Global Precious Metal Catalysts Market Size 2024, Forecast To 2033
11 Mar, 2024
The precious metal catalysts market has undergone robust growth, ascending from $15.49 billion in 2023 to $16.58 billion in 2024, manifesting a significant compound annual growth rate (CAGR) of 7.0%. The growth in the historic period is attributed to strong economic growth in emerging markets, an increasing demand for palladium catalysts, and rising utilization of precious metal catalysts in the pharmaceutical industry. Prospects for the future are optimistic, with the market expected to reach $21.62 billion in 2028, sustaining a CAGR of 6.9%. Factors influencing this growth in the forecast period include government support, the growing use of platinum catalysts in fuel cells, and an increase in the use of precious metal catalysts in the automotive sector. Key trends encompass new technologies, the development of new product solutions to strengthen market position, a focus on collaborations and acquisitions to improve financial strength, product portfolio, and geographical presence, increased investments in production capacities for new product solutions, and a focus on product innovations.
Global Precious Metal Catalysts Market Key Driver
The precious metal catalyst market is set to grow due to the increasing demand for precious metal catalysts in the automotive industry, particularly in fuel cell-driven and electric vehicles. Precious metals play a vital role in the automotive sector, serving as cathode materials for electric vehicles and automotive catalysts. According to 2021 financial results published by Nornickel, a Russia-based mining company, demand for palladium in the automotive industry increased by 0.6% in 2022 compared to 2021. This growing demand for precious metal catalysts in the automotive industry is a key driver for the precious metal catalyst market, with market size values for 2023, 2024, and 2028 indicating sustained growth in the coming years.
Get A Free Sample Of The Global Precious Metal Catalysts Market ReportGlobal Precious Metal Catalysts Market Segments
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
By Geography:The regions covered in the precious metal catalysts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Precious Metal Catalysts Industry Players
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
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Precious Metal Catalysts Market Overview
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.
Precious Metal Catalysts Global Market Report 2023 provides data on the global precious metal catalysts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The precious metal catalysts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.