The global organometallics market is expected to witness high growth over the forecast period owing to its use in various applications including stoichiometric and catalytic processes employed in the chemical industry. Production of polyethylene and polypropylene is carried out via organometallic catalysts. Organometallics are primarily used in the form of catalysts to accelerate the speed of chemical reactions such as large scale manufacture of acetic acid, carbon monoxide, alkali derived polymers, acetaldehyde, and ethylene’s that have a wide variety of applications.
Chemical synthesis is one of the largest end-use applications for organometallic catalysts and thus, growth in the chemical manufacturing industry is expected to augment demand for catalysts over the next six years. Rising demand for organometallics from organic compounds synthesis industry is one of the key drivers for the market. In the past few years, the bulk and specialty chemicals market has undergone a sharp decline in demand as well as margin owing to the global economic crisis. This, in turn, led to a decrease in the organometallics market as organometallic compounds are key components employed in the manufacture of bulk and specialty chemicals. However, Asian countries are likely to exhibit higher growth trends as compared to developed regions on account of growing end-use industries of organometallics. Organometallics are employed as catalysts in the production of polymers which in turn are used in the production of textiles. Growth in the textile industry is likely to augment demand for organometallic over the projected period.
Asia Pacific is likely to be the largest market for organometallics owing to rising demand for catalysts in the manufacture of bulk and specialty chemicals. Additionally, growing demand for polymers, industrial compounds, and other chemicals are anticipated to boost organometallic market over the next six years. North America and Europe are expected to grow on the account of growing number of organometallic catalyst manufacturers in the regions. Organometallic consumption in North America is mainly driven by growing demand for these compounds from numerous chemical companies that are present in the region. Europe is estimated to show sluggish growth in the organometallic market owing to stringent government regulations regarding the use of chemicals.
Key companies that manufacture organometallic compounds are Reaxis Inc, Bide Pharmatech Ltd, HOS-Technik GmBH, Albemarle Corporation, Pfaltz & Bauer Inc, Tulip Chemicals Pvt Ltd, Univar USA Inc, Sigma-Aldrich Co and Coastal Chemical Company LLC.
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Disruptions in chemical manufacturing activities due to the COVID-19 pandemic shall have a considerable influence on the growth patterns of enzymes and other catalysts. Key players across the value chain are also expected to realign their supply channels to cater to the demand for catalysts in specific areas of the chemical industry which are witnessing an unusual level of activity allied with pharmaceuticals and biotechnology. The report will account for Covid19 as a key market contributor.