The precious metal catalysts market is projected to grow at a CAGR of 6.19% from 2017, to reach USD 19.41 billion by 2022. The precious metal catalysts market is witnessing considerable growth due to advancements in technology and rise in emission norms across the globe.
Growth in demand in automobile and pharmaceutical applications, along with environmental concerns and their legal implications are the key factors fueling the growth of the precious metal catalysts market. The precious metal catalysts market has opportunities owing to the increase in R&D activities by companies to reduce costs and improve the quality of catalysts and the rise in investments in the automobile sector, which will drive the demand for emission control catalysts.
In contrast, factors such as performance dependency on temperature & loss of activity through poising and thermal deactivation and use of new nano-particle catalysts (which can reduce the need for precious metals catalysts) restrain the growth of the market.
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“The automobile sector is projected to dominate the precious metal catalysts market through 2022”
The automobile sector dominated the market in 2016, and is projected to be the fastest-growing end-use sector over the next five years, as a result of the rising stringent emission standards and the growing automotive industry. The newly developed emission standards demand additional improvements in catalyst technologies to successfully remove toxic substances from car exhausts, which will, in turn, drive the precious metal catalysts market growth through the automobile sector.
“The Asia-Pacific precious metal catalysts market is projected to be the fastest-growing during the forecast period”
Asia-Pacific is projected to be the fastest-growing market for precious metal catalysts, in terms of value and volume, followed by Europe, the Middle Easy & Africa, and North America. The growth in the Asia-Pacific market is attributed to the increase in usage of precious metal catalysts in end-use sectors such as automobile, pharmaceutical, refinery, and petrochemical.
China is projected to be the fastest-growing country-level market in the region for the precious metal catalysts market. The growth in the automobile industry coupled with the adaptation of stringent emission norms has resulted in the rise in demand for precious metal catalysts in the region.
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Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the precious metal catalysts market. Estimates reached after analyzing secondary sources were validated through these interviews.
Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
By Company Type: Tier 1 –33%, Tier2 –50%, and Tier 3 –17%
By Designation: Director Level – 33 and Manager Level – 67%
By Region: North America –35%, Asia-Pacific – 25%, Europe –30%, and South America–10%
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The various key players profiled in the report are as follows:
- BASF SE (Germany)
- Evonik Industries AG (Germany)
- Johnson Matthey Plc (U.K.)
- Heraeus (U.K.)
- Clariant AG (Switzerland)
- Xi’an Catalyst New Material Co, Ltd. (China)
- Umicore Group (Belgium)
- Alfa Aesar (U.S.)
- Shaanxi Kai Da Chemicals Co Ltd (China)
- Vineet Chemicals (India)
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