Asia-Pacific 1,5-Cyclooctadiene Market To Prosper in Coming Years

The global 1,5-cyclooctadiene market revenue stood at around $210.0 million in 2020, and the market is predicted to progress rapidly during 2020–2030 (forecast period). This is attributed to the surging adoption of various modern agricultural methods, which are driving the use of agrochemicals such as pesticides and fertilizers. In addition to this, the increasing industrialization and urbanization rates and soaring disposable income of people, especially in the Eastern countries, are also fueling the expansion of the market across the world. 

As 1,5-cyclooctadiene is a major raw material for polystyrene, which is heavily required in the production of food packaging, the burgeoning need for packaged meals, on account of the mushrooming population of working people in both developing and developed countries, is driving its demand. In addition, the growing preference of people for purchasing food products and groceries online is also pushing up the requirement for polystyrene packaging, which is, in turn, propelling the expansion of the market.

Across the globe, the Asia-Pacific (APAC) region contributed the highest revenue to the 1,5-cyclooctadiene market in 2020, as per the observations of P&S Intelligence, a market research company based in India. This trend is also expected to continue in the upcoming years. This is credited to the surging per capita income and the growing demand for personal care and home-use products in regional countries such as South Korea, China, Thailand, and India.

In recent years, the agriculture sector has witnessed the large-scale usage of the hydrocarbon, primarily because of the surging requirement for agrochemicals such as insecticides and fertilizers. Moreover, the ballooning utilization of agrochemicals for augmenting the crop yield and preventing the chances of crop losses is becoming highly essential for sustainable and organic agriculture, thereby driving the demand for 1,5-cyclooctadiene. Additionally, the rising scale of farming operations, especially in developing countries such as China, Brazil, India, South Africa, South Korea, and Indonesia, is expected to propel the need for 1,5-cyclooctadiene in the coming years.

Hence, the market will grow rapidly in the forthcoming years, primarily because of the burgeoning requirement for food packaging and processed food products, expansion of the personal care industry, and the surging usage of agrochemicals such as pesticides, insecticides, and fertilizers in farming processes all over the world.

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Booming Cosmetics Industry Driving Demand for 1,3-Butylene Glycol in Asia-Pacific

With the expansion of the cosmetics industry, the demand for 1,3-butylene glycol is rising sharply across the world. This is because the compound is heavily used as a humectant in cosmetics, due to its ability to be used as viscosity-decreasing component. In addition to this, the compound fixes volatile compounds such as flavors and fragrances in cosmetic formulations, which, in turn, stabilizes them, assists in aroma retention, and prevents the spoilage of cosmetic formulations by microorganisms.

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Furthermore, the compound has a high distribution coefficient, which leads to the higher efficacy of the preservatives mixed in the formulations. This allows the cosmetics producers to reduce the dosage of the applied preservatives. Besides this, the surging geriatric population, the huge investments being made in the cosmetics sector, and the soaring disposable income of people are also positively impacting the demand for 1,3-butylene glycol by pushing up the demand for beauty and personal care products across the world. 

Another major factor fueling the demand for the compound is its mushrooming requirement in the pharmaceutical sector. Due to these factors, the global 1,3-butylene glycol market is booming. As a result, its size is predicted to rise from $139,994.9 thousand in 2019 to $227,057.5 thousand by 2030. Furthermore, the market is expected to progress at a CAGR of 5.0% between 2020 and 2030. Cosmetics and personal care products and food products are the major application areas of 1,3-butylene glycol.

Globally, the 1,3-butylene glycol market will exhibit the fastest growth in the Asia-Pacific region in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This is attributed to the ballooning sales of beauty care products in the emerging economies such as India and China, due to the surging disposable income of the people residing in these countries. Moreover, many beauty care product manufacturers are rapidly expanding their production capacities for meeting the soaring requirements. 

Therefore, it is clear that the demand for 1,3-butylene glycol will surge in the upcoming years, mainly because of its growing usage in the pharmaceutical industry and cosmetics and personal care products and the expansion of these industries across the world.

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1,3-Butylene Glycol Market to Provide Investment Opportunities of $178.5 Billion by 2024

The 1,3-butylene market growth in APAC is expected to be the most significant across the world during 2018–2024. This would be because of the growing demand for the chemical in the developing countries of the region. Though the healthcare expenditure here is quite low compared to Europe and North America, the large population bodes well for the healthcare and pharmaceutical industries. Additionally, China, South Korea, and Japan are among the largest markets for cosmetics across the world, which has a direct positive impact on the demand for 1,3-BG.

The population continues to grow rapidly across world, primarily in developing countries, such as India and China. More people mean more mouths to feed, which continues to drive the food and beverages sector. The rising population also translates into more individuals who need medical treatment, due to the rising prevalence of several diseases. Along with the number of people, their disposable income is also growing, which is giving them a higher spending power. They are now able to afford products and services, which earlier were a luxury, such as cosmetics. Now, there are certain raw materials that go into food, pharmaceutical, and cosmetic products, such as 1,3-butylene glycol or 1,3-BG.

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Owing to the growth of the above-mentioned end-use industries, the 1,3-butylene glycol market reached $127.8 million in 2017, and it is expected to further grow to $178.5 million by 2024. An organic compound, specifically an alcohol, 1,3-BG is produced using a combination of the aldol condensation and catalytic hydrogenation methods. The first method is used to convert acetaldehyde to acetaldol, whereas in the second process, the acetaldol is reacted with hydrogen in the presence of a catalyst. Pharmaceutical and industrial are the two grades, in which 1,3-BG is available. During 2013–2017, the pharmaceutical-grade product was more widely sold.

It is used as an intermediate during the production of personal care, cosmetic, food, and pharmaceutical products, owing to its better anti-bacterial action than similar compounds, including propylene glycol, glycerol, and sorbitol. In cosmetics and drugs, the compound is used for retaining moisture, preventing crystallization, and imparting fragrance. Additionally, it also helps maintain the end products’ viscosity and skin condition ability. Depending on its actual purpose, the amount of 1,3-BG used in cosmetics varies, with a higher amount required for inhibiting the growth of fungi than bacteria.

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Earlier concentrated in Europe and North America, the pharmaceutical industry is expanding in Asia-Pacific (APAC), primarily owing to the improvements in the healthcare infrastructure and boom in the population in India and China. Additionally, with the rising disposable income across the world, the sale of cosmetic, skincare, and haircare products is also increasing. During their production, 1,3-BG lowers the requirement for preservatives with its excellent distribution coefficient, which maximizes the effectiveness of the preservatives used.

The leading manufacturers of cosmetics, such as Avon Products Inc., L’Oreal Group, Oriflame Cosmetics, and The Estée Lauder Companies Inc., are developing enhanced products, thereby driving the demand for the compound. These companies are prospering owing to the rising awareness about skin and haircare, which is driving cosmetics’ sales. Additionally, people are also becoming aware about the ingredients used in hair products, bath products, personal cleanliness products, facial makeup, skincare products, and shaving products, and how those ingredients are being manufactured. Therefore, companies that manufacture 1,3-BG via environment-friendly methods stand to benefit from this heightened awareness.

Hence, with the further increase in population and disposable income, the demand for food, beverages, drugs, and cosmetics would also grow, which would lead to a rise in 1,3-BG consumption.

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