higher volumetric heat of combustion, which have propelled the market growth in Asia-Pacific.
Leading Market Players-
- HCS GROUP
- HALDIA PETROCHEMICALS LIMITED
- INEOS GROUP
- MARUZEN PETROCHEMICAL CO., LTD.
- FORECAST CHEMICALS
- ETHOS CHEMICAL
- LABDHI CHEMICALS
- RELIANCE INDUSTRIES LIMITED
- TOKYO CHEMICAL INDUSTRY CO., LTD. (TCI)
- ALFA AESAR, THERMO FISHER SCIENTIFIC
The report analyzes these key players in the global cycloalkanes market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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