Precious Metal Catalysts Market Overview 2024-2033 – Competitive Landscape and Strategies

Uday Kiran

Precious Metal Catalysts Market Overview 2024-2033 – Competitive Landscape and Strategies

The Precious Metal Catalysts by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Precious Metal Catalysts, 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.

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

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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

Companies in the precious metal catalysts market are focusing on new technologies and developing new product solutions to strengthen their position in the market. For example, in October 2022, BASF, a Germany-based chemical company, developed new X3D technology, a novel additive manufacturing technology based on 3D printing for catalysts. This technology produces catalysts with an open structure, which results in a lower pressure drop across the reactor and a large surface area, significantly improving the catalysts’ performance. BASF can use the technology on a wide range of existing catalytic materials, such as base or precious metal catalysts and carrier materials.

The precious metal catalysts market report table of contents includes: