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Precious Metal Catalysts Market Size 2022, By Segmentations, Growth, Trends & Forecast to 2030
Precious Metal Catalysts Market
Metals that are corrosion resistant and offer oxidation in moist are known as noble metal catalysts. Noble metals include platinum (Pt), Osmaium (Os), palladium (Pd), ruthenium (Ru), silver (Ag), iridium (Ir), and gold (Au).
These metals are considered valuable, as they are rarely found in the earth's crust, and their utility in metallurgy and ornamentation (jewellery, sacred objects, and art).
The growth of the global noble metal catalyst market is driven by its widespread applications. However, performance dependency on temperature and loss of activity through poising & thermal deactivation hamper the market growth.
Moreover, high cost of the metal restrains the market growth. Ongoing R&D activities to reduce costs and improve the quality of catalysts are expected to provide lucrative opportunities for the market.
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Global Precious Metal Catalyst market: Overview
The precious metal catalysts market valued at USD 19.41 Billion by 2022, is anticipated to reach a value of USD 31.38 Billion in 2030, growing at a CAGR of 6.19%.
If mild reaction conditions are maintained, relatively high product yield can be achieved by reducing the formation of by-products.
With advancements in the field of Nano-technology, progress is underway regarding the preparation technology of precious metal catalysts in the recent years.
This has ensued in saving of energy, high productivity, and reduction in the cost of production. These advantages of the precious metal catalysts are expected to drive the market during the forecast period.
Precious metal catalysts are, however, expensive and undergo high price volatility. Also, the usage of platinum metal as a fuel cell catalyst faces a major drawback, that is, of high residue of carbon monoxide being formed, that hinders the process of hydrogen electro oxidation.
Lack of proper precaution, such as maintenance of appropriate reaction conditions, may lead to the precious metals turning toxic during their use in reactions.
Key Trends: Growth Determinants and Challenges
Platinum Segment is projected to Dominate the Market
Platinum is one of the major segments of the market, as the platinum catalyst helps to reduce CO2 emission. It is largely used in the automobile sector to reduce the effect of pollutants released by the industrial processing units.
The majority of platinum consumption can be validated by the rise in the sale of diesel vehicles. In addition to it, platinum is used as one of the emission control catalysts.
Thus it is estimated to dominate the European market owing to the region's introduction of more stringent Euro 6 and Euro 7 emission rule.
The auto-catalysts help to reduce emissions from gasoline and diesel engines and improve the energy efficiency of industrial processes. For over 35 years, auto-catalysts containing platinum group metals have proven the most effective way to tackle pollution generated by all types of petrol and diesel vehicles.
Competitive Landscape:
BASF SE
Evonik Industries AG
Johnson Matthey Plc
Heraeus Group
Clariant International Ltd.
Umicore SA
Alfa Aeser
Vineeth Precious Catalysts Pvt. Ltd.
Umicore, Chimet S.P.A.
American Elements
ALS Limited
Ames Goldsmith Ceimig
Stanford Advanced Materials
Shanxi Kaida Chemical Engineering Co., Ltd.
Hindustan Platinum Pvt.
Synthesis with Catalysts Pvt.
q J&J Materials, Inc.
Alfa Chemistry
Segmental Analysis of Global Precious Metal Catalyst Market:
Based on Type
Platinum
Gold
Silver
Ruthenium
Palladium
Rhodium
Iridium
Osmium
Others
Based on Distribution Channel
Direct Sales
Indirect Sales
Based on End-User
Automotive
Pharmaceutical
Petrochemical
Agrochemicals
Chemicals
Environment and Material Sciences
Refinery
Others
Based on Region
North America
Middle East and Africa
Europe
Asia-pacific
Latin America
Asia Pacific is projected to showcase lucrative growth trends over 2022-2030. This is attributable to the rapidly evolving automotive and chemical sectors along with the widespread availability of precious metal catalysts.
Major Developments:
In March 2017, BASF Catalyst division has opened new mobile emissions catalysts manufacturing site which will replace existing BASF plant in Chennai and which will double the company's catalyst manufacturing capacity in India.
In January 2017, Johnson Matthey Fine Chemicals has launched new online catalyst store. The new store will provide customer with easy access to enquiry quantities of commercial grade ligands and catalysts, to accelerate development of efficient and economic processes to pharmaceuticals, agrochemicals, and other applications.
Major questions answered in the report:
What are the major growth factors, challenges and trends in the global precious metal catalyst market?
Which regional segment accounts for the largest revenue share in the global precious metal catalyst market?
Which top companies are contributing into the growth of global precious metal catalyst market?
Key Takeaways from the report:
Regional insights, coupled with other segmental analysis.
Growth factors, challenges and trends.
The precious metal catalysts market valued at USD 19.41 Billion by 2022, is anticipated to reach a value of USD 31.38 Billion in 2030, growing at a CAGR of 6.19%.
For More Details, Visit Our Report Page: https://wemarketresearch.com/reports/precious-metal-catalysts-market/128/
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WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
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