According to the newly released report "Precious Metal Catalysts Market, by Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium) End-use Industry (Automobile, Pharmaceutical, Refinery), and Region - Global Forecasts to 2022", published by MarketsandMarkets, the Precious Metal Catalysts Market size is estimated to grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19%.
It is projected to witness significant growth in the next few years due to advancements in technology and the high efficiency of precious metal catalysts. Growth in demand in automobile and pharmaceutical applications, along with environment concerns and their legal implications is the key factor fueling the growth of the Precious Metal Catalysts Market. The Precious Metal Catalysts Market has opportunities owing to the increase in R&D activities by companies to reduce costs and improve the quality of catalysts and the rise in investments in the automobile sector, which will drive the demand for emission control catalysts.
The platinum segment, by type, is projected to dominate the Precious Metal Catalysts Market, as the platinum catalyst helps to reduce the CO2 emission. The dominant position of the platinum catalyst segment can be attributed to the rise in the sale of diesel vehicles in Europe and North America and the introduction of more stringent Euro 6 and Euro 7 emission rules in Europe, which is expected to drive the market for platinum catalysts, as it is mainly used as emission control catalysts. It is largely used in the automobile sector to reduce the effect of pollutants released by the industrial processing units.
The automobile sector dominated the market in 2016, and is projected to be the fastest-growing end-use sector over the next five years, as a result of the rising stringent emission standards and the growing automotive, refinery, and pharmaceutical industries. The newly developed emission standards demand additional improvements in catalyst technologies to successfully remove toxic substances from car exhausts, which will, in turn, drive the Precious Metal Catalysts Market growth through the automobile sector.
The European region accounted for the largest share of the Precious Metal Catalysts Market in 2016, wherein Germany accounted for the largest country-level market. The government's stringent emission norms and the growth in end-use sectors such as automobile, refinery, pharmaceutical, and petrochemical are some of the factors driving the Precious Metal Catalysts Market in Europe. The market in this region is growing rapidly due to the presence of numerous leading players. Its significant hold on industries such as automotive, pharmaceutical, refinery, and mass transport has played a crucial role in the growth of the market for precious metal catalysts in the European region.
