Precious Metal Catalysts Global Market Report 2024

The precious metal catalysts market size has grown strongly in recent years. It will grow from $15.49 billion in 2023 to $16.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, an increasing demand for palladium catalysts, and a rising demand for precious metal catalysts in the pharmaceutical industry.

The precious metal catalysts market size is expected to see strong growth in the next few years. It will grow to $21.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to government support, the increasing use of platinum catalysts in fuel cells, and a rise in the use of precious metal catalysts in the automotive sector. Key trends expected in the forecast period include the adoption of new technologies and the development of innovative product solutions to strengthen market position, a focus on collaborations and acquisitions to enhance financial strength, product portfolio, and geographical presence, increased investments in production capacities to develop new product solutions and meet the growing demand for precious metal catalysts, and a focus on continuous product innovations.

The growth of the precious metal catalyst market is being driven by an increasing demand for these catalysts in the automotive industry. This demand is attributed to the application of precious metal catalysts in various automotive sectors, including fuel cell-driven vehicles, electric vehicles (EVs), and as automotive catalysts. Precious metals play a crucial role in developing advanced products for the rapidly expanding automotive industry. For instance, in February 2022, Nornickel, a Russia-based nickel and palladium mining company, reported a 0.6% increase in palladium demand in the automotive industry in 2022 compared to 2021. This underscores the rising significance of precious metal catalysts in meeting the evolving needs of the automotive sector.

Government support is expected to play a pivotal role in driving the growth of the precious metal catalysts market. Government support encompasses assistance, resources, and policies provided by governmental authorities to promote economic development, address societal challenges, and achieve specific goals. The development and application of precious metal catalysts stand to benefit from such government support, aligning with environmental and economic objectives. For example, the government of Canada approved Generation Mining’s Marathon palladium-copper project as part of a broader strategy to boost metal and mineral production crucial for the transition towards renewable energy. This demonstrates the proactive role governments are taking to support initiatives that contribute to environmental sustainability and economic growth.

Companies in the precious metal catalysts market are actively focusing on technological advancements and developing innovative product solutions to strengthen their market positions. For instance, BASF, a Germany-based chemical company, introduced the X3D technology, a novel additive manufacturing technology based on 3D printing for catalysts. This innovative technology enhances catalyst performance by producing catalysts with an open structure, resulting in a lower pressure drop and a larger surface area within the reactor.

Collaborations and acquisitions are becoming increasingly prominent strategies among precious metal catalyst companies to enhance financial strength, expand product portfolios, and strengthen geographical presence. In January 2023, Heraeus Precious Metals, a Germany-based provider of precious metals services, formed a strategic partnership with Hulteberg Chemistry & Engineering AB to jointly develop and commercialize various catalysts required for solid oxide fuel cells (SOFC). This collaboration allows Heraeus to offer clients access to new product innovations in both precious metal- and base metal-based catalyst solutions. Similarly, in July 2021, BASF acquired Zodiac Enterprises LLC, a US-based precious metal catalyst manufacturer, to meet the growing customer demand for recycling spent chemical and automotive catalysts.

In February 2021, Fenzi Group, an Italy-based chemical company, acquired Johnson Matthey Advanced Glass Technologies (AGT) business. This acquisition expands the product offerings for glass processing, providing customers with access to a wide range of products, from traditional to innovative technologies.

Major companies operating in the precious metal catalysts market report are Johnson Matthey PLC, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, Sino-Platinum Metals Co., Ltd., Kaili Catalyst & New Materials Co Ltd., Clariant International Ltd., Alfa Aesar, Shaanxi kai Da chemical co. Ltd., Sud-Chemie India Pvt. Ltd., Indian Platinum Pvt. Ltd., Xi'an Catalyst Chemical Co., Ltd., Vineeth Precious Catalysts Pvt. Ltd., Zibo Jiulong Chemical Co., Ltd., Haldor Topsøe, Barron’s, Thermo Fisher Scientific, SMS group, AlS Globsl, Stanford Advanced Material, Hindustan Platinum, Tanaka Kikinzoku International America Inc., Specialty Metals Smelters & Refiners, LLC, J & J Materials, Inc., Molecular Products, Inc., CDTi Advanced Materials Inc., Metal & Catalyst Resources, Fortuna Silver Mines Inc., Mottcorp, Dorf Ketal, Stonecore, AB Enterprises, Metalor, Petra Precious Metals Recycling, Nobilis PGM.

Asia-Pacific was the largest region in the precious metal catalyst market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the precious metal catalysts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the precious metal catalysts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of precious metal catalysts include platinum, palladium, rhodium, iridium, ruthenium, and others. Platinum, for instance, is a soft, ductile, malleable, silver-white metallic element utilized in catalytic converters, electrical contacts, pacemakers, drugs, and magnets. Precious metal catalysts find application in various types of reactions such as hydrogenation, asymmetric hydrogenation, reductive amination, alkylation, carbonylation, and more. These catalysts are employed in diverse industries, including automotive, refining, petrochemicals, oil and mining, among others.

The precious metal catalysts market research report is one of a series of new reports that provides precious metal catalysts market statistics, including precious metal catalysts industry global market size, regional shares, competitors with a precious metal catalysts market share, detailed precious metal catalysts market segments, market trends and opportunities, and any further data you may need to thrive in the precious metal catalysts industry. This precious metal catalysts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precious metal catalyst market consists of sales of iridium, gold, and silver. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.