Press release
Precious Metal Catalysts Market Size Forecasted To Achieve $23.26 Billion By 2029 With Steady Growth
Precious Metal Catalysts
What Is the Precious Metal Catalysts Market Size and Projected Growth Rate?
In recent times, the market size of precious metal catalysts has seen robust growth. The market is projected to expand from $16.34 billion in 2024 to $17.41 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. This significant growth during the historical period is due to the robust economic development in emerging markets, a surge in demand for palladium catalysts, and an increasing need for precious metal catalysts in the pharmaceutical sector.
The market for precious metal catalysts is projected to undergo substantial growth in the coming years, expanding to a value of $23.26 billion in 2029, reflecting a compound annual growth rate of 7.5%. This anticipated growth during the forecast period can be traced back to factors such as government support, an increased application of platinum catalysts in fuel cells, and a surge in usage within the automotive industry. Noteworthy trends for the forecast period are emerging technologies and the creation of innovative product solutions to consolidate their market presence, concentrating on partnerships and acquisitions to enhance their financial standing, product range, and regional presence. They are also expanding their manufacturing capacity to generate novel product solutions and meet the escalating demand for precious metal catalysts, alongside an emphasis on product innovation.
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What Are the Major Segments in the Precious Metal Catalysts Market?
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
Subsegments:
1) By Platinum: Supported Platinum Catalysts, Homogeneous Platinum Catalysts, Platinum-Group Metal Alloys
2) By Palladium: Supported Palladium Catalysts, Homogeneous Palladium Catalysts, Palladium-Group Metal Alloys
3) By Rhodium: Supported Rhodium Catalysts, Homogeneous Rhodium Catalysts
4) By Iridium: Supported Iridium Catalysts, Homogeneous Iridium Catalysts
5) By Ruthenium: Supported Ruthenium Catalysts, Homogeneous Ruthenium Catalysts
6) By Other Types: Mixed Precious Metal Catalysts, Specialty Precious Metal Catalysts, Recyclable Precious Metal Catalysts
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What Are The Driving Precious Metal Catalysts Market Evolution?
The upward trend of the precious metal catalyst market is being driven by surging demand in the automotive sector for such catalysts. This demand predominantly arises from their use in fuel cell vehicles, as a cathode material in electric vehicles, and as a crucial component of automotive catalysts. The burgeoning automotive industry values precious metals for their significant role in facilitating cutting-edge products for electric and fuel-cell vehicles. As reported by 'Nornickel', a Russian nickel and palladium mining and smelting company, in February 2022, the automotive sector's demand for palladium rose by 0.6% in 2022 compared to the previous year. Hence, this escalating demand for precious metal catalysts from the automotive industry is propelling the precious metal catalyst market.
Which Firms Dominate The Precious Metal Catalysts Market Segments?
Major companies operating in the precious metal catalysts market include Johnson Matthey Plc, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, Sino-Platinum Metals Co., Ltd, Kaili Catalyst & New Materials Co Ltd, Clariant International Ltd, Alfa Aesar, Shaanxi kai Da chemical co. LTD, Sud-Chemie India Pvt. Ltd., Indian Platinum Pvt. Ltd., Xi'an Catalyst Chemical Co., Ltd., Vineeth Precious Catalysts Pvt. Ltd., Zibo Jiulong Chemical Co., Ltd, Haldor Topsøe, Thermo Fisher Scientific, AlS Globsl, Stanford Advanced Material, Hindustan Platinum, Tanaka Kikinzoku International America Inc., Specialty Metals Smelters & Refiners, LLC, J & J Materials, Inc., Molecular Products, Inc., CDTi Advanced Materials Inc., Metal & Catalyst Resources, Mottcorp, Dorf Ketal, AB Enterprises, Metalor, Petra Precious Metals Recycling, Nobilis PGM
What Trends Are Driving Growth in The Precious Metal Catalysts Market?
Firms operating in the precious metal catalysts sector are prioritizing novel technologies and pioneering product solutions in order to solidify their market standing. For instance, BASF, a chemical company headquartered in Germany, introduced a new X3D technology in October 2022. This innovative additive manufacturing technology is used for creating catalysts via 3D printing. The technology allows for the crafting of catalysts with an open structure, which subsequently results in a reduced pressure drop throughout the reactor and a greater surface area, considerably enhancing the efficiency of these catalysts. This technology can be broadly applied to a variety of existing catalytic materials, including base or precious metal catalysts as well as carrier materials.
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Which Is The Largest Region In The Precious Metal Catalysts Market?
Asia-Pacific was the largest region in the precious metal catalyst market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the precious metal catalysts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Precious Metal Catalysts Market?
2. What is the CAGR expected in the Precious Metal Catalysts Market?
3. What Are the Key Innovations Transforming the Precious Metal Catalysts Industry?
4. Which Region Is Leading the Precious Metal Catalysts Market?
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