1,5-Cyclooctadiene Market Growth and Demand Forecast to 2030

The global 1,5-cyclooctadiene market revenue stood at around $210.0 million in 2020, and the market is predicted to progress rapidly during 2020–2030 (forecast period). This is attributed to the surging adoption of various modern agricultural methods, which are driving the use of agrochemicals such as pesticides and fertilizers. In addition to this, the increasing industrialization and urbanization rates and soaring disposable income of people, especially in the Eastern countries, are also fueling the expansion of the market across the world.

As 1,5-cyclooctadiene is a major raw material for polystyrene, which is heavily required in the production of food packaging, the burgeoning need for packaged meals, on account of the mushrooming population of working people in both developing and developed countries, is driving its demand. In addition, the growing preference of people for purchasing food products and groceries online is also pushing up the requirement for polystyrene packaging, which is, in turn, propelling the expansion of the market.

Besides the aforementioned factors, the expansion of the personal care industry and the soaring demand for processed food items are also fueling the sales of 1,5-cyclooctadiene across the world. Based on application, the 1,5-cyclooctadiene market is classified into specialty chemicals, catalyst ligands, elastomers, solvents, and chemical intermediates. Out of these, the catalyst ligands category dominated the market, both in terms of value and volume, in 2020. This is ascribed to the soaring use of catalyst ligands for producing chemicals such as dichloro (1,5-cyclooctadiene) palladium.

When end-use is taken into consideration, the 1,5-cyclooctadiene market is divided into cosmetic, agrochemical, rubber, food, and construction categories. Amongst these, the food category contributed huge revenue to the market in 2020. This was mainly because of the fact that 1,5-cyclooctadiene is extensively used as an additive in the food packaging industry. Additionally, the hydrocarbon is heavily used as an additive in various other applications such as plastic wrapping sheets, cups, and packaging boxes.

Across the globe, the Asia-Pacific region contributed the highest revenue to the 1,5-cyclooctadiene market in 2020, as per the observations of P&S Intelligence, a market research company based in India. This trend is also expected to continue in the upcoming years. This is credited to the surging per capita income and the growing demand for personal care and home-use products in regional countries such as South Korea, China, Thailand, and India.

In recent years, the agriculture sector has witnessed the large-scale usage of the hydrocarbon, primarily because of the surging requirement for agrochemicals such as insecticides and fertilizers. Moreover, the ballooning utilization of agrochemicals for augmenting the crop yield and preventing the chances of crop losses is becoming highly essential for sustainable and organic agriculture, thereby driving the demand for 1,5-cyclooctadiene. Additionally, the rising scale of farming operations, especially in developing countries such as China, Brazil, India, South Africa, South Korea, and Indonesia, is expected to propel the need for 1,5-cyclooctadiene in the coming years.

Hence, the market will grow rapidly in the forthcoming years, primarily because of the burgeoning requirement for food packaging and processed food products, expansion of the personal care industry, and the surging usage of agrochemicals such as pesticides, insecticides, and fertilizers in farming processes all over the world.