Allied Market Research published a report, titled, "Metal catalyst Market by Catalyst Type (Platinum, Ruthenium, Palladium, Titanium, Zinc, Copper, and Others), Application (Automotive, Petrochemical, Pharmaceutical, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global metal catalyst industry generated $18.8 billion in 2021, and is estimated to reach $29.1 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Surge in demand for precious metals in the pharmaceutical industry is projected to drive the growth of the metal catalysts market during the forecast period. On the other hand, volatile prices of raw materials impede the growth to some extent. However, rise in investment by the major key players is expected to create lucrative opportunities in the industry.
Leading Market Players-
ALFA CHEMISTRY
BASF SE
CHIMET S.P.A.
HERAEUS HOLDING GMBH
CLARIANT AG
ALFA AESAR, THERMO FISHER SCIENTIFIC
JOHNSON MATTHEY PLC
VINEETH PRECIOUS CATALYSTS PVT. LTD.
AMERICAN ELEMENTS
EVONIK INDUSTRIES AG
The report analyzes these key players in the global metal catalyst market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Covid-19 scenario-
Volatility in prices of raw materials such as aluminum, copper, titanium, and other materials lowered the market demand, thus impacting the growth of the metal catalyst industry negatively.
However, the rise in demand for construction, automotive, manufacturing units, and increasing focus on an escalating economic recovery across the globe has supported the metal catalyst market in 2021.
The palladium segment to rule the market-
By catalyst type, the palladium segment held the major share in 2021, garnering around two-third of the global metal catalyst market revenue. The same segment would also showcase the fastest CAGR of 4.4% during the forecast period. Widespread use of palladium catalysts in electronics, dentistry, and jewelry industry is likely to boost the market in the coming years. Another use of palladium catalyst is in the petrochemical industry as a catalyst in the production of terephthalic acid and in the purification o hydrogen peroxide. This factor is anticipated to drive the market growth; thus, creating remunerative opportunities for the market.
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The petrochemical application segment to dominate by 2031-
By application type, the petrochemical segment accounted for nearly third-seventh of the global metal catalyst industry share in 2021, and is expected to rule the roost by 2031. The same segment would also display the fastest CAGR of 4.7% throughout the forecast period. This is due to the fact that the expansion of the petrochemical industry in packaging, electronics, automotive, and construction is the key trend for the metal catalysts market.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021, holding nearly third-seventh of the global metal catalyst market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 4.8% during the forecast period. proliferating demand for iron & steel from various end-use sectors such as industrial, construction infrastructure, automotive and others have led the iron & steel manufacturers to increase their production capacities where metal catalysts are widely used for temperature stability purposes.
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Related Reports:
Browse 133 Market Data Tables and 30 Figures spread through 178 Pages and in-depth TOC on "Precious Metal Catalysts Market “.
“The automobile sector is projected to grow at the highest rate during the forecast period”The automobile sector dominated the market in 2016, and is projected to be the fastest-growing end-use sector over the next five years, as a result of the rising stringent emission standards and the growing automotive, refinery, and pharmaceutical industries.
The newly developed emission standards demand additional improvements in catalyst technologies to successfully remove toxic substances from car exhausts, which will, in turn, drive the precious metal catalysts market growth through the automobile sector.BASF SE’s Catalyst division set up a new mobile emission catalyst manufacturing site, which would replace the existing BASF plant in Chennai, India.
The new site would comprise a new 47,000-square-meter production plant, with which company would double its catalyst manufacturing capacity in India in 2017.The company also launched Camet ST sulfur-tolerant oxidation catalyst to control carbon monoxide emissions from natural gas power plants.
BoroCast was the first FCC catalyst based on the boron-based technology (BBT), which was designed by BASF to optimize refiners’ production yields.In 2015, BASF’s Catalysts division signed a long-term occupancy lease for a new global headquarters facility in Iselin, New Jersey, U.S.
In 2014, BASF strengthened its manufacturing footprint in Asia-Pacific with a new, world-scale chemical catalysts production facility at the company’s existing site at Shanghai Chemical Industry Park in Caojing, Shanghai, China.Evonik Industries AG made a low investment for expanding its catalyst production facility and scaling up operations at Marl Chemical Park (Germany) in 2016.
