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%.
Browse 133 Market Data Tables and 30 Figures spread through 178 Pages and in-depth TOC on “Precious Metal Catalysts Market “.
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Market Dynamics
Drivers
- Growing demand from end-use sectors
- Environmental concern and their legal implications
Restraints
- Performance dependency on temperature & loss of activity through poising and thermal deactivation
- Emergence of nano-particle catalysts
Opportunities
- R&d activities to reduce costs and to improve the quality of catalysts
- Increasing investment in automobile sectors
Challenges
- Precious metals price volatility
- Rising demand of electronic vehicles (EVs) will reduce the usage of precious metals in automobile
- Less stringent emission regulation in APAC region
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In 2016, the European region accounted for the largest share of the global precious metal catalysts market. However, as the precious metal catalysts market in developed countries is maturing, markets in developing countries such as China and India are projected to grow at the highest rates from 2017 to 2022.
The Asia-Pacific region is projected to grow at the highest CAGR compared to those of other region-level markets, owing to the rise in concern regarding emission control and rapid expansion of end-use sectors such as automobiles, pharmaceuticals, refinary, and petrochemical. China and India have been adopting stringent emission control norms; for instance, India levied BSIV in 2017 and China follows Euro-6 equivalent norms, which is expected to drive the demand in the automotive and other industrial sectors in the region, and in turn, drive the precious metal catalysts market as well.
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