1,5-Cyclooctadiene Market Generated ~ $210 Million Revenue in 2020, APAC is the Largest Market Says P&S Intelligence

NEW YORK, Aug. 17, 2021 /PRNewswire/ -- The soaring requirement for packaged and processed foods, mushrooming usage of personal care products, and increasing adoption of various farming methods that involve the use of agrochemicals such as pesticides and fertilizers, are the major factors fueling the demand for 1,5-cyclooctadiene. Additionally, the increasing industrialization and urbanization rates and the surging disposable income of people in Eastern countries are propelling the expansion of the global 1,5-cyclooctadiene market. Because of these factors, the market generated ~$210 million revenue in 2020 and is expected to boom during 2021–2030.

The COVID-19 pandemic has caused severe disruptions in the manufacturing sector. Because of the imposition of strict lockdowns and the closing of international borders, the transportation and production of synthetic lubricants, rubber, nylon, cosmetics, concrete chemicals, and plastics that use 1,5 cyclooctadiene as a chemical precursor came to a halt. This subsequently hampered the progress of the market.

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The 1,5-cyclooctadiene market is classified into specialty chemicals, catalyst ligands, elastomers, solvents, and chemical intermediates, based on application. Out of these, the catalyst ligands category dominated the market, both in terms of value and volume, in 2020. This is ascribed to the extensive usage of catalyst ligands for producing chemicals such as dichloro (1,5–cyclooctadiene) palladium.

Depending on end-use, the 1,5-cyclooctadiene market is divided into cosmetic, agrochemical, food, construction, and rubber categories. Out of these, the food category dominated the market, both in terms of value and volume, in 2020. This was mainly because of the fact that 1,5-cyclooctadiene was heavily used as an additive in the food packaging industry.

Browse in-depth report on 1,5-Cyclooctadiene Market Research Report: By Application (Catalyst Ligands, Specialty Chemicals, Solvents, Elastomers, Chemical Intermediates), End Use (Agrochemical, Cosmetics, Food, Rubber, Construction) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/1-5-cyclooctadiene-market

Across the globe, the Asia-Pacific (APAC) region dominated the market in 2020, and this trend is predicted to continue in the forthcoming years. This will be because of the increasing per capita income of people and the surging demand for personal care and home products.

The players operating in the 1,5-cyclooctadiene market are focusing on acquisitions and mergers for gaining a significant edge. For example, the boards of Anglo American plc, Anglo-American Projects UK Limited (Bidco), and Sirius Minerals Plc announced in January 2020 that they had agreed to initiate the acquisition of Sirius by Bidco. This acquisition helped the company launch the Woodsmith Project which made it the Tier-1 supplier of low-carbon and high-quality fertilizers, which is assisting it in meeting the food demands of the rapidly surging population.

Merck KGaA, Spex Certiprep, Evonik Industries AG, Tokyo Chemical Industry Co. Ltd., abcr GmbH, and Biosynth Carbosynth are some of the major players in the global 1,5-cyclooctadiene market.

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Specialty Chemicals Market - Geographically, the Asia-Pacific specialty chemicals market is expected to hold the largest share during the forecast period. This can be attributed to the soaring demand for these chemicals in the electrical & electronics, pharmaceutical, automotive, agriculture, and personal care & cosmetics industries of India and China.

Construction Chemicals Market - APAC will register the fastest growth in the construction chemicals market due to the mounting need for these chemicals in the emerging economies of China and India. China is regarded as the construction capital of the world.

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