The phase transfer catalyst market is expected 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. 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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Ammonium salts segment is expected to grow at the highest CAGR
Based on material type, the ammonium salts segment is expected to grow at the highest CAGR in the phase transfer catalyst market during the forecast period. The phase transfer catalyst market by type has been categorized into ammonium salts, phosphonium salts, and others, including crown ethers and cryptands. Ammonium salts such as tetra butyl ammonium bromide, tetrabutylammonium hydrogen sulfate, tetrabutylammonium fluoride trihydrate, and tetra butyl ammonium chloride are the most widely used phase transfer catalysts. These are easily available and inexpensive in comparison to other onium salts. In addition, ammonium salts have high demand from emerging economies in the Asia Pacific and Middle East & Africa, owing to their low cost.
Pharmaceutical segment is expected to lead the market
Based on end-use industry, the pharmaceutical segment is expected to lead the phase transfer catalyst market during the forecast period. In the pharmaceutical industry, there is a high demand for green chemistry compounds in applications, such as active pharmaceutical ingredients, synthesis of drugs, and formulation of drugs or derivative compounds, among others. Moreover, in drug formulations, there is a growing demand for catalysts possessing properties, such as high reaction velocity between 2 immiscible phases, nontoxicity, and solvent waste reduction. Therefore, the pharmaceutical industry is expected to be the largest end-use industry in the phase transfer catalyst market during the forecast period.
North America is expected to account for the largest share of the phase transfer catalyst market
North America is estimated to account for the largest share of the market in 2018. The region is an established market for phase transfer catalysts owing to high capabilities for investments in R&D and facilities for the adoption of phase transfer catalysis. In addition, the US is among the largest producers and consumers of pharmaceutical and agricultural products; wherein phase transfer catalyst products are used for chemical synthesis, R&D, and formulations. This factor is fueling the growth of the phase transfer catalyst market in North America.
Major manufacturers in the phase transfer catalyst market include SACHEM Inc. (US), Tokyo Chemical Industry Co., Ltd. (Japan), Nippon Chemical Industrial Co., Ltd. (Japan), PAT IMPEX (India), Tatva Chintan Pharma Chem Pvt. Ltd. (India), and Volant-Chem Corp. (China).
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