Precious Metal Catalysts Market Forecast: $12.1 Billion By 2026
July 26, 2021 — (AB Digital via COMTEX).
Precious Metal Catalysts Market is expected to grow at 5.9% CAGR between 2021-2026. Because platinum, palladium and iridium and other precious metals do not react to chemical reactions and have high chemical stability, they can be used in many industries, including petrochemicals and chemical, chemical, polymer and pharmaceuticals. The market would grow due to the increasing demand for precious metal catalysts used in automotive manufacturing. This helps reduce atmospheric pollutants and volatile organic compounds. The industry’s growth is expected to be driven by the growing demand for high performance fuel for transportation and the increasing investment in refineries.
Influence of COVID-19
Due to the covid-19 pandemic, the 2020 decline in demand for precious metal catalysts was due. The main reasons for the decline in precious metal catalysts market development in 2020 were the reduction of mining output, the closures of key refineries and transport/logistics impact, as well as a decrease in trading desk risk appetite.
Analyse of Precious Metal Catalysts Market Segment – Type
The most commonly used precious metal catalysts metal is platinum. It enhances combustion and reduces CO2 emissions. Platinum has many benefits. It is able to produce a high melting point and provides thermal resistance, as well as being effective against sulfur compounds. Platinum is often used in diesel applications because it works well under oxygen-rich conditions. Due to increased diesel vehicle sales across different regions, the dominant role of platinum in this segment is evident. The market for precious metal catalysts is expected to grow in the future due to the rising demand for platinum catalyst in multiple applications.
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Analyse of Precious Metal Catalysts Market Segment – Based on Reaction Type
In 2020, the market for precious metal catalysts was dominated by hydrogenation reactions. The versatility and variety of precious metal catalysis are often associated with this type of activity. These metals are effective at oxidation or hydrogenation due to their dissociative behaviour against oxygen and hydrogen, as well as dehydrogenation. Their reaction performance for hydrogenation is greatly affected by the size and shape and palladium, palladium and iridium nanocrystals. Many hydrogenation reactions take place at room temperature, even though commercial plants operate under pressurized and heated conditions.
Analyse of Precious Metal Catalysts’ Market Segment – by Application
Automotive held more than 25% of the market for precious metal catalysts in 2020. It is expected to expand at 6.2% CAGR over the 2021-2026 forecast period. Auto manufacturing has been dependent on precious metals for their environmental and reliability. Precious metals are becoming more essential as high-tech cars become more advanced. The use of platinum as a catalyst in the conversion of unburned hydrocarbons to carbon dioxide or water vapour in automobiles is increasing. The automotive industry’s rising demand for precious metal catalytic converters is likely to fuel market growth over the forecast period.
Precious Metal Catalysts Market Analysis – Geography
With 35% of the global precious metal catalysts market, Asia Pacific dominated with 35%. The Asia-Pacific region is the dominant market for precious metal catalysts globally due to its growing automotive, pharmaceutical and petrochemical industries. Due to the availability of cheap raw materials in Asia Pacific, Asia Pacific holds a large share of global precious metal market. The demand for precious metal catalysts will grow rapidly due to the rapid growth in India and China’s automotive and pharmaceutical industries. OICA reports that the OICA estimates that the Chinese production of automobiles will increase gradually from 26,84,192 units in the first quarter to 1,32 21,849 units in the third quarter. The above factors will result in an increase in demand for precious metal catalysts over the forecast time.
Precious Metal Market Drivers
Environment Concerns and Stringent Government Regulations
Governments implemented emission regulations in order to reduce pollution. Catalytic converters were quickly adopted as a way to meet the new standards. The conversion of toxic waste products from vehicle engines to catalyze chemical reactions using a catalytic converter produces cleaner emissions. To ensure pollution targets are met regulators set strict regulations regarding the performance characteristics. This is expected to increase demand for precious metal catalysts. According to the European Federation for Transport and Environment, the EU’s future post-Euro 6/VI Standard (also known as Euro 7/VII) gives the EU the ability to reduce pollution from roads, to regain technological and regulatory leadership and to align standards with the existing “Zero Pollution Ambition” and its target to emit zero greenhouse gases by 2050. According to the government’s strict regulations, precious metal catalysts will see a significant increase in market share over the forecast period.
Increased Demand for Nano-Scale Precious MetalCatalysts
The use of nanoparticle catalysts made of noble materials is increasing due to their improved performance and cost-effectiveness. The nano-scale metal particles in precious metal catalysts readily absorb hydrogen and oxygen into the atmosphere. The absorbed oxygen and hydrogen can easily react with many substitutes under moderate conditions. If mild reactions are maintained, it’s possible to get a high yield product by decreasing by-product formation. Recent developments have made it possible to prepare precious metal catalysts thanks to nanotechnology. These developments have led to energy savings and high production, as well as a decrease in production cost. The market for precious metal catalysts will see a rise in demand during this forecast period.
Precious Metal Catalysts Market Problems
Volatility and the price of precious metals
It is difficult to predict the price of precious metals like platinum, palladium and iridium. Every company who uses precious metal catalysts as part of its value-creation chain faces severe price fluctuations. The price volatility of precious metals can impact margins and capital commitment as well as competitiveness. The U.S. Geological Survey reports that the January 2020 average price of rhodium rose more than three times compared to January 2019’s prices and palladium prices increased by 68% and 22% respectively. Platinum is dependent upon mining activity and industrial demand, which compares to gold. The price of platinum can fluctuate greatly, so it is not predictable. Platinum is the most volatile precious metal. The market for precious metal catalysts in the future will face additional challenges due to the fluctuations in precious metal prices.
The key strategies of the players in precious metal catalysts are acquisitions and technology launches. The market’s major players include BASF SE and Evonik Industries AG. Johnson Matthey Plc. Umicore SA. Umicore SA. Umicore SA. Clariant International Ltd., Alfa Aesar. Vineth Precious Catalysts Pvt. Ltd, among other players.
Evonik Industries AG acquired Houston’s Porocel Group in November 2020. The company plans to increase its capabilities with new products and technologies to strengthen Evonik’s global presence.
BASF SE launched the Tri-Metal Catalyst in March 2020. This can lower the price of automaker catalytic converters and partly rebalance consumer demand for Platinum Group Metals, thus increasing the market’s sustainability.
The Key Takeaways
Market growth is expected to be driven by the increasing use of nanotechnology, which increases the metal’s surface to isolate fine particles. This allows for efficient gas cleaning during car exhaust cleaning.
The market is growing by increasing investment in R&D for precious metal catalysts in order to reduce costs and maximize the returns on the metals that are recovered.
The rising health consciousness of consumers is also driving market growth for precious metal catalysts. The increasing use of precious metals catalysts in pharmaceuticals stems from its anti-cancer properties.
A. Industrial Catalyst Market
B. Refinery Catalyst Market
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Publiated at Tue 27 July 2021, 01:01:30 +0000