Global 1,5-Cyclooctadiene Market size worth over USD 300 million by 2026
Published Date: January 6, 2021 Authors: Kunal Ahuja, Harneet Mehar
According to a new research report by Global Market Insights, Inc., the Global 1,5-Cyclooctadiene market size is set to surpass USD 300 million by 2026. Increasing urbanization and industrialization across the globe attributing to rising construction activities is expected to drive the market during the forecast period.
Other factors such as rising cosmetics industry in developing countries owing to increase in disposable income; growing food industry due to rise in working population; and increasing demand for chemicals are expected to positively impact the global 1,5-cyclooctadiene market during the forecast period.
Rubber end-use based 1,5-cyclooctadiene market to witness moderate to high growth:
The rubbers end use segment was estimated to be worth USD 88.03 million in 2019 and is expected to grow at a rate of over 5% CAGR during the stipulated timeframe. The wide application of rubbers in multiple industries such as agricultural, aerospace, automobile, chemical, construction, medical, mining, petroleum, power generation, printing & paper industry, and textile industry is a key factor attributing to the 1,5-cyclooctadiene market growth.
Rubber is extensively used in these industries owing to its beneficial properties such as high resilience, and resistance to heat, chemical, oil and abrasion. Wherein, 1,5-cyclooctadiene is highly used as effective chain transfer agents (CTA), regulators or modifiers in the production of rubbers and control the molecular weight of the cis-polymer. Additionally, the ongoing global COVID-19 pandemic has attributed to the significant rise in demand for medical products and equipment made of rubber. This is a major factor driving the market growth of 1,5-cyclooctadiene from rubber industry.
Browse key industry insights spread across 247 pages with 305 market data tables and 28 figures & charts from the report, “Global 1,5 Cyclooctadiene Market By End Use (Agrochemical, Cosmetics, Food, Rubber, Construction), By Applications (Specialty Chemicals, Solvents, Catalyst Ligands, Elastomers, Chemical Ligands) Industry Analysis Report, Country Outlook Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growing demand for specialty chemicals in various industries is expected to drive 1,5-cyclooctadiene market
Rapid industrialization and urbanization especially in developing economies has raised the demand for specialty chemicals. The specialty chemicals application segment was estimated at USD 75.35 million in 2019 and it is expected to grow at a rate of over 5% CAGR during the stipulated timeframe. Growing demand of specialty chemical in different industries such as chemicals, paints & coatings, rubber, automotive, construction chemicals and many others is driving the 1,5-cyclooctadiene market across the globe during the forecast period.
For instance, “Belt Road Initiative” implemented by the Chinese government owing to connect China and Europe should boost regional construction sector, thus driving 1,5-Cyclooctadiene demand from specialty chemicals application.
Robust chemical industry and rising working population expected to drive the 1,5 cyclooctadiene market in North America:
The 1,5-cyclooctadiene market in North America was estimated to be USD 70.60 million in 2019 and is expected to grow at a rate of above 6% during the stipulated timeframe. Increasing working population, changing lifestyles due to urbanization has resulted in the rising demand for packaged foods in North America. 1,5 cyclooctadiene is widely used in packaging materials which is further driving the market in the region during the forecast period. Additionally, the solid chemical industry establishment and presence of large number of chemical manufacturers in U.S. is also positively impacting the 1,5 cyclooctadiene market in North America.
For instance, in 2018, U.S. chemical manufacturers exported worth USD 46 billion (which is almost one-third of all U.S. chemicals) of chemicals to Canada and Mexico. Around 44% of U.S. chemicals exports to Canada and Mexico are to related parties.
Major players involved in the 1,5-cyclooctadiene industry are adopting expansion strategies such as mergers, acquisitions, and joint ventures along with extensive R&D in order to sustain in the market. The key players include Sigma Aldrich, TCI Chemicals, Spex Certiprep, Biosynth Carbosynth, ABCR Gmbh, Hairui Chemical, Oakwood Chemical, AK Scientific, AA Blocks, BroadPharm, and Evonik Industries AG.