The Europe Precious Metal Catalyst Market was valued at xx billion in 2022 and is projected to reach USD xx billion in 2028. Growing at an xx% CAGR from 2023-2028.
Market Overview:
Precious metal catalysts, also known as "noble metal catalysts," exhibit distinct qualities in our lives. Depending on the nature of the reaction, they have an incompletely filled d-orbital that can lend or take electrons from the reagent. As a result, precious metals are always active and selective in catalysis. Aside from that, precious metal catalysts are stable and do not easily generate oxides through oxidation. Precious metal catalysts have both high activity and thermal stability, they can be used in a wide range of applications, including medicines, agrochemicals, petrochemicals, chemicals, the environment, and material sciences. Precious metal catalysts, in particular, are widely used in chemical processes for reactions such as hydrogenation, asymmetric hydrogenation, reductive amination, and dehydrogenation.
Europe Precious Metal Catalyst Market Drivers:
To decrease pollution levels, governments developed emission rules, and catalytic converters quickly became a widespread approach to assist meet these new criteria. Catalytic converters help to minimize pollution by transforming hazardous byproducts of car engines using an internal combustion engine that catalyzes chemical reactions. Regulators have put rigorous limits on the performance characteristics of these goods to guarantee that pollution targets are fulfilled, which is projected to drive demand for precious metal catalysts. As a result, over the forecast period, stringent government regulations are likely to boost the expansion of the precious metal catalysts market.
The use of nano-particle catalysts manufactured from noble materials has expanded due to improved and faster performance during chemical processing and to counterbalance the expensive cost of noble materials. The nano-scale metal particles present in precious metal catalysts quickly absorb hydrogen and oxygen from the atmosphere. Under normal settings, ingested hydrogen and oxygen rapidly react with a wide range of replacements. Thus, by limiting by-product generation and maintaining mild reaction conditions, a reasonably high product yield is achievable. Advances in nanotechnology have aided in the fabrication of precious metal catalysts. As a result, energy has been saved, productivity has increased, and production costs have lowered.
This precious metal catalysts market report discusses recent developments, trade regulations, production analysis, value chain optimization, market share, import-export analysis, the impact of domestic and localized market players, opportunities in terms of emerging revenue pockets, changes in market regulations, category market growths, market size, application niches and dominance, strategic market growth analysis, product approvals, and product launches. To learn more about the precious metal catalysts market, contact Data Bridge Market Research for an Analyst Brief; our staff will assist you in making an informed market decision to achieve market growth.
The precious metal catalysts market is being propelled by increased R&D investments in the precious metal sector with the goal of lowering costs and enhancing profits. Rising petrochemical demand from industries such as automotive and construction is another driver driving the market.
Europe Precious Metal Catalyst Market – By Product
In 2021, the palladium product sector led the total market with a revenue share of more than 50%. Due to substantial product usage in applications requiring hydroesterification reactions, the segment is expected to maintain its leading position throughout the projected period. Lucite International, which uses the catalyst to produce MMA from ethylene, carbon monoxide, and methanol, is a prime example of its utilization. Palladium demand increased sharply in Europe due to an increase in gasoline automobile loadings. The primary growth drivers of the palladium metal in catalysts are stringent car testing and pollution control laws. However, a temporary reduction in demand is likely during the epidemic.
The platinum-based product segment is expected to rise significantly in the next years due to increased demand in hydrosilylation reaction applications due to their highly reactive nature. However, price uncertainty and the impact of Covid-19 on the supply chain and demand are anticipated to stifle growth in this market. Rhodium-based products are employed in processes requiring lower temperatures and pressures, such as hydroformylation. The market for these catalysts is predicted to grow due to their increasing application in the automotive sector.
In 2021, the refinery end-use segment led the total market with a revenue share of more than 20%. The presence of numerous prominent refineries in Europe indicates tremendous market growth potential during the projection period. However, the quick breakout of Covid-19 has harmed the refinery sector due to lockdowns imposed in the region, affecting oil consumption by the transportation sector. On the other hand, after this circumstance has passed, product demand is likely to rise.
The Precious Metal Catalyst market is expected to grow significantly throughout the forecast period due to rising energy demand from economies such as France, Slovakia, Hungary, Belgium, Sweden, and Bulgaria. Furthermore, the presence of substantial oil reserves in nations such as Russia, Norway, the United Kingdom, and Italy is likely to supplement market expansion. Major industry participants are changing their focus to developing the capacity to meet the growing demand. Companies are also focusing on innovation to manufacture advanced items that perform better during the process. Such elements will also contribute to the market expansion. The pandemic has had a significant impact on many key economies limiting all means of transit and resulting in lower oil consumption in the transportation sector. Germany emerged as the market leader and will maintain its dominance during the projection period.
On June 2022, Evonik will spend $220 million on a new triglyceride manufacturing plant for mRNA-based pharmaceuticals in the United States, in collaboration with the US government. The new plant will position the company for future expansion in groundbreaking mRNA-based therapies beyond COVID-19 vaccines, maintaining its reputation as a premier strategic ally for innovative pharmaceutical firms.
Argor-Heraeus announced the entire acquisition of Erbas, a renowned Ticino-based watchmaking and jewelry manufacturer, in May 2022. The unanimous decision expands Argor-Heraeus service options. The deal represents a significant advancement in end-product tracking, which is crucial in the supply chain simplification sector.
Frequently Asked Questions
Europe Precious Metal Catalyst market was valued at xx billion in 2021 and is projected to reach USD xx billion in 2027. Growing at an xx% CAGR from 2022 to 2027.
The Europe Precious Metal Catalyst market is divided by product and end-user
The forecast period in the Europe Precious Metal Catalyst market report is 2022-2027.
Some of the key players in the Europe Precious Metal Catalyst market are Evonik Industries AG, Johnson Matthey, Clariant AG, Haldor Topsoe, Alfa Aesar, Heraeus Holding, BASF SE, Shaanxi Kai Da Chemical Engineering Co., Ltd., Sabin Metal Corporation, Umicore, American Elements, Chimet S.p.A.
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