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Rising production of plastic products to foster 1,5-cyclooctadiene market demand | Sigma Aldrich, TCI Chemicals, Spex Certiprep, Biosynth Carbosynth, ABCR Gmbh, Hairui Chemical, Oakwood Chemical
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The substance is considered a useful precursor to various other organic compounds and utilized as a ligand in organometallic chemistry. It is also used as an intermediate in the plastic sector to produce a range of products.
Forecasts suggest that global 1,5-cyclooctadiene market size could exceed US$300 million by 2026. The major use of plastics is in the food packaging material. Polybutadiene, which is derived from 1,5-cyclooctadiene is utilized in the production of high-impact polystyrene for food packaging. Polystyrene is also utilized in various food serving cutleries, paper plates, and in small appliances such as roasters.
The Growing demand for packaged food products across the globe, owing to increased disposable income, convenience, and time constraints is likely to foster 1,5-cyclooctadiene industry share from food packaging applications.
The recent demand for packaged food products in developing countries can be attributed to the hygiene concerns on consuming unpacked items during the present crisis of the COVID-19 pandemic. For instance, the sale of packaged food products in India rose by up to 50% during 2020 due to rising consumer safety concerns.
1,5-cyclooctadiene market share from applications in cosmetic, chemical, and metal manufacturing industries is anticipated to rise substantially by 2026. 1,5-Cyclooctadiene is considered a commonly used laboratory chemical, owing to its utilization as solvents, intermediates, accelerators, oxidation agents, activators, and reducing agents in the production of many chemicals.
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Chemical sector applications of 1,5-cyclooctadiene market
The catalyst ligands segment is likely to bring lucrative growth opportunities in the 1,5-cyclooctadiene market, due to growing utilization in organometallic chemistry. Increasing adoption of catalyst ligands in various research and development activities and in the fields of environmental chemistry, homogeneous catalysis, and bioinorganic & medicinal chemistry is predicted to escalate the compound use.
Unchecked consumption of 1,5-cyclooctadiene has certain harmful effects on human health and the environment, which could impact the overall industry expansion. It can cause oral toxicity and severely damage human airways if inhaled or swallowed directly. It is also considered dangerous for the aquatic environment. There are several regulatory guidelines, labeling, and classifications for its safe utilization across industries.
Asia Pacific 1,5-cyclooctadiene market is expected to grow considerably in the coming years owing to the presence of established manufacturing and cosmetic industries in countries like India, China, and others. Owing to the rapid urbanization and industrialization, there is substantial demand for packaged food products, personal grooming products, and others in the region.
With the emergence of online shopping platforms, the growing demand for packaging solutions from the e-commerce industry is likely to further complement the demand for 1,5-cyclooctadiene.
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