The growing demand for processed and packaged food, expanding usage of personal care products, and growing adoption of different farming techniques that involve the usage of agrochemicals, such as fertilizers and pesticides, are the major factors responsible for the rising demand for 1,5-cyclooctadiene. In addition, the growing level of urbanization and industrialization, and rising disposable income in Eastern countries are boosting the growth of the global 1,5-cyclooctadiene market. Due to the aforementioned factors, the industry is projected to witness significant growth during the forecast period (2020–2030).
The manufacturing sector has witnessed massive disruptions as a result of the COVID-19 epidemic. Due to the strict lockdowns and the shutting of international borders, the production and transportation of plastics, synthetic lubricants, nylon, rubber, concrete chemicals, and cosmetics, which use 1,5 cyclooctadiene as a chemical precursor, stopped. As a result, there was a detrimental influence of the pandemic on the market for 1,5-cyclooctadiene.
The 1,5-cyclooctadiene market is categorized into catalyst ligands, specialty chemicals, solvents, elastomers, chemical intermediates, and others, on the basis of application. Among these, the catalyst ligands category held a largest market shares, both in terms of volume and value, in 2020. This is attributed to the rising usage of catalyst ligands in the production of chemicals such as dichloro (1,5‐cyclooctadiene) palladium.
The 1,5-cyclooctadiene market is categorized into agrochemical, cosmetic, food, rubber, construction, and others, on the basis of end-use. Among these, the food sector held a significant market share, both in terms of volume and value, in 2020. This was primarily due to the fact that 1,5-cyclooctadiene is widely utilized as an additive in the food-packaging industry.
Geographically, the Asia-Pacific (APAC) region held the largest share in the market for 1,5-cyclooctadiene in 2020, and it is expected to maintain its position in the coming years. It is attributed to the rising per capita income and demand for home and personal care products.
Players in the 1,5-cyclooctadiene industry are involved in mergers and acquisitions to attain a significant position. For instance, in January 2020, the boards of Sirius Minerals Plc, Anglo American plc, and Anglo-American Projects UK Limited (Bidco) announced that they had reached an agreement for the acquisition of Sirius by Bidco. With the help of this acquisition, the company started the Woodsmith Project to be a Tier-1 supplier of high-quality, low-carbon fertilizers, to help meet the food demands of the fast-growing global population.
Some of the key players operating in the global 1,5-cyclooctadiene market are Merck KGaA, Tokyo Chemical Industry Co. Ltd., Spex Certiprep, Biosynth Carbosynth, abcr GmbH, and Evonik Industries AG.