Market Trends of Organometallics Industry
This section covers the major market trends shaping the Organometallics Market according to our research experts:
Chemical Industry to Boost the Market Demand
- Organometallics find their applications in the chemical industry as a catalyst to escalate the rate of chemical reactions for industrial-scale production like carbon monoxide, acetic acid, alkali derived polymers, acetaldehydes, etc. having various application in our daily life.
- Organometallic compounds are also used to manufacture alcohol by adding organometallics to ketone or aldehyde and deriving alcohol from them. Moreover, the rising production of alcohol for industrial applications and beverages is expected to drive the market studied.
- The global market for alcoholic drinks is projected to reach around USD 1.59 trillion in 2020 and is expected to witness an annual growth of 3.5% over the forecast period.
- Global production capacity of acetic acid is forecasted to reach 21.6 million metric tons by 2023 thereby increasing the demand for organometallics used to manufacture acetic acid.
- All the aforementioned factors are expected to drive the organometallics market during the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
Asia-Pacific Region to Dominate Organometallics Market
- Asia-Pacific region holds the largest share in the organometallics market globally and is expected to dominate the market over the period of forecast.
- Asia-Pacific region is expected to dominate the annual production growth in the global chemical industry expected to witness an estimated growth of about 4% over the forecast period.
- Japan is projected to accrue a revenue of USD 150.44 billion by 2022 from the sales of pharmaceuticals which is highest in the Asia-Pacific region and hence propelling the market growth.
- Textile & other footwear segments in the Asia-Pacific region is projected to accumulate USD 75.7 billion in 2020 and is expected to grow at a CAGR of 3.5 % over the forecast period.
- Asia-Pacific alcoholic drinks market is estimated to amount USD 495.76 billion and is anticipated to witness a growth of 3% annually during the period of 2020-2023.
- Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
Get Analysis on Important Geographic Markets
Download Sample
