San Francisco, June 9, 2021 /PRNewswire/ – A new market research published by the Global Industry Analyst Corporation (GIA) is the premier market research company, and today released the title “Precious Metal Catalysts-Global Market Track and Analysis”The report presents a new perspective on the opportunities and challenges of major changes in the market after COVID-19.
Facts at a glance
Version: 8; release: April 2021
Administrative participation: 3214
the company: 41-Players covered include Alfa Aesar; ALS Co., Ltd.; American Elements; Alora Wanfeng Co., Ltd.; BASF; Catalysts and Technologies; Catalytic Products International; Chimet Spa; Clariant International Co., Ltd.; DCL International; Evonik Industries Co., Ltd.; Heraeus Holdings Co., Ltd.; Johnson & Johnson Materials; Johnson Matthey Co., Ltd.; Kunming who-Platinum Metal Catalyst Co., Ltd.; NE Chemcat Company; Remettal Deutschland AG; Sabine Metal Company; Shaanxi Kaida Chemical Co., Ltd.; Souvenir Chemicals; Stanford Advanced Materials; Umicore NV/SA; Vineeth Precious Catalyst Pvt. Limited company etc.
Coverage: All major regions and key market segments
Segmentation: Type (platinum, palladium, ruthenium, rhodium, iridium, other types); end use (automotive, pharmaceutical, oil refinery, other end use)
geography: world; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; And the rest Europe); Asia Pacific (Australia; India; Korea; And the rest Asia Pacific); Latin America (Argentina; Brazil; Mexico; And the rest Latin America); middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; And the rest middle East); with Africa.
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The global precious metal catalyst market will reach $19.9 billion By 2026
As the name implies, a catalyst is a substance that can increase the rate of a chemical reaction without itself undergoing chemical changes or consumption. Noble metal catalysts are made of nano-sized particles, which tend to absorb oxygen and hydrogen present in the atmosphere. Different types of precious metal catalysts include palladium, iridium, platinum, ruthenium and rhodium catalysts. The automobile manufacturing sector is one of the main users of platinum catalysts for emission control. Automotive catalysts help reduce emissions from diesel and gasoline engines. With the introduction of stricter emission control regulations, the demand for catalysts is expected to be high. It is expected that countries around the world will also implement the same stringent emission standards for other industries, which will generate stronger demand for precious metal catalysts. In recent years, with the wave of strict enforcement of emission standards and nitrogen oxide compliance, rhodium is witnessing rapid growth.With the introduction of the HDD specification China, Platinum is preparing for the growth of healthy demand. With the increasingly frugal and novel applications in the light-duty vehicle field, it is conducive to trimetallic catalysts to control costs.
During the COVID-19 crisis, the global precious metal catalyst market is estimated to be $14.5 billion By 2020, it is expected to reach the revised scale $19.9 billion By 2026, it will grow at a compound annual growth rate of 5.5% during the analysis period.Platinum is one of the market segments analyzed in the report and is expected to grow at a CAGR of 6.6% to reach $7.9 billion At the end of the analysis period. After a thorough analysis of the business impact of the pandemic and the economic crisis it triggered, the growth of the palladium sector was re-adjusted to a revised compound annual growth rate of 5.8% for the next 7 years. This segment currently accounts for 22.8% of the global precious metal catalyst market. Platinum group metals, such as platinum, palladium, and rhodium, are widely used in automotive catalysts. These catalysts help reduce emissions of harmful exhaust gases such as carbon monoxide, particulate matter, sulfur oxides, nitrogen oxides and hydrocarbons. The palladium metal in the catalyst is widely used in applications requiring hydroesterification reactions. Palladium is widely used as an emission catalyst for different light trucks and automobiles.
The U.S. market is estimated to be US$3.7 billion In 2021, although China is expected to reach $3 billion By 2026
U.S. Precious Metal Catalyst Market Estimate US$3.7 billion By 2021. The country currently accounts for 24.63% of the global market share. China, The world’s second largest economy, and the market size is expected to reach $3 billion In 2026, the compound annual growth rate for the entire analysis period is 7.5%.Other notable geographic markets include Japan with Canada, Each forecast increased by 4.1% and 5.1% respectively during the analysis period.within Europe, Germany It is expected to grow at a compound annual growth rate of approximately 4.5%, while other European markets (as defined in the study) will reach US$3.2 billion At the end of the analysis period.The existence of major players and strict emission regulations make Europe The largest regional market for precious metal catalysts. North America Due to the higher loading of catalysts in heavy vehicles, it is expected to witness rapid growth.With the introduction of the HDD specification China, Platinum is preparing for the growth of healthy demand. With the increasingly frugal and novel applications in the light-duty vehicle field, it is conducive to trimetallic catalysts to control costs.
Ruthenium market segment $2.3 billion By 2026
Ruthenium is used in electrochlorination systems deployed in the following countries Italy, Singapore, Japan with China It is used in the production of sodium hypochlorite to disinfect surfaces such as public areas and buildings to reduce the risk of Covid-19 infection. In the global ruthenium market, United States, Canada, Japan, China with Europe This will drive the expected 4% compound annual growth rate for this segment.The total market size of these regional markets is $1.5 billion Will reach the projected scale by 2020 $1.9 billion At the end of the analysis period. China It will continue to be one of the fastest growing markets in the regional market cluster.Headed by country, for example Australia, India, with Korea, The market is Asia Pacific Expected to reach $293.1 million By 2026, and Latin America Throughout the analysis period, it will grow at a compound annual growth rate of 5.1%. more
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Source: Global Industry Analysts, Inc.