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.
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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.
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.
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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.
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.
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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