ID: MRFR/CnM/4519-HCR | February 2021 | Region: Global | 100 pages
Precious metal catalysts are noble metals widely used in the chemical industry owing to their ability to speed up the chemical process. Most commonly used precious metal includes platinum, palladium, rhodium, and silver among others. Platinum metal is widely preferred in the automotive industry due to reduced atmospheric emissions of volatile organic compounds and other pollutants. Metal must be recovered from the spent catalyst by dissolving into string acid and regenerated as they tend to deactivate over a period of time. The usage of nano-particle catalysts made from noble materials has increased due to improved and speedy performance during chemical processing and to offset the high cost of noble materials.
Precious metal catalysts find application in automotive, refining, hydrocarbons, petrochemicals, pharmaceuticals, electronic, and mining among others. Precious metal catalysts after the use are refined through pyro-metallurgical technology, which helps the refining company to yield high returns on refined precious metal catalysts. Refining of such metals is subject to certain environmental regulations due to the production of solid, liquid, and gaseous by-products during the refining process, especially in North America and European region.
Increasing R&D investment in the precious metal catalysts to reduce cost and gain maximum returns from the recovered metals is uplifting the market growth. The product demand is increasing from the automotive industry across the globe due to rising environmental regulations on carbon emission. The market growth is majorly influenced by the expanding automotive industry in the developing economies such as India, China, and Brazil. Surging demand for hydrogen fuel cells vehicles, which performs the functions similar to electric vehicles is likely to bolster the market growth. Furthermore, growing healthcare industry with rising health awareness among the consumers is driving the precious metal catalysts market. The product consumption is increasing in the pharmaceuticals due to its use as anti-cancer agents. However, due to limited availability of precious metals, Chirik Group has developed alternative catalyst based on cobalt and iron in collaboration with Merck & Co. Furthermore, surging demand for petrochemicals from the major end use industries such as automotive and construction is driving the market growth. Yet, growing use of bio-based chemicals is likely to reduce the precious metal catalysts demand.
Global Precious Metal Catalysts Market share, by type (%)
Source: MRFR analysis
Europe was leading the precious metal catalysts market in 2017 and is expected to witness significant growth during the review period. Reviving automotive industry with increasing production of hydrogen fuel cell vehicles due to rising environmental concerns is propelling the market growth. The European Union has set emission target of 95 grams per kilometer for the new passenger car, which will apply from 2021. Growing healthcare industry with increasing spending on health care is stimulating the product demand further.
Asia Pacific is the fastest growing region in the precious metal catalysts owing to the expanding automotive industry in the emerging economies coupled with rising disposable income. Increasing production of lightweight vehicles as a result of emission standards set by the Indian government is another important factor driving the market growth.
North America is another prominent region in the precious metal catalysts market owing to the reviving automotive industry with increasing demand for the lightweight vehicles. Additionally, in the U.S., Comprehensive Environmental Responsibility & Liability Act has set certain regulations for refining spent catalysts. Growing pharmaceutical industry as a result of rising geriatric population is uplifting the market growth further.
Latin America region is expected to exhibit a considerable growth due to growing automotive industry, especially in Brazil and Mexico as a result of increasing sale of vehicles by a French manufacturer, Groupe PSA.
The Middle East and Africa is likely to witness a moderate growth during the review period with a positive impact on refiners and petrochemicals as a result of growing end-use industries.
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.
Based on the application, the global precious metal catalysts is segmented into automotive, refining, pharmaceuticals, petrochemicals, oil, mining, electronics, and others.
Based on the region, the precious metal catalysts market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the key players in the global precious metal catalysts are Chimet S.p.A. (Italy), Sabin Metal Corporation (U.S.), American Elements (U.S.), BASF SE (U.S.), Evonik Industries AG (Germany), Clariant (Switzerland), Alfa Aesar (U.S.), Johnson Matthey (UK), Heraeus Group (UK), and Vineeth Precious Catalysts Pvt Ltd (India).
Frequently Asked Questions (FAQ) :
Europe is likely to have a major share in the precious metal catalyst market.
Notable players profiled in the precious metal catalyst market include Vineeth Precious Catalysts Pvt Ltd (India), Heraeus Group (UK), Johnson Matthey (UK), Alfa Aesar (U.S.), Clariant (Switzerland), Evonik Industries AG (Germany), BASF SE (U.S.), American Elements (U.S.), Sabin Metal Corporation (U.S.), and Chimet S.p.A. (Italy).
It includes gold, iridium, rhenium, rhodium, ruthenium, palladium, and platinum.
It finds wide application in mining, electronic, pharmaceuticals, petrochemicals, hydrocarbons, refining, and automotive.
Increasing R&D investments, rising environmental regulations on carbon emission, and growing demand from the automotive industry are boosting the market growth.