Homogenous Precious Metal Catalyst Market Value Predicted
30 Apr 2021
LOS ANGELES, April 30, 2021 (GLOBE NEWSWIRE) -- The Global Homogenous Precious Metal Catalyst Market is expected to grow at a CAGR of around 6.2% from 2020 to 2027 and reach the market value of over US$ 24.6 Bn by 2027.
Europe will continue to dominate the global homogeneous precious metal catalyst market in the coming years. Increasing energy demand from Europe's economies such as France, Slovakia, Hungary, Belgium, Sweden, and Bulgaria supports the overall market's growth. Furthermore, the presence of adequate oil reserves in countries such as Russia, Norway, the United Kingdom, and Italy is expected to supplement the market growth. Major market participants are shifting their focus to increasing capacity in order to meet the region's growing demand. Companies are also focusing on innovation in order to develop advanced products that perform better during the process. Such factors will also contribute to the region's market growth.
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Market Dynamics
The growing preference for homogeneous catalysts over heterogeneous ones due to their specific features, particularly those related to selectivity, boosts the market growth. The market is also expected to see a significant increase in demand as a result of the Covid-19 pandemic, as PGM catalysts are used in the formulation of several APIs, including a few antibiotics used to treat Covid-19. Homogeneous precious metal catalysts enable the catalytic completion of the directed synthesis of a composite organic intermediate, resulting in a product that could not be obtained otherwise. A homogeneous catalytic method can improve product superiority as well as the overall economics of a current process. Several well-established homogeneous catalysts are suitable for laboratory preparations. Market participants are constantly innovating in order to expand their user base and achieve greater market growth in the future.
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Segmental Outlook
The global homogenous precious metal catalyst market is segmented based on product and end-use. By product, the market is segmented as platinum, palladium, rhodium, ruthenium, iridium, gold, and others. Based on end-use, the market is segmented as pharmaceutical & biomedical, refineries, agrochemicals, electrochemical, power generation, and others.
Platinum-based product segment is expected to grow significantly in the coming years due to rising demand in hydrosilylation reaction applications due to their highly reactive nature. However, price uncertainty and the impact of the Covid-19 on the supply chain and demand are likely to stifle growth in this segment. Rhodium-based products are used in reactions requiring lower temperatures and pressures, such as hydroformylation. Because of their increasing use in the automotive sector, demand for these catalysts is expected to rise in the market.
The refinery segment will lead the global homogeneous precious metal catalyst market by end-use until the forecast period. The presence of several mainstream refineries in Europe indicates significant market growth potential over the forecast period. However, the sudden outbreak of Covid-19 has negatively affected the refinery sector due to lockdowns imposed in the region, which has harmed oil consumption by the transportation sector. Product demand, on the other hand, is expected to rise once the current situation subsides.
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Competitive Landscape
The major players involved in the Homogenous Precious Metal Catalyst market involve BASF SE, Evonik Industries AG, Johnson Matthey Plc, Heraeus Group, Clariant International Ltd, Umicore SA, Alfa Aesar, Vineeth Precious Catalysts Pvt. Ltd., Haldor Topsoe, Umicore N.V., American Elements, Chimet S.p.A., Shanxi Kaida Chemical Engineering Co., Ltd., Sabin Metal Corporation, among others.
Some of the key observations regarding the homogenous precious metal catalyst industry include:
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