Precious Metal Catalysts Market worth 19.41 Billion USD by 2025 | Key players BASF SE, EvonikIndustries AG, Heraeus Group, Umicore SA, Alfa Aesar

According to recent market research "Precious Metal Catalysts Market by Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium) End-use Industry (Automobile, Pharmaceutical, Refinery), and Region - Global Forecast to 2022", The precious metal catalysts market size is estimated to grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19%.

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The platinum segment, by type, is projected to dominate the precious metal catalysts market, as the platinum catalyst helps to reduce the CO2 emission. The dominant position of the platinum catalyst segment can be attributed to the rise in the sale of diesel vehicles in Europe and North America and the introduction of more stringent Euro 6 and Euro 7 emission rules in Europe, which is expected to drive the market for platinum catalysts, as it is mainly used as emission control catalysts. It is largely used in the automobile sector to reduce the effect of pollutants released by the industrial processing units.

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.

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MarketsandMarkets projects that the precious metal catalysts market size will grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19% from 2017 to 2022. The rise in demand for emission control catalysts in automobile, pharmaceutical, and refinery industries along with industrial expansion in emerging economies is the major factor driving the precious metal catalysts market.

The key players in the precious metal catalysts market include BASF SE (Germany), EvonikIndustries AG (Germany), Johnson Matthey Plc (U.K.), Heraeus Group (U.K.), and Clariant International Ltd. (Switzerland). These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions & investments, and new product launches are some of the major strategies adopted by the market players to achieve growth in the precious metal catalysts market.

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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. It was designed to improve the ability of the catalyst to perform in the presence of most forms of sulfur contamination.

EvonikIndustries AG made a low investment for expanding its catalyst production facility and scaling up operations at Marl Chemical Park (Germany) in 2016. The new facility would enable Evonikscale up operations for fixed bed catalysts at Marl Chemical Park.

In 2015, Evonikcommissioned a new pilot plant at its production site in Shanghai for precious metal powder catalysts (PMPC). The new pilot plant would accelerate the upscaling process for commercial catalysts and help Evonikoffer customers with higher flexibility, customized solutions for developing and manufacturing pharmaceuticals, industrial & fine chemicals, and shorter turnaround time in China.

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