1,5 Cyclooctadiene Market Projected to Exceed $300 Million by 2026, Says Global Market Insights Inc.

SELBYVILLE, Del., January 14, 2021 (Newswire.com) - Based on Global Market Insights Inc., report, the global 1,5 Cyclooctadiene Market size was estimated at $200 million in 2019 and is slated to surpass $300 million by 2026, registering a CAGR of over 5% from 2020 to 2026. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.

According to market analysis, 1,5 cyclooctadiene is used as a catalyst in various research activities. The growing pharmaceutical and biotech sector owing to the ongoing COVID-19 pandemic has attributed to the surge in demand of 1,5 cyclooctadiene for various research purposes.

The 1,5 cyclooctadiene market for chemical intermediate applications is expected to witness the second-highest growth rate within the segment during the forecast period. 1,5 cyclooctadiene is used as a chemical intermediate in the manufacture of nylon which has various applications in automotive, electrical & electronics, appliances, film & coating, wire & cable, consumer and industrial machinery. This is a major factor attributing to the market growth of 1,5 cyclooctadiene in the chemical intermediates application segment.

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The1,5 cyclooctadiene chemical intermediate market size was estimated to be USD 42.84 million in 2019 and is expected to grow at a rate of above 5% during the stipulated timeframe. Additionally, government initiatives like "Make in India" and "Made in China 2025" in developing countries in order to boost the manufacturing sector is also expected to positively impact the 1,5 cyclooctadiene market share.

The elastomers applications are expected to witness the highest growth rate within the segment during the forecast period. The market size was estimated to be USD 29.18 million in 2019 and is expected to grow at a rate of above 5.5% during the stipulated timeframe. The growing demand for elastomers in multiple industries owing to their various beneficial properties is a major driving factor for 1,5 cyclooctadiene market.

Europe market was estimated to be USD 81.64 million in 2019 and is expected to grow at a rate of above 4% CAGR during the stipulated timeframe. The rising construction activities along with growing investments in economic and social infrastructure is a major factor driving the 1,5 cyclooctadiene market in the European region. 1,5-cyclooctadiene is predominantly used as a chemical intermediate for the manufacture of construction chemicals such as asphalt modifiers, adhesives & sealants, and protective coatings. The 1,5 cyclooctadiene.

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The construction end-use industry in Europe is expected to reach USD 2,778.3 billion by 2023. The massive influx of migrants arriving in Western European countries including Germany and the Netherlands and to Nordic countries including Denmark, Finland, Norway, and Sweden is a major factor attributing to the growing construction industry in the region. additionally, government initiatives to boost regional infrastructure is also attributing to the market demand of 1,5 cyclooctadiene in the region.

North America is expected to witness the highest growth rate during the forecast period. An established chemical industry with numerous key players; and rising demand for packaged food owing to the growing working population are the major factors driving the 1,5 cyclooctadiene market in the region.

Key manufacturers in the 1,5 cyclooctadiene industry include Sigma Aldrich, TCI Chemicals, Spex Certiprep, Biosynth Carbosynth, ABCR Gmbh, Hairui Chemical, Oakwood Chemical, AK Scientific, AA Blocks, BroadPharm, and Evonik Industries AG.

Read the latest blog on "Increasing use of agrochemicals to foster the demand for 1,5-cyclooctadiene": https://www.business-newsupdate.com/1-5-cyclooctadiene-industry

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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Source: Global Market Insights Inc.