Precious Metal Catalysts Global Market Opportunities and Strategies to 2032

This report describes and explains the precious metal catalysts market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global precious metal catalysts market reached a value of nearly $14,4 billion in 2022, having grown at a compound annual growth rate (CAGR) of 4.0% since 2017. The market is expected to grow from $14.4 billion in 2022 to $19.7 billion in 2027 at a rate of 6.5%. The market is then expected to grow at a CAGR of 7.3% from 2027 and reach $28.0 billion in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, increasing demand for palladium catalysts and rising demand for precious metal catalysts in the pharmaceutical industry. Factor that negatively affected growth in the historic period was limited availability of precious metals.

Going forward, the government support, growing use of platinum catalysts in fuel cells and rise in the use of precious metal catalysts in automotive sector will drive the growth. Factor that could hinder the growth of the precious metal catalysts market in the future is precious metals price volatility.

The precious metal catalysts market is segmented by type into platinum, palladium, rhodium, iridium, ruthenium, and other types. The platinum market was the largest segment of the precious metal catalysts market segmented by type, accounting for 37.5% of the total in 2022. Going forward, the platinum segment is expected to be the fastest growing segment in the precious metal catalysts market segmented by type, at a CAGR of 6.7% during 2022-2027.

The precious metal catalysts market is segmented by reaction type into hydrogenation, asymmetric hydrogenation, reductive amination, alkylation, hydrogenation cracking reaction, carbonylation and other reaction types. The hydrogenation market was the largest segment of the precious metal catalysts market segmented by reaction type, accounting for 35.7% of the total in 2022. Going forward, the asymmetric hydrogenation segment is expected to be the fastest growing segment in the precious metal catalysts market segmented by reaction type, at a CAGR of 7.0% during 2022-2027.

The precious metal catalysts market is segmented by application into automotive, refining, petrochemical, and oil and mining, and other applications. The automotive market was the largest segment of the precious metal catalysts market segmented by application, accounting for 37.7% of the total in 2022. Going forward, the automotive segment is expected to be the fastest growing segment in the precious metal catalysts market segmented by application, at a CAGR of 7.1% during 2022-2027.

Asia Pacific was the largest region in the precious metal catalysts market, accounting for 42.7% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the precious metal catalysts market will be Asia Pacific and Western Europe where growth will be at CAGRs of 7.7% and 6.3% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 5.7% and 5.4% respectively.

The global precious metal catalysts market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 56.65% of the total market in 2022. Johnson Matthey Plc was the largest competitor with 17.06% of the market, followed by BASF SE with 13.99%, Heraeus Holding with 10.74%, Evonik Industries AG with 5.95%, Umicore SA with 4.37%, Sino-Platinum Metals Co., Ltd with 2.10%, Kaili Catalyst & New Materials Co Ltd with 1.58%, Clariant International Ltd with 0.70%, Alfa Aesar with 0.12% and Shaanxi kai Da chemical co. LTD with 0.04%.

The top opportunities in the precious metal catalysts market segmented by type will arise in the platinum segment, which will gain $2.0 billion of global annual sales by 2027. The top opportunities in the precious metal catalysts market segmented by reaction type will arise in the hydrogenation segment, which will gain $2.0 billion of global annual sales by 2027. The top opportunities in the precious metal catalysts market segmented by application will arise in the automotive segment, which will gain $2.2 billion of global annual sales by 2027. The precious metal catalysts market size will gain the most in China at $1.5 billion.

Market-trend-based strategies for the precious metal catalysts market include on new technologies and developing new product solutions to strengthen position in the market, focus on collaborations and acquisitions to improve financial strength, product portfolio, and geographical presence, increasing investments in their production capacities to develop new product solutions and to satisfy the growing demand for precious metal catalysts and focus on product innovations.

Player-adopted strategies in the precious metal catalysts market include focus on enhancing business operations through strategic collaborations and partnerships and focus on strengthening operational capabilities through business expansions.

To take advantage of the opportunities, the recommends the precious metal catalysts companies to focus on technology advancements, focus on increasing investments in production capacities, focus on product innovations, focus on fast-growing product types, focus on strategic collaborations and partnerships, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and continue to target fast-growing applications.