The global precious metal catalysts market size is estimated to grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19%. It is projected to witness significant growth in the next few years due to advancements in technology and the high efficiency of precious metal catalysts. Growth in demand for automobile and pharmaceutical applications, along with environmental concerns and their legal implications is the key factor fueling the growth of the precious metal catalysts market. The precious metal catalysts market has opportunities owing to the increase in R&D activities by companies to reduce costs and improve the quality of catalysts and the rise in investments in the automobile sector, which will drive the demand for emission control catalysts.
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Precious metal catalysts are compounds made from one or more of the precious metals: gold, silver, platinum, palladium, and ruthenium. These catalysts are used in chemical reactions to speed up the reaction rate and increase the yield of the desired product. They are particularly useful for reactions that are not easily achievable without them, such as hydrogenation, oxidation, and hydrolysis reactions. They can also be used to reduce the amount of energy required for a reaction, making it more energy–efficient. Precious metal catalysts are used in a wide range of industries, including petroleum refining, pharmaceutical manufacturing, and food processing.
“The platinum catalyst segment is projected to dominate the market in the precious metal catalysts market through 2022”
The platinum segment, by type, is projected to dominate the precious metal catalysts market, as the platinum catalyst helps to reduce the CO2 emission. The dominant position of the platinum catalyst segment can be attributed to the rise in the sale of diesel vehicles in Europe and North America and the introduction of more stringent Euro 6 and Euro 7 emission rules in Europe, which is expected to drive the market for platinum catalysts, as it is mainly used as emission control catalysts. It is largely used in the automobile sector to reduce the effect of pollutants released by industrial processing units.
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“The automobile sector is projected to grow at the highest rate during the forecast period”
The automobile sector dominated the market in 2016 and is projected to be the fastest-growing end-use sector over the next five years, as a result of the rising stringent emission standards and the growing automotive, refinery, and pharmaceutical industries. The newly developed emission standards demand additional improvements in catalyst technologies to successfully remove toxic substances from car exhausts, which will, in turn, drive the precious metal catalysts market growth through the automobile sector.
“European precious metal catalysts market accounted for the largest share in 2016”
The European region accounted for the largest share of the precious metal catalysts market in 2016, wherein Germany accounted for the largest country-level market. The government’s stringent emission norms and the growth in end-use sectors such as automobile, refinery, pharmaceutical, and petrochemical are some of the factors driving the precious metal catalysts market in Europe. The market in this region is growing rapidly due to the presence of numerous leading players. Its significant hold on industries such as automotive, pharmaceutical, refinery, and mass transport has played a crucial role in the growth of the market for precious metal catalysts in the European region.
The major players in the precious metal catalysts market include BASF SE (Germany), Evonik Industries AG (Germany), Johnson Matthey Plc (U.K.), Heraeus Group (U.K.), Clariant International Ltd (Switzerland), Umicore SA (Belgium), Alfa Aesar (U.S.), and Vineeth Precious Catalysts Pvt. Ltd. (India).
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