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Precious Metal Catalysts Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Precious Metal Catalysts Market Trends
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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
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.
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Major Key Players of the Market:
Waste Management Inc, Veolia Environnement S.A, Suez SA, Republic Services Inc, Waste Connections Inc, Stericycle Inc, Biffa Plc, Hitachi Zosen Corporation, ALBA Group, Remondis A/S, Replas, LG Chem, BioPak, UFlex, EsselPropack, Balson Industries, Kingfa Sci. & Tech Co., Ltd, GuangDong Huazhilu Biological Material Co., Ltd, Mitsubishi Chemical Corporation, Plantic Technologies Limited, Total Corbion PLA, Xinghua Xinfeng Plastic Co, Ltd, PLASgran Ltd Remondis SE & Co KG, Covanta Holdings, KW Plastics, Biochemtex, Novamont S.p.A, Avantium N.V, Sulapac, Amsilk GmBH, Carbios Amcor, Clean Harbors, TerraCycle, WM Intellectual Property Holdings, United Plastic Recycling, GFL Environmental Inc, ENF Recycling, Braskem, Fluxana GmbH Co. KG, New Hope Ecotech, Boomera, Flottweg SE, PDL software ambiental, EcoMachine, Mundo Livres, Lamor Corporation Ab, Andritz AG, Amandus Kahl GmbH & Co. KG, Bee'ah, Trident Trackway, Master Skip Services, Globalex Group of companies, RecycleHub Company, Averda, Al Dhafra Recycling, Suhul al Beeah pvt ltd, Mr. Green Africa, Dow Packaging and Specialty Plastics, FabricAid, GreenRepublic, Kudoti, WeCyclers, Jumeni, Coliba Ghana Ltd, Premier Waste Services
Precious Metal Catalysts Market 2024 Key Insights:
• 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%.
• Automotive Industry's Rising Demand Propels Growth Of Precious Metal Catalyst Market
• Innovative Technological Advancements In The Precious Metal Catalysts Market
• Asia-Pacific was the largest region in the precious metal catalyst market in 2023 and is expected to be the fastest-growing region in the forecast period
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