Precious metal catalysts consist of highly dispersed nano-scale precious metal particles on supports with high surface area such as carbon, silica, and alumina. The nano scale metal particles easily adsorb hydrogen and oxygen in the atmosphere. Precious metal catalysts have a wide range of applications such as in refinery, petrochemicals, polymer, chemicals, and pharmaceuticals industry. Catalytic convertor is used to convert toxic vehicle emissions into less toxic pollutants. Platinum, palladium, and rhodium are the commonly used precious metals in catalytic convertors.
Stringent government regulations imposed on end-user industries to control emissions is a major factor driving growth of the global precious metal catalysts market. Growth of end-use industries such as petrochemicals, chemicals, polymers, pharmaceuticals, automotive, and refineries is also expected to boost growth of precious metal catalysts market over the forecast period. However, high prices of precious metals catalyst, price volatility in raw materials, and emergence of nano-particle catalysts is expected to restrain growth of the global precious metal catalysts market over the forecast period.
The global market is segmented on the basis of type, end-use industry, and region. On the basis of type, the global market is segmented into iridium, palladium, platinum, ruthenium, rhodium, and others. The platinum segment accounts for highest market share in the global market, owing to increased adoption of platinum catalysts for diesel vehicles in Europe and North America.
On the basis of end-use industry, the global market is segmented into automotive, pharmaceuticals, petrochemicals, and others. The automotive segment accounts for highest market share and is expected to witness significant growth over the forecast period. The newly introduced emission norms across Europe and North America 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.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe precious metal catalysts market dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period. This can be attributed to government’s stringent emission norms and growth in end-use sectors such as automobile, refinery, etc. in the region. The Asia Pacific precious metal catalysts market is expected to witness highest growth in terms of revenue in the global market over the forecast period.
Key players in the global market are BASF SE, Evonik Industries AG, Johnson Matthey Plc, Heraeus Group, Clariant International Ltd., Umicore SA, Alfa Aesar, Vineeth Precious Catalysts Pvt. Ltd., Kunming Sino- Platinum Metals Catalyst Co., Ltd., and Catalytic Products International.