The global 1,5 cyclooctadiene market share is slated to proliferate at an appreciable rate over 2020-2026, driven by the rapid expansion of the cosmetics industry, coupled with the strong consumer awareness about personal grooming worldwide.
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Developing countries have been witnessing a considerable increase in agricultural activities, thereby surging the usage of agrochemicals like fertilizers and pesticides. The demand for 1,5-cyclooctadiene products will be stimulated by the rising disposable income and product usage as a catalyst in research activities. In several studies, the reduction of Fe (iron) complex by using potassium graphite in the presence of high 1,5-COD proved to be more efficient than with potassium metal or lithium.
In the wake of the COVID-19 pandemic, the biotech and pharmaceutical sectors have been indulging in various R&D activities by using 1,5 cyclooctadiene. These escalating 1,5 cyclooctadiene uses, alongside the ‘Made in India’, ‘Made in China 2025’, and other government initiatives to support the manufacturing sector, will amplify industry outlook in years to come.
As per Global Market Insights, Inc. estimates, the global 1,5 cyclooctadiene market size is expected to cross $300 million by 2026.
Massive influx of migrants in Western European and Nordic countries
The construction segment in Europe is likely to record $2,778.3 billion in revenue by 2023, on account of the massive influx of migrants in Germany, the Netherlands, and other Western European countries as well as in Nordic countries like Finland, Denmark, Sweden and Norway, contributing to the construction sector and subsequent growth of the 1,5 cyclooctadiene market.
On the other hand, the rubber end-use segment will gain significant traction over the forecast spell, owing to the rising rubber applications in industries like textile, printing and paper, power generation, petroleum, mining, medical, construction, chemical, automobile, aerospace, and agriculture. 1,5-cyclooctadiene has also been employed as a chain transfer agent for controlling the M.W. (molecular weight) of cis-polybutadiene rubber in 1,3-butadiene polymerization reaction catalyzed by cobalt.
Mounting usage of specialty chemicals in automotive & other industries
With regards to the application spectrum, the global 1,5 cyclooctadiene market from the specialty chemicals segment is projected to witness a remarkable upsurge in years to come, which is attributable to factors such as the robust adoption of specialty chemicals in automotive, rubber, paints and coatings, construction, and other industries.
The chemical intermediate application segment registered remuneration of $42.84 million in 2019 and will expand at a growth rate of more than 5% through 2026. The segmental expansion can be credited to the accelerating usage of 1,5-COD as a chemical intermediate in manufacturing nylon for consumer and industrial machinery, wire and cable, film and coating, appliances, electrical and electronics, and automotive applications.
On the other hand, the elastomers application segment recorded $29.18 million in revenue in 2019 and is anticipated to exhibit a growth rate of more than 5.5% through 2026, as a result of the mounting adoption of 1,5 cyclooctadiene in the synthesis of elastomers, along with its robust demand in the automotive sector due to myriad benefits like flexibility and productivity.
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Rapid investments in social & economic infrastructures in Europe
On the regional front, the Europe 1,5 cyclooctadiene market registered remuneration of $81.64 million in 2019 and will depict a CAGR of more than 4% through 2026, which can be credited to the increasing construction activities and high investments in social and economic infrastructures.
The North America 1,5 cyclooctadiene market will hold a considerable share over the estimated timeline, owing to the established chemical industry, the presence of numerous key players, and the robust demand for packaged foods.
The competitive landscape of the 1,5 cyclooctadiene industry comprises of companies such as Evonik Industries AG, BroadPharm, AA Blocks, AK Scientific, Oakwood Chemical, Hairui Chemical, ABCR Gmbh, Biosynth Carbosynth, Spex Certiprep, TCI Chemicals, and Sigma Aldrich, among others. These firms are implementing strategies such as innovative product launches, M&A, and business expansions to increase their footprint across the globe.
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