Global Precious Metal Catalysts Market

Global Precious Metal Catalysts Market Overview:

The global precious metal catalysts market is estimated to reach USD 118 billion by 2030, growing at a CAGR of 10.13% from 2022 to 2030. It was valued at USD 50 billion in 2022. A catalyst is a material that stimulates the rate of any chemical reaction without experiencing any permanent chemical change. The catalysts continue to act repeatedly, so they are required in minor scales while altering the reaction rate. Precious metal catalysts are catalysts comprising noble metals. They consist of nano-scale individual metal particles which are highly dispersed and supported on a high surface area. Some common instances are silica, carbon, and alumina. Precious metal catalysts are applied mainly in exhaust systems in automobiles and also in electrical generators. Each of these precious metal catalysts has unique features and is primarily used in reactions of organic synthesis.

Global Precious Metal Catalysts Market Insights

The significant factors are the growing demand from end-use industries such as petrochemicals, pharmaceuticals for chemical synthesis, automobiles, and refining. Additionally, the increasing product consumption in the drugs due to its use as the anti-cancer agent will spur the global precious metal catalysts industry in the future periods. Furthermore, the growing healthcare industry with rising health awareness among consumers is expected to witness the remarkable growth of precious metal catalysts. The surging demand for hydrogen fuel cells vehicles, which perform functions similar to electric cars, is expected to propel the demand for precious metal catalysts over the coming years. Moreover, the increasing demand from the automotive industry across the globe due to rising environmental regulations on carbon emission is positively impacting the market for precious metal catalysts. Furthermore, the increasing R&D investment in the precious metal catalysts to reduce cost and gain maximum returns from the recovered metals fuels the demand for the precious metal catalysts market. The expanding automotive industry in developing economies such as China, India, and Brazil will bolster global precious metal catalysts market share. Additionally, the increasing production of lightweight vehicles, stringent norms for emission for automobiles imposed by the government, and the rapidly expanding industrial sector propelling the growth of the precious metal catalysts market across the globe.

Growth Driver

Increasing demand for nano-scale precious metal catalysts

The use of nano-particle catalysts formed from noble materials has improved due to enhanced and speedy performance during chemical processing and compensating for the high cost of noble materials. Hydrogen and oxygen are immediately absorbed into the atmosphere by the nano-scale metal particles discovered in precious metal catalysts. Under controlled conditions, the absorbed hydrogen and oxygen readily react with various substitutes. Hence, if mild reaction conditions are maintained, achieving a relatively high product yield is possible by reducing by-product formation. With developments in the nano-technology field, progress has been made to prepare precious metal catalysts in recent times. This has resulted in high productivity, energy savings, and declination in production expenses. Thus, the increasing demand for nano-scale precious metal catalysts is expected to propel the precious metal catalysts market growth.

Rising environmental concern and strict government regulations

Governments implemented emission regulations to control pollution levels, and catalytic converters quickly became a popular way to help meet these new requirements. Catalytic converters generate cleaner emissions by turning toxic by-products of vehicle engines, using an internal combustion technique that catalyzes chemical reactions. To ensure that pollution goals are met, regulators have set stringent regulations on the performance aspects of these products, which, in turn, are projected to drive demand growth for precious metal catalysts. Thus, strict government regulations are estimated to drive precious metal catalysts market growth in the forecast period.

COVID-19 Impacts Insights

The outbreak of COVID-19 has recently vigorously affected the automobile, pharmaceutical, and refinery sectors of developed and developing countries globally. Closure of various key refineries, reduction in mining output, transport/logistics impacts, and decrease in trading desk risk appetite are the main factors that affected the precious metal catalysts market growth.

Type Segmental Analysis

Based on the type, the global precious metal catalysts market is segregated into platinum, palladium, rhodium, iridium, and ruthenium. The platinum segment is estimated to witness the highest growth over the analysis timeframe. Due to increased adoption in the automobile sector, it reduces pollutants released by the industrial processing units. In addition, the rise in the sale of diesel vehicles drives the market. Platinum has stable electrical properties. It does not oxidize even at high temperatures and is resistant to chemical reactions; hence, it is widely used to process catalysts. The ruthenium segment will grow significantly due to the growing utilization in electro-chlorination systems to produce sodium hypochlorite to disinfect surfaces such as buildings and public areas to mitigate Covid-19 infection risk.

End-User Segmental Analysis

Based on the end-user, the global precious metal catalysts market is segmented into automobile, pharmaceutical, refinery, and others. The automobile segment will dominate the global precious metal catalysts market by 2030. It is due to growing adoption in auto manufacturing to assure the environmental efficiency and reliability of catalytic converters and sensors for the engine. In addition, the primary use of platinum is in catalytic converters, an automobile emission control device that converts the toxic pollutants as exhaust gas to less harmful pollutants by catalyzing a redox reaction. Thus, the use of precious metal catalysts in exhaust cleaning of the car is on the rise. Therefore, the growing demand for precious metal catalysts from the automotive industry drives the market’s growth. The pharmaceutical segment accounted for the largest share of the precious metal catalysts market in 2021 because of its increasing usage as an anti-cancer agent.

Region Segmental Analysis

The global precious metal catalysts market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is estimated to project considerable growth over 2022-2030. Due to the increasing demand for lightweight vehicles, the growing pharmaceutical industry, and the leading player’s presence. The Asia Pacific will capture a significant share of the precious metal catalysts market by 2030. Due to the rising environmental concern, growing disposable income, and mounting health care investments in emerging countries such as India and China.

Competitor Analysis

BASF SE, Evonik Industries AG, Clariant, Chaumet S.p.A., Sabin Metal Corporation, American Elements, Alfa Aesar, Johnson Matthey, Heraeus Group, Vineeth Precious Catalysts Pvt Ltd, and Umicore Galvanotechnik GmbH are the key players in the global precious metal catalysts market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global precious metal catalysts manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to precious metal catalysts
• Regulatory bodies
• Suppliers
• Retailers

The objective of the Research

• Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
• Product analysis involves examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a significant effect on the target market.
• Market Segmental Analysis defines an in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.

Market Modelling

By Type

• Platinum
• Palladium
• Rhodium
• Iridium
• Ruthenium

By End-User

• Automobile
• Pharmaceutical
• Refinery
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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