Precious Metal Catalysts Market – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2027

Platinum catalyst is widely used in automobile sector thereby making it the most commonly used precious metal catalyst owing to the stringent environmental requirements.

Precious metals such as palladium and platinum are applied to carrier material to get precious metal catalysts. The commonly used carrier materials are aluminum oxide or active carbon. Precious metal catalysts have a wide range of applications such as it is used as a catalytic convertor in automobile industry. Catalytic convertor is used to convert toxic vehicle emissions into less toxic pollutants.

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Platinum, palladium, and rhodium are the commonly used precious metals in catalytic convertors. In pharmaceutical industries, synthesis of many active pharmaceutical ingredients such as acetaminophen, L-dopa, carbapenam, and tetracycline is done in the presence of precious metal catalysts. These catalysts are used in preparation of bulk chemicals such as ammonia, hydrogen peroxide, phenols, and anilines. They are also used in the synthesis of polymers such as vinyl chloride, methyl methacrylate, and synthetic fibers such as nylon and polyester.

Precious metal catalysts are also used to reduce Emissions of Volatile Organic Compounds (VOCs) in refineries. The demand for precious metal catalysts is increasing owing to its applications in various industries and strict pollution control regulations.

Precious Metal Catalysts -Market Taxonomy

On the basis of product type, the global precious metal catalyst market is segmented into:

Iridium
Palladium
Platinum
Ruthenium
Rhodium
Gold
Silver
Others

On the basis of end user, the global precious metal catalyst market is segmented into:

Automobiles
Pharmaceuticals
Refinery
Petrochemicals
Others

Precious metal catalyst market is growing rapidly in Asia Pacific, owing to the growth in pharmaceutical and automobile industries. According to India Brand Equity Foundation (IBEF), trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India the pharmaceutical industry in India is estimated to grow to US$ 100 billion by 2025. Also, various investment plans by automobile manufacturers such as US$ 1 billion investment by 2020 by General Motors in India, will increase the demand for precious metals. Furthermore, the booming demand for automobile and pharmaceutical industry in China will contribute to the market growth.

Key Players in the Global Precious Metal Catalyst Market

The companies are adopting various strategies such as mergers and acquisitions to sustain their market positions. For instance, in March 2015, Monarch Catalysts Pvt. Ltd. acquired Evonik Industries AG. Some of the key players operating in the global precious metal catalyst market include Alfa Aesar, BASF SE, Clariant International Ltd, Evonik Industries AG, Heraeus Group, Johnson Matthey Plc, Umicore SA, and Vineeth Precious Catalysts Pvt. Ltd.

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