New York City, NY, 22 November, 2019/ 24 Market Reports: It is estimated for the global precious metal catalysts market to reach USD 19.43 billion by 2022 from that of USD 14.41 billion in 2017 at a CAGR of 6.22% during the forecast period of 2019 to 2022. The rise in emission norms among developing and developed countries along with advancements in technology is the factor driving the growth of the market during the forecast period. Owing to increase in R&D activities by companies to reduce costs and improve the quality of catalysts and rise in investments in the automobile sector the precious metal catalysts market has immense opportunities which will drive the demand for emission control catalysts.
Platinum, palladium, rhodium, iridium and ruthenium are the segmentation for the precious metal catalysts based on types. During the forecast period, it is estimated for the platinum segment to witness the growth at the highest CAGR. Its stable electrical properties are the factor for the dominant market position of the platinum catalyst segment. It is extensively used as an ingredient for processing catalyst as it is also resistant to chemical reactions and does not oxidize even at high temperatures. Also, platinum is highly resistant to corrosion, high temperature, and to sulfur poisoning that is found in gasoline and diesel engines and thus is the most widely used precious metal as a catalytic converter for automobiles.
By end-use industry, the market is projected to grow at the highest rate during the forecast period in the automobile sector owing to the rise in stringent emission standards and the growth in the automotive industry. 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.
Automobile, pharmaceutical, refinery, and others such as petrochemical and agriculture are the segmentation for the precious metal catalysts market based on end-user. Owing to stringent emission standards and the growing automotive & pharmaceutical industries will drive the demand for precious metal catalysts and is projected to grow substantially during the forecast period.
Europe to witness the growth with the highest CAGR and to emerge as a global leader in the market
In the year 2016, the European region accounted for the largest share of the global precious metal catalysts market and the trend is likely to continue during the forecast period. Also, the markets in developing countries such as China and India are projected to grow at the highest rates from 2017 to 2022. Owing to the rise in concern regarding emission control and rapid expansion of end-use sectors such as automobiles, refinery and petrochemicals the Asia-Pacific region is projected to grow at the highest CAGR compared to those of other region-level markets.
However, the catalysts’ factors such as performance dependency on temperature & loss of activity through poising and thermal deactivation along with the use of new nano-particle catalysts are restraining the growth of the precious metal catalysts market.
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