The global phase transfer catalyst market is estimated to be USD 960 million in 2018 and is projected to reach USD 1,232 million by 2023, at a CAGR of 5.1%. This growth is mainly attributed to the high demand from the pharmaceutical and agrochemical end-use industries for green chemistry compounds for chemical synthesis.
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A phase transfer catalyst is a heterogeneous positive catalyst that facilitates reaction between 2 substances located in different immiscible phases. It accelerates the rate of reaction and helps in solubilizing salts into organic phases. The phase transfer catalyst is used for the chemical synthesis of organics, such as pharmaceuticals, dyes, and chemicals, among others. It is majorly used to migrate ionic reactants as these are insoluble in organic phases. The phase transfer catalyst market size is estimated to grow from USD 960 million in 2018 to USD 1,232 million by 2023, at a CAGR of 5.1%. The major factors driving the phase transfer catalyst market include rising demand and adoption of green chemistry in organic synthesis. However, technological advancements in chemical synthesis for the reduction of catalyst consumption is a major challenge for the phase transfer catalyst market.
The phase transfer catalyst market has been segmented on the basis of type into ammonium salts, phosphonium salts, and others that include crown ethers and cryptands. Among these, the ammonium salts segment is expected to register the highest growth during the forecast period. There is a high demand for tetra butyl ammonium bromide, tetrabutylammonium hydrogen sulfate, tetrabutylammonium fluoride trihydrate, and tetrabutylammonium chloride, among others, which are easily available and inexpensive in comparison to other phase transfer catalysts. In addition, growing demand for inexpensive phase transfer catalysts from emerging regions, such as Asia Pacific and Middle East & Africa is expected to drive the growth of the ammonium salts segment in the phase transfer catalyst market during the forecast period.
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Based on end-use industry, pharmaceutical is expected to be the fastest-growing end-use industry in the phase transfer catalyst market during the forecast period. The pharmaceutical industry is the chief consumer of phase transfer catalysts, owing to the high demand for sustainable chemicals in applications, such as the formulation of drugs or derivative compounds, synthesis of drugs, and active pharmaceutical ingredients, among others. The pharmaceutical end-use industry is expected to witness rapid growth in the Asia Pacific, North America, and European regions owing to increasing populations and lifestyle diseases. All these factors are leading to the growth of the pharmaceutical end-use industry in the phase transfer catalyst market during the forecast period.
The Asia Pacific phase transfer catalyst market is expected to grow at the fastest rate during the forecast period due to the high demand for inexpensive heterogeneous catalysts to increase the velocity of reactions for applications in the pharmaceutical and agrochemical end-use industries. The phase transfer catalyst market in the Asia Pacific is driven by demand from countries, such as China, Japan, India, Australia, and South Korea owing to rapid economic development and growth in industrialization.
Companies manufacturing phase transfer catalysts majorly focus on the production of ammonium salts majorly for pharmaceutical, agricultural, and chemical products. Therefore, these companies foresee opportunities in tapping new application areas in industries, such as textiles, chemicals, and cosmetics, among others. Furthermore, companies can expand their businesses in emerging markets across the Asia Pacific, Middle East & Africa, and South America. The Asia Pacific is a very lucrative market for phase transfer catalysts due to the high demand from emerging economies, such as India, China, Australia, and South Korea. These emerging countries are hubs for the pharmaceutical and chemical industries.