The Precious Metal Catalysts Market valued at USD 19.41 Billion by 2022, is anticipated to reach a value of USD 31.38 Billion in 2030, growing at a CAGR of 6.19%.
Metals that are corrosion resistant and offer oxidation in moist are known as noble metal catalysts. Noble metals include platinum (Pt), Osmaium (Os), palladium (Pd), ruthenium (Ru), silver (Ag), iridium (Ir), and gold (Au).
These metals are considered valuable, as they are rarely found in the earth’s crust, and their utility in metallurgy and ornamentation (jewellery, sacred objects, and art).
The growth of the global noble metal catalyst market is driven by its widespread applications. However, performance dependency on temperature and loss of activity through poising & thermal deactivation hamper the market growth.
Moreover, high cost of the metal restrains the market growth. Ongoing R&D activities to reduce costs and improve the quality of catalysts are expected to provide lucrative opportunities for the market.
Global Precious Metal Catalyst market: Overview
The precious metal catalysts market valued at USD 19.41 Billion by 2022, is anticipated to reach a value of USD 31.38 Billion in 2030, growing at a CAGR of 6.19%.
If mild reaction conditions are maintained, relatively high product yield can be achieved by reducing the formation of by-products.
With advancements in the field of Nano-technology, progress is underway regarding the preparation technology of precious metal catalysts in the recent years.
This has ensued in saving of energy, high productivity, and reduction in the cost of production. These advantages of the precious metal catalysts are expected to drive the market during the forecast period.
Precious metal catalysts are, however, expensive and undergo high price volatility. Also, the usage of platinum metal as a fuel cell catalyst faces a major drawback, that is, of high residue of carbon monoxide being formed, that hinders the process of hydrogen electro oxidation.
Lack of proper precaution, such as maintenance of appropriate reaction conditions, may lead to the precious metals turning toxic during their use in reactions.
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With rising instances of environmental pollution and increase in emission rates, governments across the globe have implemented stringent regulations. The use of catalytic converters across the end-use industries transforms combustion by-products into greener emissions while catalysing chemical reactions. This in turn is stimulating the overall outlook of this market sphere.
There has been a widespread growth in the automotive industry across the globe. This is driven by the rising vehicle sales powered by the rapid increase in purchasing power of the masses. The automobile industry is one of the major end-users of precious metal catalysts owing to their wide array of benefits. These factors are creating an upward trend for the industry progression.
Competitive Landscape:
- BASF SE
- Evonik Industries AG
- Johnson Matthey Plc
- Heraeus Group
- Clariant International Ltd.
- Umicore SA
- Alfa Aeser
- Vineeth Precious Catalysts Pvt. Ltd.
- Umicore, Chimet S.P.A.
- American Elements
- ALS Limited
- Ames Goldsmith Ceimig
- Stanford Advanced Materials
- Shanxi Kaida Chemical Engineering Co., Ltd.
- Hindustan Platinum Pvt.
- Synthesis with Catalysts Pvt.
- q J&J Materials, Inc.
- Alfa Chemistry
Segmental Analysis of Global Precious Metal Catalyst Market:
Based on Type
- Platinum
- Gold
- Silver
- Ruthenium
- Palladium
- Rhodium
- Iridium
- Osmium
- Others
Based on Distribution Channel
- Direct Sales
- Indirect Sales
- Based on End-User
- Automotive
- Pharmaceutical
- Petrochemical
- Agrochemicals
- Chemicals
- Environment and Material Sciences
- Refinery
- Others
Based on Region
- North America
- Middle East and Africa
- Europe
- Asia-pacific
- Latin America
Asia Pacific is projected to showcase lucrative growth trends over 2022-2030. This is attributable to the rapidly evolving automotive and chemical sectors along with the widespread availability of precious metal catalysts.
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Major Developments:
In March 2017, BASF Catalyst division has opened new mobile emissions catalysts manufacturing site which will replace existing BASF plant in Chennai and which will double the company’s catalyst manufacturing capacity in India.
In January 2017, Johnson Matthey Fine Chemicals has launched new online catalyst store. The new store will provide customer with easy access to enquiry quantities of commercial grade ligands and catalysts, to accelerate development of efficient and economic processes to pharmaceuticals, agrochemicals, and other applications.
Major questions answered in the report:
- What are the major growth factors, challenges and trends in the global precious metal catalyst market?
- Which regional segment accounts for the largest revenue share in the global precious metal catalyst market?
- Which top companies are contributing into the growth of global precious metal catalyst market?
Key Takeaways from the report:
- Regional insights, coupled with other segmental analysis.
- Growth factors, challenges and trends.
- The precious metal catalysts market valued at USD 19.41 Billion by 2022, is anticipated to reach a value of USD 31.38 Billion in 2030, growing at a CAGR of 6.19%.
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