Major players in the precious metal catalyst market are BASF SE, Johnson Matthey, Heraeus Group, Clariant International, Umicore, Alfa Aesar, Shaanxi Kai Da Chemical Engineering, Xi’an Catalyst New Materials, Vineeth Precious Catalysts, Chimet, Sabin Metal Corporation, American Elements, ALS Limited, Remettal Deutschland, and JandJ Materials.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Precious Metal Catalysts Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372058/?utm_source=GNW
The global precious metal catalyst market is expected to grow from $13.49 billion in 2021 to $14.46 billion in 2022 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The market is expected to reach $19.13 billion in 2026 at a CAGR of 7.2%.
The precious metal catalyst market consists of sales of precious metal catalysts by entities (organizations, sole traders, and partnerships) that are used to speed up chemical reactions by lowering the energy barrier between reactants and products.Precious metal catalysts refer to noble metal catalysts with distinctive properties and a partially filled d-orbital that can either lend electrons to the reagent or pull them away, depending on the type of reaction.
These catalysts consistently exhibit strong catalytic activity and selectivity.
The main types of precious metal catalysts are platinum, palladium, rhodium, iridium, ruthenium, and other types.Platinum is a soft, ductile, malleable, silver-white metallic element used in catalytic converters, electrical contacts, pacemakers, drugs, and magnets.
The various types of reactions include hydrogenation, asymmetric hydrogenation, reductive amination, alkylation, hydrogenation cracking reaction, carbonylation, and other reaction types. The applications include automotive, refining, petrochemicals, oil and mining, and other applications.
Asia-Pacific was the largest region in the precious metal catalyst market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in this precious metal catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing demand for precious metal catalysts in the automotive industry propels the growth of the precious metal catalyst market going forward.Demand for precious metal catalysts in the automotive industry refers to the application of precious metal catalysts in fuel cell-driven vehicles, as a cathode material for electric vehicles, and as an automotive catalyst.
Precious metals are important elementsinf the rapidly expanding automotive secto that enable advanced products for electric vehicles and fuel-cell vehicles. For instance, in February 2022, according to 2021 financial results published b "Nornickel"’, a Russia-base nickel and palladium mining and smelting company, demand for palladium in the automotive industry increased by 0.6% in 2022 as compared to 2021. Therefore, increasing demand for precious metal catalysts in the automotive industry is driving the precious metal catalyst market
Technological innovation is the key trend gaining popularity in the precious metal catalyst market.Major companies operating in the precious metal catalyst market are focused on developing technologically innovative precious metal catalysts to strengthen their position.
For instance, in March 2020, BASF, a Germany-based chemical company, developed and launched an innovative Tri-Metal Catalyst technology.This innovative technology enables light-duty gasoline automobiles to partially replace expensive palladium with less expensive platinum without breaching emissions regulations.
Tri-Metal Catalyst technology adoption can help manufacturers decrease catalytic converter costs and partially rebalance the market demand for PGMs.
In November 2020, Evonik, a Germany-based specialty chemicals company, acquired Porocel Group for a deal amount of $210 million.Through this acquisition, Evonik is expanding its catalyst portfolio to include activities in the area of desulfurization catalysts and adsorbents, which will enable the growth acceleration of Evonik’s catalyst business.
Porocel Group is a US-based precious metal catalyst manufacturer.
The countries covered in the precious metal catalysts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The precious metal catalysts market research report is one of a series of new reports that provides precious metal catalysts market statistics, including precious metal catalysts industry global market size, regional shares, competitors with a precious metal catalysts market share, detailed precious metal catalysts market segments, market trends and opportunities, and any further data you may need to thrive in the precious metal catalysts industry. This precious metal catalysts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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