Key Insights From The Global Precious Metal Catalysts Market Report 2023 - By The Business Research Company

28 September 2023

As per The Business Research Company's Precious Metal Catalysts Global Market Report 2023, the size of the global precious metal catalysts market is projected to increase from $14.64 billion in 2022 to $15.94 billion in 2023, marking a compound annual growth rate (CAGR) of 8.9%. Anticipated growth continues, with the market size expected to reach $22.04 billion in 2027, sustaining a CAGR of 8.4%.

Market Driver: Rising Automotive Sector Adoption
The driving force behind the precious metal catalysts market growth is the increasing utilization of precious metal catalysts in the automotive industry. As the automotive sector shifts towards more intelligent and fuel-efficient products, the demand for precious metals as catalysts continues to surge.

Trends: Advancements in Fuel Cell Catalysts
One noteworthy trend shaping the precious metal catalysts market is the continuous innovation in fuel cell catalysts. These catalysts, composed predominantly of precious metals, are vital for facilitating reactions in fuel cells. Recent developments have led to cost reductions and improved efficiencies. A prime example is Tanaka's platinum-cobalt alloy hydrogen electrode catalyst, which significantly reduces peroxide generation, addressing electrolyte degradation concerns.

Learn More On The Precious Metal Catalysts Market Report –
https://www.thebusinessresearchcompany.com/report/precious-metal-catalysts-global-market-report 

Major Players: Industry Concentration
The global precious metal catalysts market exhibits a high level of concentration, with the top ten competitors accounting for a substantial 56.65% of the total market share in 2022. Leading the pack is Johnson Matthey Plc, commanding 17.06% of the market. They are closely followed by key players like BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, and others. These industry leaders are actively pursuing innovative technologies and new product solutions to solidify their positions in the market.

Market Segments: Focus on Platinum Growth
The global precious metal catalysts market is segmented -

  1. By Type: Platinum, Palladium, Rhodium, Iridium, Ruthenium, Other Types
  2. By Reaction Type: Hydrogenation, Asymmetric Hydrogenation, Reductive Amination, Alkylation, Hydrogenation Cracking Reaction, Carbonylation, Other Reaction Types
  3. By Application: Automotive, Refining, Petrochemicals, Oil and Mining, Other Applications

By 2027, the platinum segment is expected to gain an impressive $2,077.2 million in global annual sales.

Request A Free Sample Of The Precious Metal Catalysts Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=7644&type=smp 

The Precious Metal Catalysts Global Market Report 2023 presents a comprehensive view of the dynamic landscape of the precious metal catalysts market. Players in the precious metal catalysts market can harness the insights within this report to chart their course towards success. By understanding market drivers, such as the automotive sector's increasing reliance on precious metal catalysts, companies can align their strategies to capitalize on emerging trends like advancements in fuel cell catalysts. Moreover, with a concentrated market landscape, the precious metal catalysts market report offers a glimpse into the strategies adopted by key players, including strategic collaborations, partnerships, and business expansions.

View More Similar Market Reports:

Emission Control Catalysts Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/emission-control-catalysts-global-market-report

Rare Earth Metals Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/rare-earth-metals-global-market-report

Refinery Catalyst Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/refinery-catalyst-global-market-report

Interested to know more about The Business Research Company?

The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World's Most Comprehensive Database

The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

Contact Information

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

 

Source: prnewswire.com