Precious Metal Catalysts Market Size to Soar High with Increasing Use in Automotive Chemical Industries: MRFR
Precious metal catalysts are used in alleviating the process of chemical reaction in the chemical industry. The sector has gained prominence in industries such as automotive, petrochemical, electronic, and mining among others. The Precious Metal Catalysts Market Size is expecting a robust CAGR during the forecast period (2022 to 2030), reveals Market Research Future (MRFR) in a detailed study where the discussion includes drivers and segments to have a reliable analysis for the future market. Precious metal catalysts market can expect substantial backing from the automotive sector as the latter finds it useful in reducing carbon footprint. Furthermore, nano-particle catalysts made from noble materials is speeding up the process of reaction considerably due to which the cost of the production is coming down. As an anti-carcinogenic agent, precious metal catalysts are gaining a considerable foothold in healthcare which ensures prospect for the market.
However, an alternative based on cobalt and iron, found by Chirik Group in collaboration with Merck Co. can significantly dampen the precious metal catalysts market growth in coming years. At the same time, bio-based chemicals are gaining traction which can prove to be disruptive for the precious metal catalysts market growth.
A team of researchers from the Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS) and the Harvard Wyss Institute for Biologically-Inspired Engineering has developed a machine that would optimize the precious metal catalysts system and make it more sustainable and lower the cost in the process.
BASF, on the other hand, is focusing on the milling of the precious metal in their South Carolina site which would boost the regional precious metal catalysts market.
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The Precious Metal Catalysts Market Size can be segmented by type and application.
Type-wise, the precious metal catalysts market can be segmented into platinum, palladium, ruthenium, rhodium, iridium, rhenium, gold, silver, nickel, and others.
Based on application, the precious metal catalysts market can be segmented into automotive, refining, pharmaceuticals, petrochemicals, oil, mining, electronics, and others.
Geographical analysis of the precious metal catalysts market spans across North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East Africa (MEA).
Europe is currently leading the pack with the most market share. Reviving automotive sector is fueling the need for precious metal catalysts. Furthermore, the region is witnessing significant upgradation owing to the stringent environmental clauses implemented by governments.
The APAC is expected to beat others in terms of growth during the forecast period. China and India are emerging as a destination to invest for foreign investors. Furthermore, rising disposable income in the region is also providing a necessary tailwind to the precious metal catalysts market.
North American market is also growing significantly owing to its revamped automotive industry and precious metal catalysts market proliferation into the pharmaceutical sector. The LATAM and the MEA can also expect substantial growth during the review period.
Market growth depends on competitive strategical implementations such as merger, acquisition, collaboration, new product launch and other methods using which companies seek to increase their portfolio and better their prospect. For instance, American Elements is expanding its production facilities to increase lithium production.
Key players to impact 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), Vineeth Precious Catalysts Pvt Ltd (India), and others.
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