Precious Metal Catalyst Market is anticipated to grow with a value CAGR of 6.1 % over 2019-2028. According to a study published by Insure Insights on the Precious Metal Catalyst Market, Precious metal catalysts are noble metals which is widely used in the chemical industry due to its ability to speed up the chemical process. It includes metals like Gold, palladium, platinum, rhodium, and silver. The rise in the R&D activity to decrease costs and improve the quality of catalysts vehicles have boosted the market.
Top Driver: The increasing demand for Precious Metal Catalyst in the End User Sector driven the Market
The increasing demand for Precious Metal Catalyst in the End-Use Sectors have highly contributed in the Market. The Environmental Concerns and strict government regulation on emissions have promoted the market. The technological advances in developing Precious Metal Catalyst have positively impacted the market growth.
Platinum have obtained the highest growth in the Global Precious Metal Catalyst Market
Based on Type, the Platinum segment have held the most significant growth. The Platinum catalyst aids in reducing the CO2 emission. The increase in the sale of diesel vehicles in Europe and North America and stringent Euro 6 and Euro 7 emission rules in Europe have attributed to the segmental growth, the increase in the use of Platinum Catalyst in the automobile sector so as to decrease the effect of pollutants released by the industries have further fostered the segmental growth.
In terms of End User, automobile segment has held the highest share owing to the rise in the stringent emission standards and the increase in the industries like automotive, refinery, and pharmaceutical etc. The rise in the demand for catalyst technologies owing to the new emission standards demand have further improved the need for Precious metal catalyst and have boosted the market.
Europe to rule the Regional Market of Precious Metal Catalyst
Europe have held the highest share in the regional market and Germany is considered as the key contributor. The strict government emission norms and the growth in end-use sectors like automobile, refinery, pharmaceutical, and petrochemical etc. have primarily boosted the market of Asia Pacific. The rise in the presence of key players like Clariant International Ltd., Heraeus Group, Johnson Matthey Plc, Evonik Industries AG etc. have improved market growth in the region. The North American region is projected to grow at a significant rate owing to growth in urbanization and increase in the use of precious metal catalyst in the sector like automobile, refinery, pharmaceutical, and petrochemical etc.
Players to Focus on advancing the technologies, Product Launches, and signing merger and acquisition deals
The Competitors are focusing on developing new technologies for enhancing the treatment capabilities, product launches, and signing merger and acquisition deals. The major competitors of the Precious Metal Catalyst Market are BASF SE, Evonik Industries AG, Johnson Matthey Plc, Heraeus Group, Clariant International Ltd, Umicore SA, Alfa Aesar, and Vineeth Precious Catalysts Pvt.
Evonik Industries AG.: BASF SE is the leading competitor of the Precious Metal Catalyst Market. In December 2019, BASF SE., had announced that it has closed the, acquisition of Solvay’s polyamide. business. This acquisition was made by BASF SE to expand portfolio in engineering plastics and to expand its geographic presence in Asia and Africa.
Evonik Industries AG: Evonik Industries AG, is one of the major competitor of the Precious Metal Catalyst Market. In February 2020, Evonik Industries AG. had announced that it had closed the acquisition of PeroxyChem for USD 640 million. The acquisition was made to strengthen Evonik Industries AG portfolio with environmentally friendly disinfectants.
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