Precious Metal Catalysts Market is Poised to Surpass Valuation of USD 119.11 Billion by 2032 | Platinum Dominates with More than 49% Revenue Share Says Astute Analytica
Global precious metal catalysts market anticipates growth propelled by stricter emissions regulations, demand from expanding industries like automotive and pharmaceuticals, and advancements in catalyst technology. However, high costs and supply chain volatility remain potential challenges.
New Delhi, March 13, 2024 (GLOBE NEWSWIRE) -- Global precious metal catalysts market is projected to hit the market valuation of US$ 119.11 billion by 2032 from US$ 49.98 billion in 2023 at a CAGR of 10.13% during the forecast period 2024–2032.
The precious metal catalysts market is working through a lot right now. It’s operating in an environment full of emerging trends, disruptions, and emerging opportunities. The rise of electric vehicle sales in China alone (8 million in 2023) has changed the market outlook as we know it. With the increased sales of electric vehicles, a smaller number of traditional automotive catalysts are being requested. Despite this, Asia-Pacific is projected to continue leading the market with China being the in-charge for growth.
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The COVID-19 pandemic really did a number on almost every industry out there — and the precious metal catalyst sector was no exception. As a result, supply chains tanked and demand took a dive in some key areas like automotive and petrochemical. However, the market made a strong rebound in 2021 and has been witnessing a significant growth in the demand, especially from automotive and manufacturing sector. Astute Analytica attributed the strong growth in the demand for precious metal catalyst to two major factors: first, emissions regulations are only getting stricter — so demand for precious metal catalysts to control those emissions within gasoline and diesel engines will rise right alongside regulations. Secondly, the pharmaceutical industry is going bonkers over precious metals such as platinum, iridium, palladium — so they’ll naturally prop up this market too if their demands are met.
Technology also plays a big part here in the growth of the precious metal catalysts market. If manufacturers can find a way to lower costs associated with adopting Nano-particle catalysts then the market is projected to witness a significant upsurge because these materials perform better than anything else at this moment in time. At the end, the fuel and exhaust treatment segments of the broader automotive industry remain big drivers behind this market's stability and potential growth into something even greater down the line.
*Key Findings in Global precious Metal Catalysts Market *
Market Forecast (2032) US$ 119.11 Billion
CAGR 10.13%
Largest Region (2023) Asia Pacific (38.61%)
By Component Platinum (49.39%)
By State Solid (78.43%)
By Application Automotive (48.67%)
By Grade Industrial-Grade (71.06%)
Top Trends · Increasing demand in the automotive industry for catalytic converters
· Technological advancements enhancing catalyst efficiency and effectiveness
· Growing use of platinum catalysts in fuel cells
Top Drivers · Rising environmental concerns and regulations
· Growing demand for renewable energy sources and green technologies
· Expanding applications in pharmaceutical and petrochemical industries
Top Challenges · High price and restricted availability of precious metals
· Price volatility of precious metals like platinum, palladium, and rhodium
· High initial investment for development and installation
*Challenges in Cost Reduction and Efficiency Improvement in Precious Metal Catalyst Manufacturing*
Optimizing costs and efficiency for precious metal catalyst manufacturing is a challenging task in the global precious metal catalysts market. Each hurdle presents another opportunity to stumble down the path to success. One major barrier is the lack of information about catalyst costs. With such limited insight, research and development efforts are stifled from the very beginning. This problem becomes more pervasive as time goes on. The recovery of precious metals such as platinum, palladium, rhodium, and ruthenium is necessary for maintaining control over cost. The inefficiency in this process forces refiners to find value elsewhere in spent catalysts. Besides, it is just one more step slowing down production.
If these losses weren’t costly enough already, demand and customer requirements add an extra strain of complexity. Customers are looking for custom solutions that balance effectiveness with cost-efficiency and sustainability. Their needs are valid, but it doesn’t make things any easier. The petrochemical industry knows this pain all too well. Energy costs have kept them on their toes for years now. Unfortunately, there’s no easy solution to that problem either.
It’s becoming clear that environmental concerns continue to grow as legal implications take hold of industry one by one. This has forced manufacturers to adapt at an increased pace — innovation is now only hope for survival. By focusing research and development on cost-effective and efficient catalysts, manufacturers may be able to kill two birds with one stone.
*Platinum Dominates the Precious Metal Catalysts Market, Controls More than 49% Revenue Share*
Platinum holds the gold standard in catalysts. It's speedy, tough, and versatile properties make it a valuable tool among various industries. The element’s ability to accelerate reactions can't be matched, not to mention its durability under high temperatures and resistance to wear and tear. This means that even in the unforgiving environment of a fuel cell, platinum will last longer than most other metals before breaking down. Industries love using this metal for all kinds of purposes. Ranging from petroleum refining all the way down to complex synthesis. Platinum-based catalysts are especially sought-after due to their ability to help meet environmental regulations regarding vehicle emissions. When it comes to cost, platinum is hard to match as well. Its longevity combined with its selective qualities in limiting byproducts equals savings on production costs.
Manufacturers in the precious metal catalysts market can't get enough of this either. In fact, the automotive sector is one of the biggest consumers of platinum. However, with ongoing research there may be ways found in order to cut usage and reduce costs while still benefiting from all that this precious metal has to offer. Although its higher price tag can deter those who are on a budget, critics have yet to find an adequate substitute for such a great product. At the end, platinum takes home more than 49% market share on account of the most widely used precious metal catalyst across several essential applications like fuel cells and emission control methods.
*Industrial Grade Precious Metal Catalysts are in High Demand, Generate More than 71% Revenue *
Industrial-grade catalysts are witnessing higher demand than reactive and technical grades, because of their improved durability, performance optimization, suitability for large-scale production and overall cost-effectiveness. There is no doubt that these industrial-grade catalysts can endure tough conditions. They can withstand almost anything that would normally break a regular catalyst like high temperatures and pressures, mechanical stress and chemical attack. This means, they last longer before needing to be replaced which will save money on replacements in the long run in the precious metal catalysts market.
It has been observed that a diverse range of end users are preferring industrial grade precious metal catalysts as they also come with higher active metal loadings, specialized supports and tailored structures, which is why companies use it in large scale manufacturing. They might come at a higher price tag initially but as we learned above, they do not require replacement often at all due to how durable they are. Also, companies need bigger loads for production and that’s what this does best so there’s really no other option that would suffice while still being cheaper. These catalysts have to meet very strict environmental regulations so not only did they offer higher efficiency but also help meeting the compliance at much easier rate.
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*Asia Pacific is Leading Consumer and Producers Across Global Precious Metal Catalysts Market *
The Asia Pacific region consumes more precious metal catalysts than any other part of the world, and for good reason. The mix of economic, industrial and regulatory factors have created a perfect storm of demand. As the region rapidly industrializes, it’s growing sectors like petrochemicals, chemical manufacturing and the ever-expanding automotive industry need lots of precious metal catalysts to keep up. So, they’re buying them in bulk. China is also playing a huge role in driving catalyst consumption in the region. As one of the largest automotive and chemical manufacturers in the world, it uses an absurd amount. Despite its focus on electric vehicles, China’s internal combustion engine market is still massive, which means there’s plenty of room for traditional auto catalysts.
New emissions regulations are also pushing Asia Pacific precious metal catalysts market toward positive future. China and India recently passed increasingly strict rules aimed at reducing harmful outputs from vehicles and industry — so companies need more catalysts to meet those standards. Additionally, clean energy tech is booming in Asia Pacific as the region pushes for sustainability everywhere it can find it. Precious metal catalysts play a crucial role in hydrogen fuel cells and renewable energy tech because they enable cleaner processes that produce greener products, so they’re here to stay if they want to meet their environmental goals.
*Global Precious Metal Catalysts Market Key Players*
· Alfa Chemistry
· American Elements
· BASF SE
· Cataler Corporation
· CHIMET
· Clariant
· Evonik
· Heraeus Holding
· Johnson Matthey
· N.E. CHEMCAT
· NIPPON SHOKUBAI CO., LTD .
· TANAKA HOLDINGS Co., Ltd .
· Umicore
· Other Prominent Players
*Key Segmentation:*
*By Components*
· Platinum
· Palladium
· Rhodium
· Iridium
· Ruthenium
*By State*
· Solid
· Granules
· Powder
*By Grade*
· Industrial
· Technical
· Reagent
*By Application*
· Refinery Applications
· Reforming
· Aromatization
· FCC Additives
· Petrochemical
· Hydro purification
· Oxo Alcohol
· Propylene
· Bulk Chemicals
· Ammonia
· Hydrogen Peroxide
· Chlorine
· Polymer
· Vinyl Chloride
· Methyl Methacrylate
· Synthetic Fiber
· Nylon
· Polyester
· Gas Production and Purification
· City Gas
· Purification of Hydrogen
· Specialty Chemicals
· Dyestuff and Organic Pigment
· Antioxidant
· Food Industry
· Synthetic Perfume
· Automotive
· Catalytic Converters
· Spark Plugs
· Others
*By Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa (MEA)
· South America
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*About Astute Analytica*
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/