The global homogenous precious metal catalyst market is expected to grow at a CAGR of around 6.2% from 2020 to 2027 and expected to reach the market value of around US$ 24.6 Bn by 2027.
Precious transition metal complexes are frequently used in homogeneous catalysis. Ideally, the used catalyst in a specific process is recovered and recycled back to the reactor during the down streaming process. In contrast to heterogeneous catalyst separation, homogeneous catalyst separation is critical: Inefficient catalyst recovery and loss of catalyst in undesirable process streams may even result in uneconomic processes. The recovery of catalytic species from these streams significantly improves the economic efficiency of the manufacturing process and protects the environment from metal contamination. The use of homogeneous transition metal catalysts provides the opportunity to develop highly efficient processes for the chemical industry. Because these tailor-made catalysts exhibit high activity and selectivity during the reaction, substrate recycle streams and waste streams of side products can be significantly reduced.
The pharmaceutical and biomedical end-use industries, as well as petroleum refining, are likely to drive demand for the product. Furthermore, the presence of refineries in strategic locations, combined with top oil and gas companies, is expected to boost product demand. Furthermore, expansion in the agrochemicals and power generation sectors is expected to boost product demand over the forecast period. Furthermore, rising R&D investment in homogeneous precious metal catalysts to reduce costs and maximise returns from recovered metals is boosting market growth. Because of rising environmental regulations on carbon emissions, the automotive industry's product demand is increasing all over the world. Demand for hydrogen fuel cell vehicles, which perform functions similar to electric vehicles, is expected to drive market growth. Furthermore, the growing healthcare industry, combined with rising consumer health awareness, is propelling the global precious metal catalysts market.
Rising end-use sector demand, combined with increasing environmental issues and their legal ramifications, drives the global homogeneous precious metal catalyst market on a large scale
Homogenous precious metal catalysts are widely used in a variety of industries, including petrochemicals (producers of petrochemical intermediates), pharmaceuticals for chemical synthesis (producers of bulk and specialty chemicals), automobile (emission reduction), and refining (refineries producing clean fuel). The significant growth of these industries in recent years, combined with strict emission control regulations and the need for cleaner fuels, heavy, and sour crudes, is driving the market for homogenous precious metal catalysts.
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 catalysts are expected to have a reasonable market share during the forecast period. One of the major factors contributing to the growth of the global homogenous precious metal catalyst market is its stable electrical properties. It is also resistant to chemical reactions and does not oxidize even at high temperatures, so it is widely used as an ingredient in processing catalysts. Platinum is the most commonly used precious metal in automobile catalytic converters because it is highly resistant to corrosion, high temperatures, and sulphur poisoning found in gasoline and diesel engines. The refinery end-use segment will lead the global homogenous precious metal catalyst market by end-use. This segment is expected to grow at the fastest rate in the coming years. As precious metal catalysts, they aid in the optimization and economic production of oil. 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 harmed 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.
Based on region, Europe has dominated the homogeneous precious metal catalyst market in the past and is expected to do so again during the forecast period. Due to rising environmental concerns, the automotive industry is being revitalized with increased production of hydrogen fuel cell vehicles, which is propelling market growth. The European Union has set an emission target of 95 grammes per kilometre for new passenger cars beginning in 2021. The expanding healthcare industry, along with rising health-care spending, is driving up product demand even more. On the other hand, Asia Pacific is expected to have the fastest growing CAGR in the global homogeneous precious metal catalyst market in the coming years. Rising disposable income and a growing automotive industry in emerging markets is important factor for the global growth. The increased production of lightweight vehicles as a result of the Indian government's emission standards is another significant factor driving market growth. But apart from that, North America is a significant region in the market for homogeneous precious metal catalysts. Reviving the automotive industry with increased demand for lightweight vehicles is a key factor assisting market growth. Furthermore, in the United States, the Comprehensive Environmental Responsibility and Liability Act have established specific regulations for refining spent catalysts. The growing pharmaceutical industry as a result of the growing geriatric population is boosting market growth even further.
Latin America is expected to grow significantly as a result of the expanding automotive industry, particularly in Brazil and Mexico, as a result of increased vehicle sales by a French manufacturer, Groupe PSA. The Middle East and Africa are expected to grow moderately during the review period, which will benefit refiners and petrochemicals due to expanding end-use industries. This has a positive impact on the growth of the global homogeneous precious metal catalyst market.
The prominent players of the global 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, and among others.
Market By Product
Market By End-use
Pharmaceutical & Biomedical
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Homogenous precious metal catalyst market is expected to reach a market value of around US$ 24.6 Bn by 2027.
The homogenous precious metal catalyst market is expected to grow at a CAGR of around 6.2% from 2020 to 2027.
Based on product, platinum segment is the leading segment in the overall market.
Rising demand from end-use sectors coupled with growing environmental concern and their legal implications is one of the prominent factors that drive the demand for homogenous precious metal catalyst market.
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, and among others.
Asia Pacific is anticipated to grab the highest market share in the regional market
Europe is expected to be the fastest growing market in the forthcoming years