Precious Metal Catalysts Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Precious Metal Catalysts Market is projected to expand from USD 19.82 Billion in 2025 to USD 31.31 Billion by 2031, reflecting a CAGR of 7.92%. These catalysts, composed of noble metals like platinum, palladium, and rhodium, are essential chemical agents that accelerate reaction speeds in industrial processing and automotive emission control without chemically altering themselves. Growth is primarily fuelled by the implementation of strict global environmental regulations requiring effective exhaust filtration, as well as rising production needs within the pharmaceutical and petrochemical industries. The enduring utility of these materials is underscored by data from the World Platinum Investment Council, which noted that total global platinum demand rose by 5 percent in 2024, reaching 8.28 million ounces.

However, the market encounters a major obstacle due to the automotive sector's rapid shift toward electrification. The increasing uptake of battery electric vehicles, which lack internal combustion exhaust systems, poses a significant long-term threat by diminishing the need for platinum group metals in automotive catalytic converters. As a result, manufacturers are forced to adapt to this structural demand change while simultaneously contending with elevated raw material expenses and geopolitical vulnerabilities in the supply chain that add complexity to the market environment.

Market Drivers

The enforcement of strict automotive emission regulations globally continues to be the main driver for the market, especially as countries adopt rigorous standards such as Euro 7 and China 6b. These frameworks require increased amounts of platinum group metals in exhaust filtration systems to effectively neutralize pollutants from hybrid and internal combustion engine vehicles.

Although the industry is gradually moving toward electrification, the ongoing high production volume of hybrid and gasoline models guarantees a strong baseline demand for these catalytic materials. This sustained need is evidenced by Johnson Matthey’s May 2024 report, which projects global automotive palladium demand to hit 9.73 million ounces in 2024. Additionally, Umicore reported in July 2024 that its Catalysis Business Group achieved revenues of €854 million in the first half of the year, primarily due to automotive applications.

At the same time, the rapid advancement of fuel cell technologies and green hydrogen production is becoming a crucial high-growth factor. Platinum and iridium catalysts are essential for proton exchange membrane (PEM) electrolyzers and fuel cells, enabling efficient electrochemical reactions for clean energy storage and generation. This shift toward a hydrogen economy introduces a new structural demand source, reducing reliance on traditional automotive markets. The World Platinum Investment Council highlighted this expansion in November 2024, forecasting that platinum demand from the hydrogen sector would jump by 123 percent to 64,000 ounces in 2024. This trend emphasizes the market's strategic reorientation toward decarbonization technologies and sustainable industrial processes.

Market Challenges

The swift transition of the automotive industry toward electrification presents a significant structural barrier to the precious metal catalysts market's growth. Because battery electric vehicles function without exhaust systems, they do not require the platinum group metals traditionally needed to neutralize emissions in internal combustion engines. This technological shift directly undermines the largest application segment for these materials, compelling manufacturers to face a permanent decrease in the potential market for autocatalysts. As the adoption of electric vehicles increases, the average catalyst consumption per manufactured vehicle inevitably shrinks.

Recent industry forecasts clearly illustrate this negative pressure, showing a divergence between vehicle production numbers and catalyst demand. For instance, the World Platinum Investment Council predicted in March 2025 that global automotive platinum demand would fall by 1 percent to 3.1 million ounces, even as other industrial sectors experienced growth. This anticipated decline highlights how the movement away from fossil fuel propulsion restricts market expansion, resulting in a lasting volume deficit that remains even as overall global vehicle manufacturing figures rebound.

Market Trends

The adoption of 3D printing technologies to optimize catalyst reactor geometries marks a revolutionary change in manufacturing, permitting the development of complex structures unattainable through conventional extrusion. This innovation facilitates the creation of catalytic items with open, easily accessible surface areas, which greatly improves mass transfer rates and lowers pressure drops inside chemical reactors. By leveraging additive manufacturing, producers can customize catalyst shapes and porosity to meet specific reaction needs, thereby optimizing energy efficiency and throughput for industrial users. Evidencing this advancement, BASF announced in a November 2024 press release that it plans to launch a dedicated industrial-scale facility for 3D-printed catalysts, expected to be operational by 2026.

Concurrently, there is a strategic movement toward circular supply chains and closed-loop recycling as stakeholders aim to reduce risks associated with price volatility and raw material scarcity. This trend emphasizes recovering essential platinum group metals from industrial waste and spent process catalysts, turning end-of-life products into a dependable secondary raw material source. Such an approach lessens reliance on primary mining and substantially decreases the carbon footprint linked to metal refinement, supporting wider sustainability goals. To illustrate this infrastructure growth, a January 2024 China Daily report noted that a new joint venture facility by BASF and Heraeus started trial operations, boasting a design capacity to process 9,000 metric tons of waste containing precious metals per year.

Key Players Profiled in the Precious Metal Catalysts Market

• Johnson Matthey PLC
• BASF SE
• Umicore SA
• Heraeus Holding GmbH
• Evonik Industries AG
• Clariant AG
• Sino-Platinum Metals Co., Ltd.
• Kaili Catalyst & New Materials Co Ltd.
• Alfa Aesar
• Vineeth Precious Catalysts Pvt. Ltd.

Report Scope

In this report, the Global Precious Metal Catalysts Market has been segmented into the following categories:

Precious Metal Catalysts Market, by Type:

• Platinum
• Palladium
• Rhodium
• Iridium
• Ruthenium

Precious Metal Catalysts Market, by End Use Industry:

• Automobile
• Pharmaceutical
• Refinery

Precious Metal Catalysts Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Precious Metal Catalysts Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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