PUBLISHER: Grand View Research | PRODUCT CODE: 1376242
PUBLISHER: Grand View Research | PRODUCT CODE: 1376242
The global phase-transfer catalyst market size is estimated to reach USD 1.68 billion by 2030, growing at a CAGR of 5.0% during the forecast period, according to a new report by Grand View Research, Inc.. One of the key growth drivers is their extensive use in the chemicals industry for the synthesis of various products using reactions such as amine alkylation, esterification, nucleophilic substitution, and hydrogenation. Ammonium salts are used as phase transfer catalysts (PTCs) in the production of esters used as intermediates and solvents for making fragrances, flavors, and other chemical compounds.
Phase transfer catalysts play a major role in applications regarding waste management, where they aid the extraction and removal of contaminants in soil or water. Hydrophobic contaminants found in aqueous solutions can include several pollutants such as pesticides, industrial residue chemicals, and hydrocarbons. PTCs such as ammonium salts help convert these compounds into an organic solvent phase for subsequent removal.
The pharmaceutical sector forms a major end-user industry for phase transfer catalysts with applications such as drug formulation, where hydrogenation reaction is used to mimic metabolic reactions in order to understand how the drugs would be metabolized in the body. The global pharmaceutical industry has expanded rapidly in the last few years, especially in countries such as the U.S., India, and China. These countries have large populations with a significant number of ailing patients in need of healthcare assistance.
The COVID-19 pandemic had a mixed effect on the phase transfer catalyst market with some of the end-user industries such as chemicals, slowing down due to supply route disruptions, lockdowns, and social distancing measures. On the other hand, the pharmaceutical industry got a major boost due to increased requirements for life-saving drugs, vaccines, and other medicines during the pandemic period. The pharma sector also adopted a more flexible approach towards regulatory compliances, fast-tracking the drug development process from clinical trials, and manufacturing to distribution.