Rising environmental concerns and regulations is a major factor driving Precious Metal Catalyst market revenue growth
Vancouver, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global precious metal catalyst market size was USD 19.41 Billion in 2022 and is expected to register a steady revenue CAGR of 5.7% during the forecast period, according to latest analysis by Emergen Research. Rising environmental concerns and regulations is primary key factor driving market revenue growth. Precious metal catalysts can be recycled and reused, which reduces waste and decreases the requirement for fresh catalyst manufacture. These catalysts are frequently made from recycled materials, which as a result minimizes the environmental effect, which enable faster production rates and higher product yields. Precious metals are also used in catalytic converters to reduce harmful emissions, such as nitrogen oxides, carbon monoxide, and unburned hydrocarbons, in vehicle exhaust.
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In addition, rising demand for precious metal catalysts in the automotive industry is another key factor driving revenue growth of the market. Precious metals have a higher melting point than base metals as a result, these might accelerate various hydrogenation and oxidation reactions at high temperatures and in harsh environments, and hence are utilized in the automotive industry to treat exhaust gases. Precious metals are becoming increasingly significant in assisting automakers in meeting emissions limits and sustainability goals. However, there are several disadvantages associated with precious metal catalysts, such as restricted availability, high price, and toxicity, which could restrain market revenue growth.
Scope of Research
|Market Size in 2022||USD 19.41 Billion|
|Volume Units in 2022||XX Units|
|Revenue Forecast To 2032||USD 33.79 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Million and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Type of precious metal, application, end-use, catalyst manufacturing method, distribution channel, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Johnson Matthey, BASF SE, Heraeus Group, CLARIANT, Evonik, TANAKA Holdings Co., Ltd, Solvay, Vineeth Precious Catalysts Pvt. Ltd, American Elements, Axens, Topsoe, Catalytic Products International, SACHEM, INC., Fuel Tech Inc., ALS, CHIMET, J&J MATERIALS, ReMetall Deutschland AG, Sabin Metal Corporation, and Souvenier Chemicals.|
|Customization Scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The global precious metal catalyst market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective precious metal catalyst solutions.
Some major players included in the global precious metal catalyst market report are:
- Johnson Matthey
- BASF SE
- Heraeus Group
- TANAKA Holdings Co., Ltd.
- Vineeth Precious Catalysts Pvt. Ltd.
- American Elements
- Catalytic Products International
- SACHEM, INC.
- Fuel Tech Inc.
- J&J MATERIALS
- ReMetall Deutschland AG
- Sabin Metal Corporation
- Souvenier Chemicals
On 10 March 2020, BASF SE announced the successful development and testing of a unique Tri-Metal Catalyst technology that allows for the partial substitution of high-priced palladium with lower-priced platinum in light-duty petrol vehicles without breaching emissions regulations. BASF’s research and testing of this innovative technology resulted in a satisfactory meeting of technical customer demands.
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Some Key Highlights From the Report
- The platinum catalysts segment accounted for largest revenue share in the global precious metal catalyst market in 2022. This is due to rising demand for platinum catalysts owing to their numerous advantages, including superior atom economy, environmental friendliness, simplicity of industrialization, and recyclability. These catalysts are frequently used as catalysts for asymmetric catalytic hydrogenation. Platinum Group Metals (PGM) have been used to produce sulfuric and nitric acid and are popular hydrogenation and polymerization catalysts.
- The online retail segment reis expected to register steadily fast revenue growth rate in the global precious metal catalyst market during the forecast period. This is due to increasing use of precious metal catalysts in industries such as automotive, chemical, petrochemical, energy, and electronics, and others. E-commerce is changing the way that people buy and sell alternative products. In terms of product accessibility, affordability, transportation patterns, and many other important elements, e-commerce websites have several benefits over other types of sales channels.
- The Asia Pacific market accounted for largest revenue share in the global precious metal catalyst market in 2022 due to rising demand for precious metal catalysts in the automotive industry. In addition, rising strategic initiatives taken by major companies is also expected to drive market revenue growth of this region. For instance, on 28 March 2023, Evonik Catalysts announced to increase in manufacturing capacity for activated nickel powder catalysts marketed under the KALCAT and Metalyst brands at its production site in Dombivli, near Mumbai, India.
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Emergen Research has segmented the global precious metal catalyst market on the basis of type of precious metal, application, end-use, catalyst manufacturing, distribution channel, and region:
• Type of Precious Metal Outlook (Revenue, USD Billion,; 2019-2032)
o Platinum Catalysts
o Palladium Catalysts
o Rhodium Catalysts
o Gold Catalysts
• Application Outlook (Revenue, USD Billion,; 2019-2032)
o Emission Control Catalysts
o Chemical Synthesis Catalysts
o Fuel Cell Catalysts
o Pharmaceutical Catalysts
o Petrochemical Catalysts
o Environmental Catalysts
o Electronics Catalysts
• End-Use Outlook (Revenue, USD Billion,; 2019-2032)
o Chemical and Petrochemical
o Oil & Gas (O&G)
o Food & Beverage (F&B)
• Catalyst Manufacturing Method Outlook (Revenue, USD Billion,; 2019-2032)
o Chemical Vapor Deposition (CVD)
o Physical Vapor Deposition (PVD)
o Sol-Gel Method
• Distribution Channel Outlook (Revenue, USD Billion,; 2019-2032)
o Direct Sales
o Online Retail
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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