Global Precious Metal Catalysts Market by type (platinum, iridium, rhodium, palladium, ruthenium, and others), by end-use (automobile, pharmaceutical, refinery, others), by Geography (North America, Europe, Asia Pacific, Middle East & Africa and South America) – is expected to reach US$ 24.63 Bn by 2027, at a CAGR of 6.83%.
Extensive R&D is carried out in order to decrease cost and improve the quality, rising output of the petrochemicals market led to consumption of catalytic, and expansion of the refining, polymer, and chemicals industries are boosting the precious metal catalysts market growth. Moreover, increasing government regulations towards environmental emissions in developing as well as developed economies is another factor for the growth of precious metal catalysts globally. However, thermal degradation, high cost, and loss of activity due to poisoning are some of the factors hampering the growth of the global precious metal catalyst market.
The automobile segment is expected to lead the precious metal catalysts market during the forecast period
The automobile segment is expected to lead the precious metal catalysts market during the forecast period. Due to the result of the growing stringent emission standards and the increasing automotive, refinery, and pharmaceutical industries. Based on type, Platinum segment is estimated to the largest segment over the forecast period. It is largely used in the automobile sector to decrease the effect of pollutants released by the industrial processing units.
Europe accounted for the leading market share of the precious metal catalysts market in 2017
Europe accounted for the leading market share of the precious metal catalysts market in 2017. The government’s stringent emission norms and the growth in end-use segments like automobile, refinery, pharmaceutical, and petrochemical are various factors driving the precious metal catalysts market in Europe. The Asia Pacific is the fastest growing in the precious metal catalysts owing to the expanding automotive industry in the developing economies coupled with increasing disposable income.
This report includes a study of marketing and development strategies, along with the product portfolios of prominent companies. It includes the profiles of leading manufacturers such as BASF SE, Evonik Industries AG, Johnson Matthey Plc, Heraeus Group, Clariant International Ltd, Umicore SA, Alfa Aesar, and Vineeth Precious Catalysts Pvt. Ltd.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Precious Metal Catalysts Market. Report encompasses the market by different segments and region, providing the in-depth analysis of the overall industry ecosystem, useful for making informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Precious Metal Catalysts Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Precious Metal Catalysts Market positioning of competitors.
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