The global organometallics market forecast is exhibiting a rising curve, supported by the continual product deployment across various end-user industries from 2022 to 2028. As organometallic compounds are typically used as catalysts in numerous industrial chemical processes as well as in pharmaceutical formulations, the diverse range of applicability of these substances, hints at a steady expansion of the market.
With the deployment of a host of polymers growing across various industries, the substances are likely to see an uptick in consumption. The automobile and construction polymer applications have been expanding, rendering polymers a cost-effective and durable material that will become more pervasive in day-to-day lives.
Growing investments toward the expansion of the acetic acid market is aiding the growth of organometallics industry size. As per research estimates, the global acetic market size is slated to cross $17.9 billion by 2024. As organometallics are utilized in the production of this acid, its growing use across the rubber, plastic, and textile industries will translate to a notable revenue for the market. The packaging industry has been one of the major consumers of these products. With more sustainable packaging solutions being developed by top brands, the need for effective solutions is driving product uptake.
Rising demand across the global consumer electronics industry is expected to boost the organometallics market share over the forecast timeline. Strong upturn across the e-commerce platforms, seen since the outbreak of the coronavirus, has been facilitating the adoption of Internet of Things (IoT) across multiple industrial domains. The growing penetration of smart devices is driving the worldwide semiconductor industry. As semiconductor fabrication process involves the use of trimethylaluminium, trimethylantimony, trimethylgallium, and trimethylindium, the organometallic compounds industry is set to thrive over 2028.
China organometallics market size is expanding due to the presence of numerous market participants, alongside the robust industrial development across the nation. With the demand for LED applications projected to remain aloft through the next seven years, the regional industry will account for a major percentage of the total market share by 2028. The nation is one of the foremost producers of acetic acid, while also accounting for a major portion of global chemical processing industry. Considering the spiraling food requirements of the massive population, non-pesticide agricultural products such as fungicides are picking up momentum across Asia Pacific.
Manufacturers are catering to the widespread demand by accelerating production processes. They are undertaking partnerships, mergers, and acquisitions, among other strategies, for enhancing their market share in the international competitive landscape. Tulip Chemicals, Bide Pharmatech, Reaxis, Univar USA, Coastal Chemical Company, and Albemarle Corporation are some major organometallic compound manufacturers across the world.
Impact of COVID-19 pandemic on the organometallics market outlook
The year 2020 proved to be detrimental for the growth of the market due to worldwide shutdowns of industrial facilities. Despite the revenue decline registered during the pandemic, the upsurge in pharmaceutical applications underpins a stable growth of the market through 2028. Due to the growing demand for innovative drugs, these compounds are gaining extensive attention from researchers and scientists since 2021, playing varying roles such as chemotherapy agent, contrast agent for MRI scans, antirheumatic agent, and iron supplements, among other drug applications.
As PET resins are manufactured using these products, accelerated commercial and residential construction activities across the globe are fueling the organometallics industry forecast. The global chip shortage since the beginning of the pandemic, has been generating new opportunities for these compounds, which are used as precursors in the semiconductor industry due to their thermal properties.