Precious Metal Catalysts Market Size, Share, and Trends 2024 to 2033

Precious Metal Catalysts Market Size to Reach USD 131.80 Bn by 2033

The global precious metal catalysts market size was valued at USD 50.08 billion in 2023 and is anticipated to reach around USD 131.80 billion by 2033, expanding at a CAGR of 10.16% from 2024 to 2033. The rising use of precious metal catalysts in various industries and the control of harmful emissions are the reasons for the increasing demand for precious metal catalysts globally.

Precious Metal Catalysts Market Key Takeaways

• Asia pacific dominated the market with a large market share of 39% in 2023.
• North America is the fastest-growing region and is expected to grow continuously in the forecast period.
• By components, the platinum segment has held the largest market share of 50% in 2023.
• By state, the solid segment led the market with the highest market share of 79% in 2023.
• By grade, the industrial segment has accounted for more than 72% in 2023.
• By application, the automotive segment has contributed more than 49% of the market share in 2023. 

Precious Metal Catalysts Market Size in the Asia Pacific 2024 to 2033

The Asia Pacific precious metal catalysts market size was estimated at USD 19.53 billion in 2023 and is expected to attain around USD 52.06 billion by 2033 at a CAGR of 10.30% from 2024 to 2033.

Asia Pacific dominated the precious metal catalysts market in 2023. The growth of the region is due to increasing industrialization practices. Along with this, rising investments in infrastructure and technology also expands the market growth. The presence of various industries including automotive, electronics, pharmaceuticals, etc., benefit from precious metal catalysts and also promotes cleaner and efficient processes. Countries like China, South Korea, and Japan are the key players as they are trying to focus more on making investments and innovations on precious metal catalyst for various industrial sectors.

Moreover, they help in increasing manufacturing and research and development activities. Overall, the global Asia-Pacific precious metal catalyst experiencing high demands in the market is expanded by technological advancements, increasing consumer choices, and collaborations among industries. Hence, propels the precious metal catalysts market. 

• For instance, China accounted for more catalytic converters in automobile systems by utilizing precious metals such as palladium to convert harmful gases into less-toxic pollutants.

North America is the fastest growing region and is expected to grow continuously in the forecast period. The growth of the region is attributed to the advanced manufacturing units and more focus on research and development. The U.S. region is mainly responsible for practicing innovations related to catalyst development. This results in the launching of sustainable and efficient catalysts with less harmful properties. Also, the automotive industries of the region contribute their efforts in driving the growth of the precious metal catalysts market. 

• For instance, Hensel Recycling, a precious metals recycling company, has purchased an agreement with Red Fox Resources of California. This collaboration improves recycling capacity of Red Fox Resources and also help Hensel to serve better in the American market.

Precious Metal Catalysts Market Size in the North America 2024 to 2033

The North American precious metal catalysts market size was calculated at USD 14.02 billion in 2023 and is estimated to cross around USD 37.56 billion by 2033 with a notable CAGR of 10.35% from 2024 to 2033.

Precious Metal Catalysts Market Overview

The precious metal catalysts market refers to the sector within the chemical industry that deals with catalysts made from precious metals such as platinum, palladium, rhodium, and gold. Catalysts are substances that accelerate chemical reactions without being consumed themselves. The conversion of crude oil, coal, and natural gas to fuels and chemical raw materials, the manufacturing of a wide range of petrochemical and chemical products, and the control of harmful emissions such as carbon monoxide, nitrogen oxide, and hydrocarbon are possible because of metal catalysts.

Precious metal catalysts, also known as noble metal catalysts, are advanced forms of catalysts that are made from gold, silver, platinum, ruthenium, palladium, rhodium, and other metals that are applicable in various industries. They are used to speed up chemical reactions. Various sectors that require precious metal catalysts include chemical manufacturing industries, automotive, electronics, pharmaceuticals, petroleum, etc. Due to increased demand for advanced catalysts with technological innovations and reduced harmful impact on the environment increases the market growth. Also, catalytic converters are used by various industries to reduce emissions. Precious metals like platinum and palladium are most commonly used for this purpose. Further, the presence of major key players globally is trying to launch more advanced technologies which can be able to meet the required demands of consumers. All these factors are responsible for increasing the growth of the precious metal catalysts market and is expected to grow significantly in the forecast period. 

Precious Metal Catalysts Market Growth Factors

• Precious metal catalysts are applicable in various industries to speed up the chemical reactions and are required in high demand by consumers which propel the precious metal catalysts market. 
• Chemical manufacturing industries, automotive, electronics, pharmaceuticals, petroleum, etc. are the most common sectors responsible for uplifting the precious metal catalysts market.
• They are advanced alternatives to metal catalysts and require precious metals such as palladium and platinum which help in accelerating reactions with less harmful emissions. 
• The primary characteristic of precious metals catalysts is high catalytic activity which can help in accelerating the chemical reactions more efficiently and attain growth of the precious metal catalysts market.

Precious Metal Catalysts Market Scope

Precious Metal Catalysts Market Dynamics

Driver: Rising demand for precious metal catalysts in end-use applications

Due to various desirable properties, precious metals are used in different applications including refining, polymers, electronics, pharmaceuticals, automotive, chemicals, etc. One of the primary characteristics of precious metals catalysts is high catalytic activity which can help in accelerating the chemical reactions more efficiently. This primarily speeds up the production rates and improves the yield of products. Along with this, sustainability, versatility, high thermal stability, and longer life of precious catalyst are some other features which make them appropriate to be used in various applications.

Sustainability is a very essential property of precious metal catalysts because recycling and reusing of these catalysts can help in reducing waste and minimizing the need of developing a new catalyst which requires more raw material for production. Additionally, they can often be produced by recycling old materials, further reducing the harmful impact of waste in the environment. All these factors expand the growth of the market.

• For instance, platinum group metals (PGM) are precious metal catalysts that have been used to prepare sulfuric acid and nitric acid and with the technological advancements they became perfect choice for the automotive industries.

Restraint: Environmental concerns

In some applications, precious metal catalysts face competition from alternative catalysts based on base metals or non-metallic materials. These alternative catalysts may offer lower costs or comparable performance, posing a challenge to the market share of precious metal catalysts.

While precious metal catalysts are effective in catalyzing chemical reactions and reducing emissions in certain applications, there are concerns about the environmental impact of mining and refining precious metals. Sustainable sourcing practices and recycling efforts are increasingly important to address these concerns and mitigate negative environmental impacts.

Opportunity: Rising Research and Development activities

Increasing research and development activities are observed to promote the expansion of the precious metal catalysts market. Manufacturers are trying to focus more on investments which are beneficial for increasing the precious metal market. The main aim behind this investment is to reduce the cost expense and maximize returns. Another factor for increasing research practices is the demand of novel technologies from various industries such as automotive and construction. All these factors are providing an opportunity to increase the adoption of precious metal catalysts globally. 

Component Insights

The platinum segment dominated the precious metal catalysts market in 2023. The segment is observed to sustain the position during the forecast period. The reason behind the growth of the platinum segment is the unique chemical properties of this precious metal. Some major properties of platinum include that they are durable, efficient, and resistant to chemical corrosion. It plays a vital role in the automotive industry. It is used for producing catalytic converters to reduce harmful emissions and decrease environmental pollution issues. Further, due to these advantages increases the market demand and hence uplift the precious metal catalysts market. 

State Insights

The solid-state segment dominated the precious metal catalysts market with a large market share in 2023. They are most commonly used because of their stability, efficiency, and can be recycled easily. The reason behind growth of solid-state precious metal catalyst is they are hard and have large surface area which is an important part of catalytic reactions. Also, they do not alter their original form while accelerating the chemical reactions. So, they are able to increase their usage globally which uplifts the precious metal catalysts market.

Grade Insights

The industrial-grade segment dominated the market in 2023 due to its wide range of applications globally. The increased catalytic activities and limited environmental issues are responsible for providing growth in the market. Industrial-grade precious metal catalysts are used in various sectors including chemical, automotive, electronics, petroleum, etc., which directly propel the market demand and hence increase the growth of the precious metal catalysts market.

The need for high-quality catalysts and more sustainable manufacturing procedures are responsible for providing fast growth for the segment. Additionally, launching of advanced technologies for reducing cost expense also uplift the growth of the precious metal catalysts market. 

Application Insights

The automotive segment dominated the market in 2023. The growth of precious metal catalysts in the automotive sector is due to increased demand for catalytic converters. They can reduce harmful emissions and also able to limit the environmental impact of combustion engines. The integration of precious metal catalysts in electric and other fuel vehicles supports the growth in the automotive sectors globally. Along with this, the innovation and advancements in this segment require precious metal catalysts to fulfill the demand of consumers. Hence, all these factors are responsible for driving the precious metal catalysts market. 

The petrochemical segment is the fastest growing segment and is expected to grow in the forecast period. The growth is primarily due to the use of precious metal catalysts high-octane gasoline and other chemicals that are crucial for producing petrochemical products. Hence, it is expected to fuel the growth in the precious metal catalysts market.

Precious Metal Catalysts Market Recent Developments

• In April 2024, Scientists introduced a novel way to transform metal waste into a highly efficient catalyst which is used to make hydrogen from water. This can be able to produce hydrogen in a more sustainable way and hydrogen can be a good option for generating heat or power vehicles.
• In August 2023, Tanaka Holdings Co. Ltd., a producer of recycled precious metals announced the opening of a new refinery which actively encourages the recycling of gold, silver and platinum group metals (PMGs). This new refinery focuses on manufacturing precious metal compounds for various catalysts and plating purposes. 
• In July 2023, BASF environmental catalyst and metal solutions announced the launch of its new division for emissions catalysts and precious metals services. The division specializes in the production of emission catalysts for petrol, diesel and off-road vehicles, motorcycles and small engines.

Precious Metal Catalysts Market Companies

• Alfa Chemistry
• American elements
• BASF SE
• Cataler Corporation
• CHIMET
• Clariant
• Evonik
• Heraeus Holding
• Johnson Matthey
• N.E. CHEMCAT
• NIPPON SHOKUBAI Co. Ltd.
• TANAKA Holdings Co. Ltd.
• Umicore
• Other Prominent Players

Segments Covered in the Report

By Component

• Palladium
• Platinum
• Rhodium
• Iridium
• Ruthenium 

By State

• Solid
• Granules
• Powder 

By Grade

• Industrial
• Technical
• Reagent 

By Application

• Refinery Applications
  • Reforming
  • Aromatization
  • FCC Additives
  • Petrochemical
  • Hydro purification
  • Oxo Alcohol
  • Propylene 
• Bulk Chemicals
  • Ammonia
  • Hydrogen Peroxide
  • Chlorine 
• Polymer
  • Vinyl Chloride
  • Methyl Methacrylate 
• Synthetic Fiber 
  • Nylon
  • Polyester 
• Gas Production and Purification
  • City gas 
  • Purification of hydrogen 
• Specialty chemicals
  • Dyestuff and Organic pigment
  • Antioxidant 
• Food Industry
  • Synthetic perfume 
• Automotive 
  • Catalytic converters
  • Spark plugs 
• Others 

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa