The Department of Agriculture, Water and the Environment, Australian Government, forecasts that the area planted for summer crop cultivation will reach around 1.4 million hectares during 2021–22. It further predicts that the country will produce around 58.4 million tons of winter crops in 2021–2022. Likewise, the U.S. Department of Agriculture (USDA) states that the U.S. produced corn, wheat, upland cotton, and soybeans on nearly 219 million–242 million acres of land in the last decade.
The surging agricultural productivity will create a massive requirement for agrochemicals, such as pesticides and fertilizers, owing to which the 1,5-cyclooctadiene market will witness considerable growth during 2020–2030. According to P&S Intelligence, the market generated a revenue of $210.0 million in 2020. Moreover, the burgeoning demand for personal care products, owing to the soaring public awareness about physical appearance and personal hygiene and escalating disposable income of people, will also drive the demand for 1,5-cyclooctadiene.
1,5-cyclooctadiene is used in the production of solvents, specialty chemicals, plastics, protective coatings, paints and dyes, elastomers, catalyst ligands, chemical intermediates, and adhesives and sealants. At present, producers of catalyst ligands consume the highest volume of 1,5-cyclooctadiene due to the high-volume consumption of catalyst ligands in the production of polymers, petrochemicals, cyclooctadiene iridium chloride dimer, co(1,5-cyclooctadiene) (cyclooctenyl), and dichloro(1,5‐cyclooctadiene) palladium. The surging use of the aforementioned products, on account of rapid urbanization, will facilitate the production of 1,5-cyclooctadiene globally.
The end use segment of the 1,5-cyclooctadiene market is classified into rubber, cosmetics, construction, food, agrochemical, and others, such as solar energy, microelectronics, and nanotechnology. Under this segment, the food category accounted for the largest market share in the historical years (2015–2020), and it is expected to retain its dominance in the forecast years (2021–2030) as well. This can be owed to the increasing use of 1,5-cyclooctadiene as an additive in the production of cups, packaging boxes, and plastic wrapping sheets.
In contemporary times, 1,5-cyclooctadiene producers, such as Spex Certiprep, Carbosynth Ltd., Merck KGaA, Biosynth International Inc., Evonik Industries AG, abcr GmbH, and Tokyo Chemical Industry Co. Ltd., have engaged in mergers and acquisitions to meet the needs of end users. For instance, in May 2019, Carbosynth Holdings Limited merged with Biosynth International Inc. to benefit from the combined pool of skilled employees, who provide a more rapid response to customer inquiries and offer better technical support.
Globally, the APAC 1,5-cyclooctadiene market generated the highest revenue during the historical period (2015–2020), and it is projected to maintain the lead throughout the forecast period. The dominance of the region can be credited to the booming demand for home and personal care products and soaring per capita income in South Korea, India, Thailand, and China. The Organization for Economic Co-operation and Development (OECD) states that the per capita net national income of South Korea was $36,335.6 in 2020.
Thus, the increased agricultural productivity and high-volume consumption of personal care products will result in the large-scale consumption of 1,5-cyclooctadiene globally.