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Organometallics Market Size, Trends, Scope, Growth, Outlook 2024-2033
Organometallics Market Size
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According to The Business Research Company's, The organometallics market size has grown strongly in recent years. It will grow from $2.80 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased research and development in universities and research institutions, the growth of the automotive industry, stricter environmental regulations, the development of new materials, and the development of Ziegler-Natta catalysts.
The organometallics market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising demand for organometallic compounds in drug synthesis, growing application of organometallics in the production of semiconductors and electronic components, electronics and semiconductor industry, utilization of organometallics in the synthesis of agrochemicals and fertilizers, and favorable regulations and policies. Major trends in the forecast period include nanotechnology integration, increased use of computational models, high-throughput screening, innovations aimed at creating environmentally friendly organometallic processes, and advanced catalysis techniques.
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Market Drivers and Trends:
The growing pharmaceutical industry is expected to propel the growth of the organometallics market going forward. The pharmaceutical industry is the economy sector involved in researching, developing, producing, and distributing medications and other health-related products. The growth of the pharmaceutical industry is due to advances in medical research and technology, an aging global population, increased prevalence of chronic diseases, rising healthcare expenditure, and expanding access to healthcare in developing regions. Organometallic chemistry offers valuable tools and strategies for pharmaceutical research and development, enabling the synthesis of complex molecules, the discovery of new drug candidates, and the development of advanced drug delivery systems. For instance, in May 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade association, Europe's pharmaceutical industry production increased from €323 billion ($349 billion) in 2021 to €340 billion ($367 billion) in 2022. Therefore, the growing pharmaceutical industry is driving the growth of the organometallics market.
Major companies operating in the organometallics market are focused on expanding production plants, such as organometallics production facilities, to gain a competitive edge. Organometallics production facilities are specialized manufacturing plants for synthesizing, purifying, and packaging organometallic compounds. For instance, in January 2023, American Elements, a US-based company manufacturing advanced materials, expanded its rare earth and less common metal organometallics production facilities. This expansion meets the growing demand for materials as precursors for thin film deposition, including chemical vapor deposition (CVD and MOCVD) and in producing catalysts used in the hydrocarbon and petrochemical industries. The new facility, at full capacity, can deliver several metric tons of high-purity compounds monthly, immediately impacting deliveries while also expanding American Elements' production of related compounds, including lanthanum and cerium 2-ethylhexanoate and hafnium and zirconium acetylacetonate, in which the company has long been a market leader.
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Major Key Players of the Market:
Mitsui Chemicals Inc., BASF SE, Dow Inc., Umicore SA, Merck KGaA, Johnson Matthey PLC, Evonik Industries AG, Solvay SA, DuPont de Nemours Inc., Arkema Group, LANXESS AG, Wacker Chemie AG, GFS Chemicals Inc., Tosoh Corporation, Albemarle Corporation, Sigma-Aldrich Corporation, Curia Global Inc., Takasago International Corporation, TCI Chemicals, Strem Chemicals Inc., American Elements
Organometallics Market 2024 Key Insights:
• The organometallics market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Pharmaceutical Industry Growth Propels Organometallics Market Expansion
• Expansion Of Organometallics Production Facilities Driving Market Growth
• Asia-Pacific was the largest region in the organometallics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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