PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515582
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515582
PGM Catalyst Market size was valued at USD 11,675.12 Million in 2023, expanding at a CAGR of 8.5% from 2024 to 2032.
PGM catalysts, which stand for Platinum Group Metal catalysts, are catalysts containing metals such as platinum, palladium, rhodium, and others from the platinum group. The primary objective of these catalysts is to facilitate chemical reactions by providing active sites where reactants can interact effectively, thereby accelerating reaction rates without undergoing significant changes themselves. PGM catalysts are integral to several industrial processes, including automotive Catalysts where they are crucial components of catalytic converters. These converters help convert harmful pollutants like carbon monoxide, hydrocarbons, and nitrogen oxides into less harmful substances such as carbon dioxide, water vapor, and nitrogen.
PGM Catalyst Market- Market Dynamics
The market is propelled by industrial demand and environmental regulations.
The PGM Catalyst market is experiencing substantial growth due to stringent environmental regulations mandating cleaner emissions from industries and vehicles. This has resulted in increased demand for PGM catalysts, crucial for reducing harmful emissions like nitrogen oxides (NOx), carbon monoxide (CO), and hydrocarbons (HC). Furthermore, the expanding automotive sector, especially in emerging economies, is driving the demand for PGM catalysts used in catalytic converters to meet increasingly stringent emission standards. In India, during FY-2022-23, total passenger vehicle sales rose from 3,069,523 to 3,890,114 units, with passenger cars increasing from 1,467,039 to 1,747,376 units, utility vehicles from 1,489,219 to 2,003,718 units, and vans from 113,265 to 139,020 units compared to the previous year, highlighting this growth trajectory.
Advancements in catalytic converter technology and rising investments in research and development are expected to further bolster market expansion. These factors collectively contribute to a promising outlook for the PGM catalyst market, spurred by regulatory requirements and advancements in eco-friendly technologies.
PGM Catalyst Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2024-2032)
Based on Material segmentation, Palladium (Pd) was predicted to show maximum market share in the year 2023
Based on Catalyst segmentation, Heterogeneous PGM catalysts were the leading type in 2023
Based on Catalyst segmentation, Chemicals Manufacturing was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global PGM Catalyst Market is segmented based on Material, Catalyst, End User, and Region.
The market is divided into five categories based on Material: Platinum (Pt), Palladium (Pd), Ruthenium (Ru), Rhodium (Rh), and Iridium (Ir). Palladium (Pd) is widely favored and extensively utilized. This is because of its cost-effectiveness compared to other PGMs like Platinum (Pt) and Rhodium (Rh). Palladium offers excellent catalytic activity, particularly in hydrogenation and oxidation reactions crucial for various industrial processes and environmental applications. It is also relatively abundant and easier to source, ensuring a stable supply chain for catalyst manufacturing.
The market is divided into two categories based on Catalyst: Heterogeneous PGM catalysts and Homogenous PGM catalysts. Heterogeneous catalysts involve PGMs supported on solid surfaces like metal oxides or carbon supports. They are widely used due to their practical advantages, such as easy separation from reaction products, and facilitating catalyst recovery and recycling processes. These catalysts are versatile and applied across various industrial sectors including automotive catalytic converters, chemical synthesis, and environmental applications.
PGM Catalyst Market- Geographical Insights
The Asia-Pacific region commands the largest share of the platinum group metals market, accounting for nearly half of the global market share and poised for the highest growth rate. In the electronics sector, platinum, palladium, rhodium, and iridium are essential for coating electrodes, critical components in all electronic devices that regulate electricity flow. Palladium is predominantly found in microprocessors and printed circuit boards. Platinum is extensively utilized in electronic components of computers, televisions, mobile phones, and other consumer electronics.
India is projected to achieve a $1 trillion digital economy by FY26, with the current electronics market valued at $155 billion, and domestic production contributing 65% to this figure. Meanwhile, in China, the production of mobile phones increased by 6.9% year-on-year to reach 1.57 billion units, with smartphones growing by 1.9% to 1.14 billion units.
The competitive landscape of the PGM catalyst market is characterized by several key players vying for market share and technological leadership. Companies such as BASF SE, Johnson Matthey, Heraeus Holding, Umicore, and Evonik Industries AG are prominent contenders, leveraging their expertise in chemical manufacturing, catalysis, and precious metals refining.
These firms compete based on their ability to innovate and develop advanced catalyst formulations that enhance efficiency, selectivity, and durability in various industrial processes. Market leaders continually invest in research and development to optimize catalyst performance, meet stringent regulatory standards, and address evolving customer needs across sectors like automotive emissions control, chemical synthesis, and environmental applications.
In January 2024, a joint venture between BASF Environmental Catalyst & Metal Solutions and Heraeus Precious Metals launched the BASF HERAEUS Metal Resource recycling facility in Pinghu, China.
In July 2024, Johnson Matthey (JM) became a member of the Industry Council of the US Department of Energy's Critical Materials Innovation (CMI) Hub, which is spearheaded by Ames National Laboratory. Platinum group metals (PGMs) are poised to play a pivotal role in the transition to net zero emissions, supporting sustainable technologies such as hydrogen fuel cells, electrolyzers for hydrogen production
GLOBAL PGM CATALYST MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BASF SE
Evonik Industries AG
Johnson Matthey
Umicore
Heraeus Holding
Tanaka Holdings Co., Ltd.
Cataler Corporation
Haldor Topsoe A/S
Axens
Clariant
Honeywell International, Inc.
Zeolyst International