RUTHENIUM CATALYST MARKET ANALYSIS

Ruthenium Catalyst MarketSize and Trends

Market Dynamics

Rise in applications of ruthenium catalyst in petrochemical, pharmaceutical, and chemical industries is augmenting growth of the global ruthenium catalyst market. According to the International Federation of Pharmaceutical Manufacturers & Associations, global pharmaceutical industry is expected to reach US$ 1,430 billion by 2020. This growth in the pharmaceutical industry is driving growth of the global ruthenium catalyst market, owing to applications of ruthenium catalyst in synthesis of active pharmaceutical ingredients such as macrocyclic peptides. Growing demand for chemicals is further propelling growth of the global ruthenium catalyst market, as it is used in production of chemicals such as low temperature synthesis of ammonia and acetic acid production. According to the European Chemical Industry Council (CEFIC), a trade association for European chemical industry, global sales of chemicals was values at US$ 4,015.62 billion in 2015, which increased to US$ 4,031.22 billion in 2016. Demand for Grubbs catalyst, which consists of ruthenium catalyst, is increasing due to its advantages such as efficiency, cost effectiveness, user friendly, and broad array of applications such as bond breaking, formation, and rearrangement in chemical reaction. Grubbs catalyst is used in olefin metathesis, which is used for synthesis of pharmaceutically active ingredients, fine chemicals, and organic compounds such as spirocyclic amine, azapane and neohexene. This, in turn is driving growth of the global ruthenium catalyst market. Furthermore, development of new applications of ruthenium catalyst such as its use in catalytic wet oxidation process for waste water treatment is fuelling growth of the global ruthenium catalyst market.