The Precious Metal Catalysts Market size is estimated to grow from USD 14.37 billion in 2017 to USD 19.41 billion by 2022, at a CAGR of 6.19%.
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“The platinum catalyst segment is projected to dominate the market in the precious metal catalysts market through 2022”
The platinum segment, by type, is projected to dominate the precious metal catalysts market, as the platinum catalyst helps to reduce the CO2 emission. The dominant position of the platinum catalyst segment can be attributed to the rise in the sale of diesel vehicles in Europe and North America and the introduction of more stringent Euro 6 and Euro 7 emission rules in Europe, which is expected to drive the market for platinum catalysts, as it is mainly used as emission control catalysts. It is largely used in the automobile sector to reduce the effect of pollutants released by the industrial processing units.
“The automobile sector is projected to grow at the highest rate during the forecast period”
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, refinery, and pharmaceutical industries. 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.
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“European precious metal catalysts market accounted for the largest share in 2016”
The European region accounted for the largest share of the precious metal catalysts market in 2016, 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.
In 2016, BASF launched BoroCat, its latest resid oil fluid catalytic cracking (FCC). BoroCast was the first FCC catalyst based on the boron-based technology (BBT), which was designed by BASF to optimize refiners’ production yields.
In 2015, BASF’s Catalysts division signed a long-term occupancy lease for a new global headquarters facility in Iselin, New Jersey, U.S. In 2014, BASF strengthened its manufacturing footprint in Asia-Pacific with a new, world-scale chemical catalysts production facility at the company’s existing site at Shanghai Chemical Industry Park in Caojing, Shanghai, China.
Evonik Industries AG made a low investment for expanding its catalyst production facility and scaling up operations at Marl Chemical Park (Germany) in 2016. The new facility would enable Evonik to scale up operations for fixed bed catalysts at Marl Chemical Park.
In 2015, Evonik commissioned a new pilot plant at its production site in Shanghai for precious metal powder catalysts (PMPC). The new pilot plant would accelerate the upscaling process for commercial catalysts and help Evonik offer customers with higher flexibility, customized solutions for developing and manufacturing pharmaceuticals, industrial & fine chemicals, and shorter turnaround time in China.
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