Market Trends of Phase Transfer Catalyst Industry
This section covers the major market trends shaping the Phase Transfer Catalyst Market according to our research experts:
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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Asia-Pacific Region to Dominate the Market
- Asia Pacific region stands to be the largest and fastest-growing market for phase transfer catalyst owing to wide usage in the pharmaceutical and agrochemical industry.
- According to the International Society for Pharmaceutical Engineering, the Asia Pacific pharmaceutical market is the second-largest in the world after North America.
- The pharmaceutical market in the Asia-Pacific region is projected to record a CAGR of more than 8% during the forecast period. Furthermore, the outbreak of COVID-19 disease becomes a positive factor for the growth of the pharmaceutical industry.
- Asia-Pacific accounts for almost 30% of land available on earth and 60% of the human population. Population statistics in the region have been responsible for maintaining adequacy in agricultural practices, resulting in greater utilization of agrochemical products in the region which further anticipated to propel the market growth.
- Hence, all such market trends are expected to drive the demand for the phase transfer catalyst market in the region during the forecast period.
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