Press release
Precious Metal Catalysts Industry Outlook 2025-2029: Market Set to Cross $23.26 Billion Milestone
Precious Metal Catalysts
What Is the Expected CAGR for the Precious Metal Catalysts Market Through 2025?
The market size for precious metal catalysts has demonstrated robust growth lately. From 2024 to 2025, it's expected to expand from $16.34 billion to $17.41 billion, indicating a compound annual growth rate (CAGR) of 6.5%. Factors such as significant economic development in emerging markets, growing interest in palladium catalysts, and escalating demand for these metal catalysts in the pharmaceutical sector have all contributed to the growth within this historical period.
What's the Projected Size of the Global Precious Metal Catalysts Market by 2029?
The market size of precious metal catalysts is predicted to witness a significant increase in the years to come, expanding up to $23.26 billion in 2029 with a compound annual growth rate (CAGR) of 7.5%. This growth during the predicted period can be credited to factors such as governmental encouragement, escalating utilization of platinum catalysts in fuel cells and increased usage of precious metal catalysts within the automotive industry. Key trends for the forecast time frame encompass implementing novel technologies and creating innovative product offerings to solidify their market rank, a concentration on strategic partnerships and acquisitions to boost their financial resilience, range of products, and global footprint. Furthermore, they're escalating investments in their productive capacities to craft new product solutions and to meet the surging demand for precious metal catalysts, with a particular emphasis on product innovation.
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Top Growth Drivers in the Precious Metal Catalysts Industry: What's Accelerating the Market?
The burgeoning need for precious metal catalysts in the automobile industry is a major driver for the expansion of the precious metal catalyst market. This need pertains to the utilization of these catalysts in fuel cell-powered vehicles, electric vehicles' cathode materials, and automobile catalysts. Precious metals are crucial components in the fast-growing automotive sectors, facilitating progressive products for electric and fuel-cell vehicles. For instance, 'Nornickel', a nickel and palladium mining and smelting firm based in Russia, reported a 0.6% rise in automotive industry's palladium demand in 2022 compared to 2021. As a result, the rising demand for precious metal catalysts in the automobile industry is propelling the precious metal catalyst market's growth.
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What Trends Will Shape the Precious Metal Catalysts Market Through 2029 and Beyond?
Firms in the valuable metal catalysts market are concentrating on fresh technologies and creating innovative product solutions to bolster their standing in the industry. For instance, BASF, a chemical company from Germany, in October 2022, created a groundbreaking additive manufacturing technology for catalysts known as X3D. This technology fabricates catalysts with an open configuration, leading to a decreased pressure fall throughout the reactor and a broad surface area, significantly amplifying the performance of the catalysts. BASF has the capability to apply this technology to diverse existing catalytic substances, encompassing base or valuable metal catalysts and carrier materials.
What Are the Main 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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Which Top Companies are Driving Growth in the Precious Metal Catalysts Market?
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
Which Regions Will Dominate the Precious Metal Catalysts Market Through 2029?
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.
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