Global Phase Transfer Catalyst Market to Surpass $1 Billion by 2024
Rising demand and adoption of green chemistry in organic synthesis to boost global phase transfer catalyst market through 2024
According to TechSci Research report, “Global Phase Transfer Catalyst Market By Type, By End-User, By Region, Competition, Forecast & Opportunities, 2024’’, global phase transfer catalyst market is projected to reach $ 1,234 million by 2024, owing to growing demand and adoption of green chemistry in organic synthesis. However, availability of low-cost industrial catalysts is expected to hinder growth of global phase transfer catalyst market during the forecast period.
Global market for phase transfer catalyst has been segmented into type, end-user and region. Based on type, the market has been segmented into phosphonium salts, ammonium salts and others. Among these, ammonium salts segment is anticipated to grow at the highest CAGR during the forecast period.Ammonium salts such as tetra butyl ammonium bromide, tetrabutylammonium fluoride trihydrate, tetrabutylammonium hydrogen sulfate and tetra butyl ammonium chloride are the most extensively used phase transfer catalysts. These are easily available and cost-effective, as compared to other onium salts. Additionally, ammonium salts register high demand from developing countries in Asia-Pacific and Middle East & Africa, owing to their low cost.
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Further, based on end-user, the market has bene segmented into agrochemicals, pharmaceuticals and others. Among these, the pharmaceutical segment is anticipated to lead the market during the forecast period. There is a high demand for green chemistry compounds in applications, like active pharmaceutical ingredients, formulation of drugs or derivative compounds and drug synthesis in the pharmaceutical industry. Moreover, demand is also increasing for catalysts possessing properties, such as high reaction velocity between two immiscible phases and solvent waste reduction, in drug formulations. North America dominated global phase transfer catalyst market in 2018 and is expected to continue its market dominance during the forecast period. The region is a developed market for phase transfer catalysts due to high capabilities for investments in R&D as well as facilities for the adoption of phase transfer catalysis. Additionally, the US is among the largest consumers and producers of both agricultural and pharmaceutical products, and phase transfer catalyst products are used for chemical synthesis and formulations.
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“Asia-Pacific phase transfer catalyst market is anticipated to grow at the highest CAGR during the forecast period, backed by increasing demand from countries such as Japan, China, Australia, South Korea and India. Ongoing industrialization and flourishing end-use industries such as pharmaceuticals and agrochemicals in emerging economies such as China and India are expected to offer lucrative growth opportunities to phase transfer catalyst market players in the Asia-Pacific region over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Phase Transfer Catalyst Market By Type, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global phase transfer catalyst market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment decisions. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global phase transfer catalyst market.
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