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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“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.
“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.
Market Dynamics
Drivers
- Growing demand from end-use sectors
- Environmental concern and their legal
implications
Restraints
- Performance dependency on temperature &
loss of activity through poising and thermal deactivation
- Emergence of nano-particle catalysts
Opportunities
- R&d activities to reduce costs and to
improve the quality of catalysts
- Increasing investment in automobile sectors
Challenges
- Precious metals price volatility
- Rising demand of electronic vehicles (EVs)
will reduce the usage of precious metals in automobile
- Less stringent emission regulation in APAC
region
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