Global Precious Metals Catalyst Market - Forecasts from 2024 to 2029

The global precious metals catalyst market is projected to grow at a CAGR of 8.56% during the forecast period (2024-2029).

Precious metal catalysts are also known as "noble metal catalysts" since they exhibit distinct properties. They have an incompletely filled d-orbital that can lend or remove electrons from the reagent, depending on the nature of the reaction. As a result, precious metals consistently have high catalytic activity and selectivity. Additionally, due to noble metals' catalytic activity and thermal stability, they have several applications in the medicine, agrochemicals, petrochemicals, chemicals, and environmental and material science sectors.

For example, palladium catalysts are appropriate for the urea-directed C-H activation even when the reaction conditions are mild due to high compatibility with other functional groups, perfect stereoselectivity, and regioselectivity. Novak's group at Eotvos Lorand University employed a unique palladium catalyst to complete the first fluoro alkylation procedure via C-H activation, allowing access to ortho trifluoroethylated aromatic ureas. They added the new, highly active trifluoromethyl-yl (mesityl)iodonium salt and TFA as an adjuvant to achieve efficient conversion.

GLOBAL PRECIOUS METALS CATALYST MARKET DRIVERS:

• The growing use of precious metal catalysts in green chemistry propels market expansion by solving major environmental issues and promoting sustainable practices across sectors. These catalysts are important in catalyzing chemical reactions that save energy, decrease waste, and enable greener manufacturing processes. Green chemistry can be described as the intentional, purposeful design and creation of chemical products and processes to minimize or eliminate the usage or creation of hazardous substances. Indeed, green chemistry involves the design of an entire life cycle of a chemical product from conception through utilization and disposal.

The PGM is extremely versatile in the service of the automotive, pharmaceutical, and petrochemical industries, removing/treating polluting agents, converting greenhouse gases to useful energy, and greener manufacturing processes. For instance, Abu Dhabi National Oil Company (ADNOC) is a global leader in the oil and gas business, operating across all sectors. ADNOC plans to attain 5 million barrels of maximum sustainable production capacity by 2030.

Regulatory guidelines to reduce pollutants drive the demand for these catalysts, while ongoing scientific developments improve their efficiency and efficacy. Regarding the issue involving the employment of precious metal catalysts in green chemistry, the increase in correspondent regulatory and obligatory preconditioning to the impact on the environment is supported by the positive influence on the transition to the resource-saving economy. With numerous socioeconomic and political imperatives, as well as the practical goals of increasing people's engagement and government transparency and accountability, OGD has emerged as a potential means of accelerating the implementation of the 2030 Agenda for Sustainable Development in the Decade of Action.

• Product launches and advancements in the precious metals catalyst market fuel growth by introducing upgraded technologies, increased efficiency, and new application possibilities. These advances address rigorous environmental requirements, notably in automobile emissions control and industrial operations.

Hydrogen-based power-generating technologies, such as fuel cells, are projected to play a significant part in the shift to a more sustainable economy. In January 2023, the Heraeus Group electronics division Heraeus Precious Metals and Hulteberg Chemistry & Engineering AB company signed a strategic partnership to work on the creation and distribution of a portfolio of catalytic materials for SOFCs. SOFCs are electrochemical devices installed to generate power from hydrogen and fuels.

Additionally, improved catalyst performance concerning activity and stability meets the evolving industry requirements for environment-friendly processes. These aim to use noble metals to reduce manufacturing costs and effects on the natural environment while enhancing competitiveness and acceptability in all global market sectors. For instance, N. E. CHEMCAT CORPORATION started reagent sales of the new product of CPs-HP50 of the Precious Metal Scavenger CPs series in September 2023. CPs-HP50 is a silica powder scavenger composed of thiol-based and amine-based scavengers. An application of this product effectively collects valuable metals from solutions of catalytic reactions.

GLOBAL PRECIOUS METALS CATALYST MARKET SEGMENT ANALYSIS:

By Application, automotive is one of the most rapidly developing segments.

• By application, the automotive industry is one of the fastest-growing areas of the precious metals catalyst market. This increase is largely driven by more rigorous emissions rules worldwide, which require catalysts to minimize pollutants from vehicle exhaust fumes. Elements like platinum, palladium, and rhodium, which are used in the catalytic converters of automobiles, help to change toxic gases like carbon monoxide, nitrogen oxides, and hydrocarbons.
• Hybrid or electric cars and the ongoing need for cars using internal combustion engines fuel the demand for precious metal catalysts used in the automobile industry. Additionally, as per the International Energy Agency, in 2022, almost 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally, accounting for around 4.5% of total bus and 1.2% of total truck sales.
• China reins supreme in producing and exporting electric (and fuel cell) trucks and buses. In 2022, 54,000 new electric buses and 52,000 electric medium- and heavy-duty trucks were sold, accounting for 18% and 4% of overall sales in China and about 80% and 85% of global sales, respectively. In addition, it is stated that Chinese brands are market leaders in the bus and truck markets of Latin America, North America, and European countries.
• In May 2024, the United States sold 124,921 plug-in cars (98,797 BEVs and 26,124 PHEVs), a 3.2% increase over May 2023 sales. PEVs accounted for 8.74% of overall LDV sales in the same month. In all, 590,477 PHEVs and BEVs were sold in 2024, as declared by the Argonne National Laboratory.
• As manufacturers attempt to exceed emissions limits and improve fuel efficiency, the need for improved catalyst technology increases. This trend emphasizes the automotive sector's crucial role in propelling innovation and growth in the precious metals catalyst industry.
• Asia Pacific's precious metals catalyst market is anticipated to grow significantly.
• The Asia Pacific region's precious metal catalyst market is expanding rapidly due to several factors. Rapid industrialization and urbanization in China, India, and Japan have increased demand for vehicle catalysts to meet tough pollution laws. Furthermore, the region's growing electric vehicle industry is an important factor fueling the market. For example, in February 2024, GFCL EV Products Ltd, a wholly-owned subsidiary of the Gujarat Fluorochemicals Ltd- GFL, planned an INR 6,000 Crore capital expenditure outlay for the next 4-5 years. This investment will allow the development of around 200 Mega Watt hours a year of battery systems for EVs and ESS, raising the production of EVs. Hyundai Motors, on the other hand, announced in February 2024 that it will invest more than $3.85 billion (Rs 32,000 crore) between 2023 and 2033 to extend its EV portfolio and improve its current vehicle and SUV platforms.
• Besides this, China is the world's largest automobile market in terms of yearly sales and manufacturing output, with local production projected to exceed 35 million vehicles by 2025. According to figures from the Ministry of Industry and Information Technology, more than 26 million automobiles were sold in 2021, including 21.48 million passenger vehicles, a 7.1% increase over 2020.
• The transition to greener energy sources and the growing popularity of electric vehicles are driving demand for precious metal catalysts in both automotive and industrial applications. From the statistics provided by the Japan Automobile Dealers Association (JADA) and the Japan Mini Vehicle Association (Zenkeijikyo), it was determined that by the end of 2022, 58,813 Battery Electric Vehicles (BEV) were sold in Japan, with a 2.7-fold increase from 2021. The BEV ratio (BEVs as a percentage of passenger car sales) increased to 1.7% in 2022, surpassing 0.6% in 2021 and reaching the 1% mark for the first time. Sales of BEV would further increase in Japan as the country sets an enhanced goal of having 100% environment-friendly vehicles by 2035 and customers consider the environmental and economic impacts of electric vehicles.
• This trend highlights Asia Pacific's crucial position in the global precious metals catalysts market, pushed by technical developments and increased applications across numerous industrial areas.

Global Precious Metals Catalyst Market Key Developments:

• In April 2024, Murata introduced a novel ceramic catalyst material developed to lessen the effect of industrial gas exhaust systems. Shanghai FT Technology Co., Ltd, a Chinese manufacturer (F-Tech), manufactures and distributes ceramic catalysts made from this material.
• In January 2024, BASF Environmental Catalyst and Metal Solutions (ECMS) and Heraeus Precious Metals launched a new joint venture facility, BASF HERAEUS Metal Resource Co., Ltd (BHMR), in Pinghu, China. The plant recovers precious metals from discarded automobile catalysts, allowing a circular economy and helping China's supply security and sustainability objectives.
• In September 2023, TANAKA Kikinzoku Kogyo K.K., TANAKA Precious Metals' core company that operates an industrial precious metals business, announced that it has signed a technical assistance agreement with Chengdu Guangming Paite Precious Metal Co. Ltd., an affiliated company in China, regarding fuel cell electrode catalyst manufacturing technologies.
• In July 2023, BASF finalized the separation of its mobile emissions catalysts and precious metal services businesses, naming the new organization BASF Environmental Catalyst and Metal Solutions (ECMS).

The global precious metals catalyst market is segmented and analyzed as follows:

By Type

• Platinum
• Palladium
• Rhodium
• Iridium
• Others

By Application

• Automotive
• Pharmaceutical
• Petrochemicals
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Rest of the Middle East and Africa
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific