Overview and Scope
Precious metal catalysts refer to noble metal catalysts with distinctive properties and a partially filled d-orbital that can either lend electrons to the reagent or pull them away, depending on the type of reaction. These catalysts consistently exhibit strong catalytic activity and selectivity. These are used to speed up chemical reactions by lowering the energy barrier between reactants and products.
Sizing and Forecast
The precious metal catalysts market size has grown strongly in recent years. It will grow from $15.49 billion in 2023 to $16.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing demand for palladium catalysts and rising demand for precious metal catalysts in the pharmaceutical industry.
The precious metal catalysts market size is expected to see strong growth in the next few years. It will grow to $21.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the government support, growing use of platinum catalysts in fuel cells and rise in the use of precious metal catalysts in automotive sector. Major trends in the forecast period include new technologies and developing new product solutions to strengthen position in the market, focus on collaborations and acquisitions to improve financial strength, product portfolio, and geographical presence, increasing investments in their production capacities to develop new product solutions and to satisfy the growing demand for precious metal catalysts and focus on product innovations.
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Segmentation & Regional Insights
The precious metal catalysts market covered in this report is segmented –
1) By Type: Platinum, Palladium, Rhodium, Iridium, Ruthenium, Other Types
2) By Reaction Type: Hydrogenation, Asymmetric Hydrogenation, Reductive Amination, Alkylation, Carbonylation, Other Reaction Types
3) By Application: Automotive, Refining, Petrochemical, Oil And Mining, Other Applications
Asia-Pacific was the largest region in the precious metal catalyst market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the precious metal catalysts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand for precious metal catalysts in the automotive industry propels the growth of the precious metal catalyst market going forward. Demand for precious metal catalysts in the automotive industry refers to the application of precious metal catalysts in fuel cell-driven vehicles, as a cathode material for electric vehicles, and as an automotive catalyst. Precious metals are important elements in the rapidly expanding automotive sectors that enable advanced products for electric vehicles and fuel-cell vehicles. For instance, in February 2022, according to 2021 financial results published b ‘Nornickel’, a Russia-based nickel and palladium mining and smelting company, demand for palladium in the automotive industry increased by 0.6% in 2022 as compared to 2021. Therefore, increasing demand for precious metal catalysts in the automotive industry is driving the precious metal catalyst market
Key Industry Players
Major companies operating in the precious metal catalysts market report are Johnson Matthey Plc, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, Sino-Platinum Metals Co., Ltd, Kaili Catalyst & New Materials Co Ltd, Clariant International Ltd, Alfa Aesar, Shaanxi kai Da chemical co. LTD, Sud-Chemie India Pvt. Ltd., Indian Platinum Pvt. Ltd., Xi’an Catalyst Chemical Co., Ltd., Vineeth Precious Catalysts Pvt. Ltd., Zibo Jiulong Chemical Co., Ltd, Haldor Topsøe, Barron’s, Thermo Fisher Scientific, SMS group, AlS Globsl, Stanford Advanced Material, Hindustan Platinum, Tanaka Kikinzoku International America Inc., Specialty Metals Smelters & Refiners, LLC, J & J Materials, Inc., Molecular Products, Inc., CDTi Advanced Materials Inc., Metal & Catalyst Resources, Fortuna Silver Mines Inc, Mottcorp, Dorf Ketal, Stonecore, AB Enterprises, Metalor, Petra Precious Metals Recycling, Nobilis PGM
The precious metal catalysts market report table of contents includes:
1. Executive Summary
2. Precious Metal Catalysts Market Characteristics
3. Precious Metal Catalysts Market Trends And Strategies
4. Precious Metal Catalysts Market – Macro Economic Scenario
5. Global Precious Metal Catalysts Market Size and Growth
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32. Global Precious Metal Catalysts Market Competitive Benchmarking
33. Global Precious Metal Catalysts Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Precious Metal Catalysts Market
35. Precious Metal Catalysts Market Future Outlook and Potential Analysis
36. Appendix
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