precious metal catalysts Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2027
Market Segmentation
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.
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.
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Regional Analysis
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.
Competitive
Analysis
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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