Automotive, refining, hydrocarbons, petrochemicals, pharmaceuticals, electronics, and mining are some industries that are using precious metal catalysts. Pyro-metallurgical technology is used to refine precious metal catalysts after use, which provides high returns to the refining company. Such metals are subject to environmental regulations during refining because they produce solid, liquid, and gaseous byproducts, especially in North America and Europe.
In the precious metal catalysts market, COVID-19 has severely impacted demand and supply. The precious metal catalysts market is negatively affected by the pandemic because of the lockdown regulations on transportation imposed by government bodies. Due to the pandemic scenario, many countries experienced lockdowns, which decreased people's desire to drive personal vehicles, depressed demand for automotive catalysts, and decreased demand precious metal catalysts. As a result of the COVID-19 crisis, the pharmaceutical industry has fundamentally changed its operations. Over the first two quarters of 2020, these countries have put pressure on budgets, reduced treatment of non-COVID-19 patients, and undercut market fundamentals.
Several companies dominate the global precious metal catalyst market, including
As governments implemented pollution control regulations, catalytic converters became an effective way to comply. A catalytic converter converts toxic byproducts of combustion into cleaner emissions by catalyzing chemical reactions. The astringent regulatory framework has been put in place to ensure pollution goals are met, which will, in turn, drive a demand increase for precious metal catalysts.
To counter the high cost of noble materials as well as to improve performance during chemical processing, nanoparticle catalysts derived from noble materials have become increasingly popular. Metal nanoparticles found in precious metal catalysts readily absorb hydrogen and oxygen from the atmosphere. several astringent market growth will likely substitutes are readily reacted with the absorbed hydrogen and oxygen under moderate conditions. In this way, by reducing by-product formation and retaining mild reaction conditions, a relatively high yield can be achieved. Recent advances in nanotechnology have resulted in the preparation of precious metal catalysts. Consequently, there is a reduction in production costs, energy savings, and increased productivity. Accordingly, the market growth of precious metal catalysts will be driven by the increasing demand for nano-scale precious metal catalysts during the forecast period.
Several precious metals are volatile and difficult to predict, including platinum, palladium, iridium, ruthenium, and others. Using precious metal catalysts in a company's value creation chain poses a challenge because of severe price fluctuations. Profit margins, capital commitments, and competitiveness are all affected by the volatility of the precious metals price. Based on data from the US Geological Survey, the average prices of rhodium have more than tripled compared with January 2019 prices; palladium has increased by 68 percent, while platinum has increased by 22 percent. Gold is largely dependent on industrial demand, while platinum is highly dependent on mining activity. Platinum prices can therefore be unpredictable. Platinum prices fluctuate more than any other precious metal. This fluctuation in precious metal prices will adversely affect the precious metal catalysts market in the forecast period.
The precious metal catalyst market is growing as more research is being invested to reduce costs and gain maximum returns from recovered metals. Increasing environmental regulations on carbon emissions are contributing to an increase in product demand from the automotive industry around the world. India, China, and Brazil have expanded their automotive industries in recent years, which contributes to the market's growth. Market growth will likely be bolstered by the surge in demand for hydrogen fuel cells vehicles. As a result, the precious metal catalysts market is driven by the growing healthcare industry and the growing health awareness among consumers. Increasingly, it is used as a cancer-fighting agent in pharmaceuticals. The Chirik Group has developed a catalyst based on cobalt and iron with Merck & Co. this is due to the limited availability of precious metals. Petrochemicals are also being used by major end-use industries such as automotive and construction, which is driving the market growth. Even so, the demand for precious metal catalysts will likely decrease as more bio-based chemicals are used.
Types, applications, and regions segment the global precious metal catalyst market.
Markets are classified according to the type of metal: platinum, palladium, ruthenium, rhodium, iridium, rhenium, gold, silver, nickel, and others.
The global market for precious metal catalysts is categorized according to their application into those used in automotive, refining, pharmaceuticals, petrochemicals, oil, mining, electronics, and others.
Markets for precious metal catalysts are segmented by region, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
European precious metal catalysts dominated the market in 2017 and are expected to continue experiencing significant growth during the review period. Rising environmental concerns are boosting the growth of the hydrogen fuel cell vehicle market, which is revitalizing the automotive industry. The new passenger car will be required to emit 95 grams of CO2 per kilometer from 2021. Health care spending is growing, which further stimulates demand for products.
As the automotive industry in emerging economies expands and disposable income rises, the Asia Pacific region is the fastest-growing region for precious metal catalysts. As the Indian government sets high emission standards, manufacturers are increasingly using lightweight vehicles to meet these standards.
Despite the reviving automotive industry with an increase in lightweight vehicles, North America also leads the market for precious metal catalysts. Furthermore, in the U.S., there are certain rules for refining spent catalysts under the Comprehensive Environmental Responsibility and Liability Act. A rising geriatric population is boosting industry growth as a result of the growing pharmaceutical market.
A French manufacturer, Groupe PSA, will increase sales of vehicles in Brazil and Mexico, leading to considerable growth in the Latin American region.
The Middle East and African economies are expected to grow moderately during the review period, with strong end-use industries benefitting refiners and petrochemical companies.
By improving the efficiency of industrial processes through the use of auto-catalysts, emissions from gasoline and diesel engines can be reduced. The platinum group metals found in autocatalysts have proven most effective in reducing pollution generated by a variety of gasoline and diesel vehicles for more than 35 years.
In the average 10-year life span of a vehicle, an autocatalyst would remove 98% of the harmful emissions from the exhaust. Without them, the average family car would emit 15 tonnes of toxic gases.​ The use of platinum along with pollution control catalysts in automobiles is also widespread. Examples of applications include vehicle engine control sensors, airbag initiators, electronic engine management, and spark plugs.​ In the third quarter of 2019 and 2020, global auto production was approximately 65 million units and 50 million units, respectively, according to OICA (International Organisation of Motor Vehicle Manufacturers). In light of COVID-19, production has decreased. The automobile industry, nevertheless, is expected to recover during the forecast period due to the lifting of lockdown laws and transportation regulations. The enhancement of medical technology with platinum also improves health care. There is also a lot of utilization of platinum group metals in the pharmaceutical industry since platinum, palladium, ruthenium, rhodium, iridium, and osmium are used in several important catalysts.​ Platinum-based emissions control catalysts are discovering an increasing number of applications and increasing the demand for platinum catalysts from sources such as automobiles, refineries, petrochemical plants, industrial chemical processing plants, and pharmaceutical plants, among others, thus increasing the market studied.
Market segments for precious metal catalysts include types, applications, and geographies. There are several types of platinum in the market, such as platinum, palladium, rhodium, iridium, and ruthenium. There are different segments based on application, including automotive, pharmaceutical, petrochemicals, and other applications. Precious Metal Catalysts Market size and forecasts are also provided in this report across 17 countries across major regions. We have sized and forecasted the market based on revenue (USD Million) for each segment.
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â 2027: USD 27.32 Billion |
| Â Â CAGR | Â Â 6% (2021-2027) |
| Â Â Base Year | Â Â 2020 |
|   Forecast Period |   2021 to 2027 |
| Â Â Historical Data | Â Â 2019Â &Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â By Type, Application |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Chimet S.p.A. (Italy), Sabin Metal Corporation (U.S.), American Elements (U.S.), BASF SE (U.S.), Evonik Industries AG (Germany), Clariant (Switzerland), Alfa Aesar (U.S.), Johnson Matthey (UK), Heraeus Group (UK), and Vineeth Precious Catalysts Pvt Ltd (India) |
| Â Â Key Market Opportunities | Â Â Demand for petrochemicals from the major end use industries such as automotive and construction |
| Â Â Key Market Drivers | Â Â Growing healthcare industry with rising health awareness |
Precious Metal Catalysts Market Highlights:
Frequently Asked Questions (FAQ) :
The market for precious metal catalysts is likely to be dominated by Europe.
The market for precious metal catalysts features significant players such as Vineeth Precious Catalysts Pvt Ltd (India), Heraeus Group (UK), Johnson Matthey (UK), Alfa Aesar (U.S.), Clariant (Switzerland), Evonik Industries AG (Germany), BASF SE (U.S.), American Elements (U.S.), Sabin Metal Corporation (U.S.), and Chimet S.p.A. (Italy).
Mines, electronic, pharmaceutical, petrochemical, hydrocarbon, refining, and automotive are some of the industries that use it extensively.
The market is experiencing strong growth due to increased research and development investments, environmental regulations, and the auto industry.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
