Precious Metal Catalysts Market size is expected to grow at a CAGR of 6.19% to 2022

The precious metal catalysts market size is estimated to grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19%.

Browse 133 Market Data Tables and 30 Figures spread through 178 Pages and in-depth TOC on "Precious Metal Catalysts Market by Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium) End-use Industry (Automobile, Pharmaceutical, Refinery), and Region - Global Forecast to 2022".

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On the basis of types, precious metal catalysts considered for the study include platinum, palladium, rhodium, iridium, and ruthenium. The platinum segment is projected to grow at the highest CAGR from 2017 to 2022. The dominant market position of the platinum catalyst segment can be attributed to its stable electrical properties. It is also resistant to chemical reactions and does not oxidize even at high temperatures, and therefore, is extensively used as an ingredient for processing catalyst. Platinum is the most widely used precious metal as a catalytic converter for automobiles as it is highly resistant to corrosion, high temperature, and to sulfur poisoning that is found in gasoline and diesel engines.

In terms of value, the automobile sector, by end-use industry, is projected to grow at the highest rate during the forecast period. This growth is attributed to the rise in stringent emission standards and the growth in the 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.

In 2016, the European region accounted for the largest share of the global precious metal catalysts market. However, as the precious metal catalysts market in developed countries is maturing, markets in developing countries such as China and India are projected to grow at the highest rates from 2017 to 2022.

The Asia-Pacific region is projected to grow at the highest CAGR compared to those of other region-level markets, owing to the rise in concern regarding emission control and rapid expansion of end-use sectors such as automobiles, pharmaceuticals, refinary, and petrochemical. China and India have been adopting stringent emission control norms; for instance, India levied BSIV in 2017 and China follows Euro-6 equivalent norms, which is expected to drive the demand in the automotive and other industrial sectors in the region, and in turn, drive the precious metal catalysts market as well.

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The global market for precious metal catalysts is dominated by players such as BASF SE (Germany), Evonik Industries AG (Germany), Johnson Matthey Plc (U.K.), Heraeus Group (U.K.), Clariant International Ltd (Switzerland), Umicore SA (Belgium), Alfa Aesar (U.S.), and Vineeth Precious Catalysts Pvt. Ltd. (India).

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