The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 27, 2023 /PRNewswire/ -- As per The Business Research Company's Precious Metal Catalysts Global Market Report 2023, the size of the global precious metal catalysts market is projected to increase from $14.64 billion in 2022 to $15.94 billion in 2023, marking a compound annual growth rate (CAGR) of 8.9%. Anticipated growth continues, with the market size expected to reach $22.04 billion in 2027, sustaining a CAGR of 8.4%.
Market Driver: Rising Automotive Sector Adoption
The driving force behind the precious metal catalysts market growth is the increasing utilization of precious metal catalysts in the automotive industry. As the automotive sector shifts towards more intelligent and fuel-efficient products, the demand for precious metals as catalysts continues to surge.
Trends: Advancements in Fuel Cell Catalysts
One noteworthy trend shaping the precious metal catalysts market is the continuous innovation in fuel cell catalysts. These catalysts, composed predominantly of precious metals, are vital for facilitating reactions in fuel cells. Recent developments have led to cost reductions and improved efficiencies. A prime example is Tanaka's platinum-cobalt alloy hydrogen electrode catalyst, which significantly reduces peroxide generation, addressing electrolyte degradation concerns.
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https://www.thebusinessresearchcompany.com/report/precious-metal-catalysts-global-market-report
Major Players: Industry Concentration
The global precious metal catalysts market exhibits a high level of concentration, with the top ten competitors accounting for a substantial 56.65% of the total market share in 2022. Leading the pack is Johnson Matthey Plc, commanding 17.06% of the market. They are closely followed by key players like BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, and others. These industry leaders are actively pursuing innovative technologies and new product solutions to solidify their positions in the market.
Market Segments: Focus on Platinum Growth
The global precious metal catalysts market is segmented -
- By Type: Platinum, Palladium, Rhodium, Iridium, Ruthenium, Other Types
- By Reaction Type: Hydrogenation, Asymmetric Hydrogenation, Reductive Amination, Alkylation, Hydrogenation Cracking Reaction, Carbonylation, Other Reaction Types
- By Application: Automotive, Refining, Petrochemicals, Oil and Mining, Other Applications
By 2027, the platinum segment is expected to gain an impressive $2,077.2 million in global annual sales.
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The Precious Metal Catalysts Global Market Report 2023 presents a comprehensive view of the dynamic landscape of the precious metal catalysts market. Players in the precious metal catalysts market can harness the insights within this report to chart their course towards success. By understanding market drivers, such as the automotive sector's increasing reliance on precious metal catalysts, companies can align their strategies to capitalize on emerging trends like advancements in fuel cell catalysts. Moreover, with a concentrated market landscape, the precious metal catalysts market report offers a glimpse into the strategies adopted by key players, including strategic collaborations, partnerships, and business expansions.
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