Environmental concern and their legal implications is driving Precious Metal Catalysts Market

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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• The automobile sector is projected to grow at the highest rate during the forecast period”

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, refinery, and pharmaceutical industries. 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.

• European precious metal catalysts market accounted for the largest share in 2016”

The European region accounted for the largest share of the precious metal catalysts market in 2016, wherein Germany accounted for the largest country-level market. The government’s stringent emission norms and the growth in end-use sectors such as automobile, refinery, pharmaceutical, and petrochemical are some of the factors driving the precious metal catalysts market in Europe. The market in this region is growing rapidly due to the presence of numerous leading players. Its significant hold on industries such as automotive, pharmaceutical, refinery, and mass transport has played a crucial role in the growth of the market for precious metal catalysts in the European region.

In 2015, Evonik commissioned a new pilot plant at its production site in Shanghai for precious metal powder catalysts (PMPC). The new pilot plant would accelerate the upscaling process for commercial catalysts and help Evonik offer customers with higher flexibility, customized solutions for developing and manufacturing pharmaceuticals, industrial & fine chemicals, and shorter turnaround time in China.

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In the same year, Evonik acquired Monarch Catalyst Pvt Ltd. (India), a manufacturer of nickel catalyst for oils & oleo chemicals in India. This acquisition would help Evonik to strengthen its position in the precious metal catalysts market in India and Asia.

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