Precious Metal Catalysts Market- Recent Developments and Attractive Business Opportunities| MarketsandMarkets™

Posted by Jack Martin on March 8th, 2023

Precious metal catalysts are substances that can be used to either accelerate or decelerate chemical reactions. They function by providing a different path for the reactants to take to form the desired product, thereby increasing the rate at which a reaction can occur. Because of their high stability and reactivity, precious metals such as gold, silver, platinum, and palladium are commonly used as catalysts. Precious metal catalysts are used in a wide range of industrial processes, from pharmaceutical and petrochemical production to food and beverage production. They are also used in environmental applications such as pollutant removal from air and water sources. The demand for precious metal catalysts is expected to remain strong in the near future, due to increased demand for chemical processes and environmental remediation.

The global precious metal catalysts market size is estimated to grow USD 19.41 Billion by 2022, at a CAGR of 6.19%. It is projected to witness significant growth in the next few years due to advancements in technology and the high efficiency of precious metal catalysts. Growth in demand for automobile and pharmaceutical applications, along with environmental concerns and their legal implications is the key factor 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.

Precious metal catalysts are compounds made from one or more of the precious metals: gold, silver, platinum, palladium, and ruthenium. These catalysts are used in chemical reactions to speed up the reaction rate and increase the yield of the desired product. They are particularly useful for reactions that are not easily achievable without them, such as hydrogenation, oxidation, and hydrolysis reactions. They can also be used to reduce the amount of energy required for a reaction, making it more energy-efficient. Precious metal catalysts are used in a wide range of industries, including petroleum refining, pharmaceutical manufacturing, and food processing.

The European region accounted for the largest share of the precious metal catalysts market, wherein Germany accounted for the largest country-level market. The government’s stringent emission norms and the growth in end-use sectors such as automobile, refinery, pharmaceutical, and petrochemical are some of the factors driving the precious metal catalysts market in Europe. The market in this region is growing rapidly due to the presence of numerous leading players. Its significant hold on industries such as automotive, pharmaceutical, refinery, and mass transport has played a crucial role in the growth of the market for precious metal catalysts in the European region.