Global 1,5-Cyclooctadiene Market Size

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.