The market for phase transfer catalyst is expected to grow at a CAGR of more than 5% globally during the forecast period. Phase transfer catalyst is a catalyst that enables the movement of the reactant from one phase to another step where the reaction occurs. The increasing application of phase transfer catalyst in the pharmaceutical sector has been driving the market growth.
– However, the outbreak of coronavirus across the globe is likely to hinder the growth of the studied market.
– The growing application of phase transfer catalyst in the field of manufacturing of the fine chemicals and organic intermediates are likely to provide opportunities for the phase transfer catalyst market over the next five years.
– Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
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Key Market Trends
Pharmaceutical to Dominate the Market
– Pharmaceutical stand to be the dominating segment owing to ensure stringent regulations mandating the use of phase transfer catalyst as the adoption of green chemistry in organic synthesis.
– In the pharmaceutical industry, the phase transfer catalyst is used for medicines which are typically complex multifunctional molecules that are formed by a series of chemical reactions. Increased growth in the pharmaceutical industry is expected to drive the market growth.
– In addition, imposing stringent regulations on the use of harmful compounds in the pharmaceutical industry in the western regions also leads to increased consumption of phase transfer catalysts in the pharmaceutical industry, as they eliminate the need to use organic solvents and dangerous, inconvenient and expensive reactants.
– Further, the outbreak of COVID-19 pandemic disease has become a huge growth catalyst for the pharmaceutical industry.
– Phase transfer catalyst is witnessing a strong rise in consumption in several industrial reactions as it improves productivity and yield of a chemical reaction. This anticipates propelling market growth in the forecast period.
– All the aforementioned factors are expected to drive the phase transfer catalyst market during the forecast period.
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