Precious Metal Catalyst as noble metals widely used in various end-user industries to speed up the chemical process. According to BlueQuark Research & Consulting, the global Precious Metal Catalyst market is expected to witness a significant growth rate during the forecast period. Factors such as the increasing demand for Precious Metal Catalyst in the Pharmaceuticals Industry are expected to propel the future Precious Metal Catalyst market. The increasing investments in the Automotive Industry are expected to drive the Precious Metal Catalyst market in the forecasted years. Precious metals always show high activity and selectivity in catalysis due to the presence of incompletely filled d-orbital to lend electrons or withdraw electrons from the reagent, which depends on the nature of the reaction. However, high fluctuation in the prices of precious materials as the raw materials is likely to obstruct the Precious Metal Catalyst Market's growth.
The Pharmaceutical Industry is a prime consumer of Precious Metal Catalyst globally and is expected to drive the future market. The global pharmaceutical market is anticipated to grow at around 4% (despite the COVID-19 pandemic) during the forecast period. The ongoing Covid 19 pandemic has decreased the growth rate from 5% to 4%. In 2019, the global pharmaceutical market was valued at around USD 1,223.4 billion, and the North American pharmaceutical market accounted for about 49% of revenue share. In 2019, the global sales from exported drugs and medicines value USD 392.9 billion, an increase of 3.2% compared to 2018. Europe accounted for about 80% of the total global exports with shipments valued at USD 317.1 billion. Major countries in the export of drugs and medicines include Germany, Switzerland, the Netherlands, Belgium, France, Italy, the United States, United Kingdom, Ireland, and Denmark among others. The top 10 countries account for about 75% of total exports. The overall economic impact of the pharmaceutical industry on the U.S. economy is substantial. The industry accounts for more than USD 2 trillion in economic output, representing nearly 5% of the total U.S. output. Moreover, the United States attracts the majority of global venture capital investments in start-up biopharmaceutical enterprises.
Major players in the global market were Evonik Industries , BASF SE , Heraeus Deutschland GmbH & Co. KG , Hindustan Platinum , Johnson Matthey Plc , Clariant International Ltd , among others.
The Asia Pacific has been the dominating region both in the production and consumption of Precious Metal Catalyst and is expected to continue at the same pace. The rising demand of the Automotive industry is attributed to the increasing demand for high-performance vehicles and the increasing urbanization, growing our cities from a small cluster to massive metropolitans where the demand for transportation is expected to surge. The increasing Electric vehicle market has opened up new opportunities for the automotive industry, promoting the green revolution currently being experienced globally. China's EV sales exceeded 1.3 million units, representing 41% of global EV sales in 2020, depicting the region's automotive boom. India's automotive demand is rising in the forecasted years due to the increasing income of middle-class families and the young population. India's passenger vehicles sales 279,745 units in March 2021, registering a growth of 28.39% compared to the previous year. This increasing demand is expected to drive the Precious Metal Catalyst in the Asia Pacific region.
Evonik Industries, in November 2020 acquired Porocel Group, Houston for USD 210 million to expand its catalyst portfolio.
Global Precious Metal Catalysts Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Precious Metal Catalyst market by segmenting based on the Coating By Metal (Platinum, Palladium, Rhodium, Iridium, Others), Type (Homogenous Catalyst, Heterogeneous Catalyst), End-Use Industry (Pharmaceuticals, Agrochemical, Petrochemicals, Automotive, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, market dynamics, market analysis trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.