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Precious Metal Catalysts Market: Increasing use of precious metal catalysts in the automobiles is expected to boost the product demand over the forecast period 2021 to 2027

Market Segmentation

The global precious metal catalysts market is segmented by type, application, and region. On the basis of the type, the market is segregated into platinum, palladium, ruthenium, rhodium, iridium, rhenium, gold, silver, nickel, and others. The platinum is the most preferred type of precious metal due to strong electrical stability, chemical resistance, and corrosion resistance. It is widely used in crude oil refining and aromatic compounds production. Palladium metal consumption is increasing in the automotive industry owing to resistance to high temperature and sulfur poisoning. Palladium is also used in the hydrogenation of unsaturated hydrocarbon, jewelry, and dental fillings.

Precious Metal Catalysts Market size is projected to be worth USD 27.32 Billion by 2027, registering a CAGR of 6%.

Based on the application, the global precious metal catalysts is segmented into automotive, refining, pharmaceuticals, petrochemicals, oil, mining, electronics, and others. The automotive segment accounted for the largest market share in the precious metal catalysts as a result of a reduction in volatile organic compounds emission. Rising demand for petrochemicals from the major end use industries is driving the precious metal catalysts growth. Precious metals catalysts consumption is increasing in the refining industry due to high returns on the recovered precious metals. The demand for the product is increasing due to increasing synthesis of highly complex small-molecule intermediaries and active pharmaceuticals ingredients owing to increased atom economy. Growing electronic industry with rising demand for organic light emitting diodes in smartphones and TV.

Regional Analysis

Based on the region, the precious metal catalysts market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Europe is leading the precious metal catalysts market due to growing healthcare industry with rising geriatric population. Moreover, rising environmental regulations by the European Union to reduce the emission of pollutants is influencing the market growth.

Asia Pacific is the fastest growing region in the precious metal catalysts market owing to the increasing production of automobiles in the developing economies such as India, China, and Thailand. Growing pharmaceutical industry with rising health awareness among the consumers is propelling the market growth.

North America is the second largest region in the global precious metal catalysts market on account of reviving automotive industry. Increasing demand for the fuel-efficient vehicles to reduce the environmental impacts is stimulating the product demand.

Other regions are likely to witness moderate growth during the review period due to growing end-use industries such as automotive and healthcare.

Competitive Analysis

Some of the key players in the global precious metal catalysts are BASF SE (U.S.), Clariant (Switzerland), Chimet S.p.A. (Italy), Sabin Metal Corporation (U.S.), American Elements (U.S.), Evonik Industries AG (Germany), Alfa Aesar (U.S.), Johnson Matthey (U.K), Heraeus Group (U.K), and Vineeth Precious Catalysts Pvt Ltd (India).

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