“Precious metal catalysts market is projected to grow at a CAGR of 6.19% during the forecast period”
The precious metal catalysts market is projected to grow at a CAGR of 6.19% from 2017, to reach USD 19.41 billion by 2022. The precious metal catalysts market is witnessing considerable growth due to advancements in technology and rise in emission norms across the globe. Growth in demand in automobile and pharmaceutical applications, along with environmental concerns and their legal implications are the key factors fueling the growth of the precious metal catalysts market. The precious metal catalysts market has opportunities owing to the increase in R&D activities by companies to reduce costs and improve the quality of catalysts and the rise in investments in the automobile sector, which will drive the demand for emission control catalysts. In contrast, factors such as performance dependency on temperature & loss of activity through poising and thermal deactivation and use of new nano-particle catalysts (which can reduce the need for precious metals catalysts) restrain the growth of the market.
“The automobile sector is projected to dominate the precious metal catalysts market through 2022”
The automobile sector dominated the market in 2016, and is projected to be the fastest-growing end-use sector over the next five years, as a result of the rising stringent emission standards and the growing automotive industry. The newly developed emission standards 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.
“The Asia-Pacific precious metal catalysts market is projected to be the fastest-growing during the forecast period”
Asia-Pacific is projected to be the fastest-growing market for precious metal catalysts, in terms of value and volume, followed by Europe, the Middle Easy & Africa, and North America. The growth in the Asia-Pacific market is attributed to the increase in usage of precious metal catalysts in end-use sectors such as automobile, pharmaceutical, refinery, and petrochemical. China is projected to be the fastest-growing country-level market in the region for the precious metal catalysts market. The growth in the automobile industry coupled with the adaptation of stringent emission norms has resulted in the rise in demand for precious metal catalysts in the region.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the precious metal catalysts market. Estimates reached after analyzing secondary sources were validated through these interviews. Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 – 33%, Tier 2 – 50%, and Tier 3 – 17%
- By Designation: Director Level – 33 and Manager Level – 67%
- By Region: North America – 35%, Asia-Pacific – 25%, Europe – 30%, and South America – 10%
Note: Tier 1: Revenue > USD 500 million, Tier 2: USD 100 million < Revenue < USD 500 million, Tier 3: Revenue < USD 100 million
The various key players profiled in the report are as follows:
1. BASF SE (Germany)
2. Evonik Industries AG (Germany)
3. Johnson Matthey Plc (U.K.)
4. Heraeus (U.K.)
5. Clariant AG (Switzerland)
6. Xi’an Catalyst New Material Co, Ltd. (China)
7. Umicore Group (Belgium)
8. Alfa Aesar (U.S.)
9. Shaanxi Kai Da Chemicals Co Ltd (China)
10. Vineet Chemicals (India)
The segmentation considered for this report is based on type, end-use sector, and region, which constitutes the key markets. The report covers detailed information regarding the major factors influencing the growth of the precious metal catalysts market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, and recent developments associated with the precious metal catalysts market.
Reasons To Buy the report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the precious metal catalysts market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
- The report helps stakeholders to understand the market and provides them information on the key market drivers, restraints, opportunities, and challenges.
- This report will help stakeholders to better understand their competitors and gain more insights with regard to their position in the business.
- The company profiles section includes strategies adopted by precious metal catalyst manufacturers such as new product launches, acquisitions, and expansions & investments.