The Precious Metal Catalysts Market size is estimated to grow from USD 14.37
billion in 2017 to USD 19.41 billion by 2022, at a CAGR of 6.19%.
Browse 133 Market Data Tables and 30 Figures spread
through 178 Pages and in-depth TOC on "Precious Metal Catalysts Market “.
“The
automobile sector is projected to grow at the highest rate during the
forecast period”
The automobile sector
dominated the market in 2016, and is projected to be the fastest-growing
end-use sector over the next five years, as a result of the rising stringent
emission standards and the growing automotive, refinery, and pharmaceutical
industries. The newly developed emission standards demand additional
improvements in catalyst technologies to successfully remove toxic substances
from car exhausts, which will, in turn, drive the precious metal catalysts
market growth through the automobile sector.
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“European precious metal catalysts market
accounted for the largest share in 2016”
The European region accounted for the largest share of the precious metal catalysts market in 2016, wherein Germany accounted for the largest country-level market. The government’s stringent emission norms and the growth in end-use sectors such as automobile, refinery, pharmaceutical, and petrochemical are some of the factors driving the precious metal catalysts market in Europe. The market in this region is growing rapidly due to the presence of numerous leading players. Its significant hold on industries such as automotive, pharmaceutical, refinery, and mass transport has played a crucial role in the growth of the market for precious metal catalysts in the European region.
In
2016, the European region accounted for the largest share of the global
precious metal catalysts market. However, as the precious metal catalysts
market in developed countries is maturing, markets in developing countries such
as China and India are projected to grow at the highest rates from 2017 to
2022.
The
Asia-Pacific region is projected to grow at the highest CAGR compared to those
of other region-level markets, owing to the rise in concern regarding emission
control and rapid expansion of end-use sectors such as automobiles,
pharmaceuticals, refinary, and petrochemical. China and India have been
adopting stringent emission control norms; for instance, India levied BSIV in
2017 and China follows Euro-6 equivalent norms, which is expected to drive the
demand in the automotive and other industrial sectors in the region, and in
turn, drive the precious metal catalysts market as well.
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