Global 1,5-Cyclooctadiene Market Analysis

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.