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Automotive Industry's Rising Demand Propels Growth Of Precious Metal Catalyst Market: Powering Innovation and Expansion in the Precious Metal Catalysts Market by 2025
Precious Metal Catalysts Market
What Is the Expected CAGR for the Precious Metal Catalysts Market Through 2025?
There has been a consistent growth in the market size of precious metal catalysts over the past few years. The market size, which is projected to reach $16.34 billion in 2024, is expected to increase to $17.14 billion in 2025, representing a compound annual growth rate (CAGR) of 4.9%. Factors motivating this surge include robust economic advancement in the developing economies, a surge in demand for palladium catalysts, and an increasing requirement for precious metal catalysts in the medication manufacturing sector.
What's the Projected Size of the Global Precious Metal Catalysts Market by 2029?
In the coming years, the market size for precious metal catalysts is predicted to see significant growth, reaching $22.39 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%. This projected growth during the forecasted period can be linked to governmental backing, increasing utilization of platinum catalysts in fuel cells, and the surging application of precious metal catalysts within the car industry. Key market trends for this period involve the advent of new technologies and the development of innovative product solutions to bolster market positioning, a focus on partnerships and acquisitions to enhance financial standing, product range, and geographic footprint, an uptick in investment into production capabilities to generate new product solutions and meet the escalating demand for precious metal catalysts, and a prioritization of product innovation.
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Top Growth Drivers in the Precious Metal Catalysts Industry: What's Accelerating the Market?
The surge in the requirement for precious metal catalysts within the automotive sector is fuelling the expansion of the precious metal catalyst market. The demand in this context relates to the use of such catalysts in fuel cell-powered vehicles, as a cathode substance for electric cars, and as a vehicle catalyst. These valuable metals play a vital role in the fast-growing automotive sectors by enabling sophisticated products for electric and fuel-cell vehicles. For example, 'Nornickel', a Russian mining and smelting firm specializing in nickel and palladium, noted in February 2022 that the automotive industry's demand for palladium grew by 0.6% in 2022 compared to 2021. Hence, the escalating demand for precious metal catalysts in the automotive sector is propelling the precious metal catalyst market.
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What Are the Key Trends Driving Precious Metal Catalysts Market Growth?
Players within the precious metal catalysts market are placing emphasis on innovative technologies and new product development to solidify their market standing. For instance, BASF, a chemical corporation based in Germany, launched a new X3D technology in October 2022. This cutting-edge additive manufacturing technology, rooted in 3D printing for catalysts, leads to the creation of catalysts with an open structure. This reduces the pressure drop over the reactor and enhances the surface area, thus significantly augmenting the performance of the catalysts. Moreover, this technology can be employed on a broad array of traditional catalytic substances, such as precious or base 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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