How Is Rising Packaged Food Demand Driving 1,5-Cyclooctadiene Consumption?

According to the World Bank, the strength of the global workforce stood at 3.386 billion in 2020. This populace is creating an extensive demand for processed food products that are packaged in polystyrene, which is manufactured by using 1,5-cyclooctadiene. Thus, the burgeoning demand for processed food is expected to create a huge requirement for 1,5-cyclooctadiene. Additionally, the surging preference for online shopping of groceries and packaged meals will also boost the consumption of 1,5-cyclooctadiene in the upcoming years.

Moreover, the escalating use of agrochemicals, to increase the yield and prevent crop losses, will help the 1,5-cyclooctadiene market grow during the forecast period (2020–2030). According to P&S Intelligence, the market generated around $210.0 million in 2020. The chemical compound is primarily used in the production of fertilizers and insecticides that are being used to establish an organic sustainable agricultural ecosystem. Furthermore, the increasing requirement for food crops, owing to the soaring population, also contributes to the market growth worldwide.

The application segment of the 1,5-cyclooctadiene market is classified into solvents, elastomers, catalyst ligands, chemical intermediates, specialty chemicals, and others, such as plastics, protective coatings, paint and dyes, and adhesives and sealants. Among these, the catalyst ligands category generated the highest revenue in 2020, and it is expected to continue witnessing this trend throughout the forecast period. This can be owed to the increasing consumption of 1,5-cyclooctadiene in the production of polymers, dichloro(1,5‐cyclooctadiene) palladium, Co(1,5-cyclooctadiene) (cyclooctenyl), cyclooctadiene iridium chloride dimer, and an array of petrochemicals, which can be widely used as catalyst ligands.

Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the 1,5-cyclooctadiene market during the historical period (2015–2020), and it is projected to retain its dominance during the forecast years as well. The leading position of APAC can be attributed to the surging per capita income and the escalating demand for personal and home care products in India, China, South Korea, and Thailand. For instance, the World Bank estimated that the per capita income of Thailand surged from $7,296.9 in 2018 to $7,817.0 in 2019. 

Thus, the rising consumption of packaged food and the escalating use of agrochemicals will create an enormous requirement for 1,5-cyclooctadiene in the upcoming years.