Global 1,5-Cyclooctadiene Market Size & Share 2020 to 2026
Market Size by End Use (Agrochemical, Cosmetics, Food, Rubber, Construction, Others), by Applications (Specialty Chemicals, Solvents, Catalyst Ligands, Elastomers, Chemical Ligands, Others) Industry Analysis Report, Country Outlook Application Potential, Price Trends, & Forecast.
Report ID: GMI4887
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Published Date: December 2020
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Global 1,5-Cyclooctadiene Market Size
Global 1,5-Cyclooctadiene market size was over USD 200 million in 2019 and is expected to grow over 5% between 2020 and 2026 owing to factors such as rising agricultural practices and increasing adoption of organic farming. Increasing adoption of modern agricultural practices involving an increased use of agrochemicals such as fertilizers and pesticides is expected to drive the market demand of 1,5 cyclooctadiene.
1,5 cyclooctadiene is widely used in agrochemicals such as fertilizers and pesticides in order to improve crop health. Rising trend of organic farming and sustainable agriculture is demanding an increased use of agrochemicals for increasing yields and protecting against crop losses should drive the market growth. The 1,5-cyclooctadiene market share from agrochemicals was estimated to be USD 15.57 million in 2019 and is expected to grow at a rate of above 5% CAGR during the stipulated timeframe.
Increasing agricultural activities especially in the developing countries of the world to meet the increasing consumption needs of the growing population is expected to raise the demand for 1,5-cyclooctadiene from the agricultural sector. For instance, the global agrochemical market is expected to reach USD 299.8 billion by 2024. Additionally, government support to agriculture in the form of subsidies and rebates is expected to increase the demand for pesticides & fertilizers which in turn may drive the 1,5-cyclooctadiene market.
Significant change in dietary habits owing to the adoption of hectic lifestyles and increasing preference for convenient food consumption should boost the packaged food sector. The U.S. food market is witnessing a rise in urban population which has resulted in growing demand for packaged food and single serve food packs. Moreover, the rise in stringent fire safety regulations and growth of infrastructure modification & renovation activities has resulted in growing demand for flame retardants, which should accelerate the 1,5-cyclooctadiene market growth.
Growing consumer preference for online purchases of groceries and food products on account of the COVID-19 pandemic and rising preference for convenience have resulted in growing demand for polystyrene packaging which should drive the 1,5-cyclooctadiene market sales. U.S. grocery sales through online channels surpassed USD 25 billion in 2019 which indicates healthy growth potential.
Global 1,5-Cyclooctadiene Market Analysis
1,5 cyclooctadiene is widely used as an additive in food-packaging such as paper plates, cutlery, and roasters. Food packaging is a largest segment of the packaging industry and accounting for more than one-third of the global packaging market. The food end-use segment was estimated to be USD 25.97 million in 2019 and is expected to grow at a rate of above 4% CAGR during the stipulated timeframe.
The growing working population is developed as well as developing countries has attributed to the rising demand for packaged foods. For instance, U.S. packaged food market was estimated at USD 735 million, this trend is forecasted to stimulate and reach USD 1.05 trillion which may foster the 1,5-cyclooctadiene market growth. Additionally, the global food industry accounted for a revenue above USD 7500 Billion in 2020.
Catalyst Ligands segment in the 1,5-cyclooctadiene is expected to grow over the forthcoming years, owing to growing research and development industry all around the world. Catalyst ligands garnered market size of USD 59.15 Million in 2019. Strong government support for innovation and R&D led to fuel the growth of research and development industry. Henceforth growth of Research and development industry directly impact the 1,5-cyclooctadiene market demand, as catalyst ligands is highly used in the multiple reaction process to develop new products.
Extreme demand for catalysts for multiple applications includes petroleum refining, chemical synthesis, polymers and petrochemicals, and environmental is driving demand for process optimization, yield improvement, cost-saving, and energy-saving amongst the manufacturers globally. This rising application of catalysts in different uses led to fuel the demand of catalysts over the coming timeframe. Whereas, rising research and developments activities in different industries for new product development accelerate the demand of ligands in the 1,5-cyclooctadiene market.
The Asia Pacific was estimated to be USD 65.77 million in 2019 and is expected to grow at a rate of above 5% CAGR during the stipulated timeframe. 1,5-cyclooctadiene is an ideal raw material for polybutadiene which is used to produce polystyrene, a conventional insulating material used in building structures owing to its indoor environmental quality, durability and efficiency. Growing construction industry in the APAC region especially in emerging economies such as China, Indonesia, India, Malaysia, Thailand, and many other attributes to an increase in the demand of construction chemicals which positively impacts the 1,5-cyclooctadiene market growth during the forecast period.
Additionally, 1,5-cyclooctadiene is widely used in multiple cosmetic products such as hair care, personal care, and many others. The Asia Pacific beauty & personal care business is expected to reach USD 199.14 billion by 2026. Increasing per-capita and disposable incomes in China, India, Thailand, and South Korea along with the demand from household and personal care segments is expected to accelerate the 1,5-cyclooctadiene market revenue in the region.
Global 1,5-Cyclooctadiene Market Share
The key players operating in the global 1,5 cyclooctadiene industry include:
The market has witnessed several collaborations in the form of mergers, acquisitions and joint ventures along with increased spending in R&D for new product development.
In November 2015, Merck KGaA acquired Sigma Aldrich to enhance its product range, capabilities, and geographic reach.
In May 2019, Biosynth and Carbosynth announced their merger as a major step in consolidating their positions as leading suppliers of fine chemical market. The new company will benefit from having highly skilled employees across the globe and allow an even more rapid response time for customer enquiries and technical support.
In June 2015, Oakwood Products, Inc., a manufacturer of chemicals used in the pharmaceutical industry, is expanding its existing operations in Hampton County. The company’s USD 1 million investment is expected to result in 30 new jobs at its Estill, S.C. facility.
Global 1,5-cyclooctadiene market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons, and revenue in USD Million from 2015 to 2026 for the following segments:
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By End-Use:
By Applications:
The above information has been provided for the following countries:
By Region
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