Rising demand and adoption of green chemistry in organic synthesis is expected to drive the growth of the phase transfer catalyst market across the globe.
The phase transfer catalyst market is projected to grow from USD 960 million in 2018 to USD 1,232 million by 2023, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2018 to 2023. Rising demand and adoption of green chemistry in organic synthesis is expected to drive the growth of the market during the forecast period. However, the availability of low-cost industrial catalysts is expected to restrain the growth of the market.
The ammonium salts segment is projected to lead the phase transfer catalyst market during the forecast period.
Based on type, the phase transfer catalyst market has been categorized into ammonium salts, phosphonium salts, and others. The ammonium salts segment is projected to lead the market from 2018 to 2023. The growth of this segment can be attributed to the increased use of ammonium salts as onium salts for chemical synthesis due to their lower costs as compared to other phase transfer catalysts. Ammonium salts are widely used across various end-use industries such as pharmaceuticals and agrochemicals.
The pharmaceuticals segment of the phase transfer catalyst market is projected to grow at the highest CAGR from 2018 to 2023.
Phase transfer catalysts are widely used in the pharmaceuticals end-use industry for synthesis, formulation, and laboratory applications as they accelerate the rate of reaction to form chemical derivatives. This leads to increased demand for positive catalysts to boost R&D and formulation activities in pharmaceuticals end-use industry. As North America and Europe are the largest markets for pharmaceuticals, this has led to the growth of the pharmaceuticals segment of the phase transfer catalyst market in these regions. In addition, growing demand for pharmaceuticals from Asia Pacific and the Middle East & Africa is also expected to drive the growth of the pharmaceuticals segment of the phase transfer catalyst market during the forecast period.
The North American region is projected to lead the phase transfer catalyst market during the forecast period.
The North American region is projected to lead the phase transfer catalyst market during the forecast period due to ongoing R&D activities in the field of the phase transfer catalysis in the region. In addition, the region is expected to be the first to implement regulations in the coming years to promote the adoption of green chemistry in organic synthesis. The growth of the phase transfer catalyst market in the North American region is driven by the increased demand for these catalysts from countries such as the US, Canada, and Mexico, owing to rising preference for green chemistry compounds in different end-use industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the phase transfer catalyst marketplace.
- By Company Type: Tier 1 – 16%, Tier 2 – 36%, and Tier 3 – 48%
- By Designation: C Level Executives – 16%, Directors – 24%, and Others – 60%
- By Region: North America – 20%, Europe – 24%, Asia Pacific – 36%, and RoW – 20%
The phase transfer catalyst market comprises key players such as SACHEM Inc. (US), Tokyo Chemical Industry Co., Ltd. (Japan), Nippon Chemical Industrial Co., Ltd. (Japan), Dishman Group (India), PAT IMPEX (India), Tatva Chintan Pharma Chem Pvt. Ltd. (India), and Volant-Chem Corp. (China).
- The market study covers the phase transfer catalyst market across different segments. It aims at estimating the market size and growth potential of this market across different segments based on type, end-use industry, and region.
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