Report Code : A47250
The global metal catalyst market is expected to possess high growth potential in the coming years, Metal catalyst. Metal catalyst such as platinum, palladium, titanium, zinc, and others are thermally stable, corrosion resistance, and helps in enhancing overall catalytic activity of metals due to which it is extensively used in high performance industrial application. In addition, increase in the production rate of metals in countries such as China, India, and the U.S., has spurred the demand for metal catalyst market in the coming years. Furthermore, development of modern technology and growing consumer demand for electronic devices have enhanced the performance of the electronics devices industry.
Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled, “Metal Catalysts Market," The metal catalysts market was valued at $18.8 billion in 2021, and is estimated to reach $29.1 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
Metal catalysts are recognized as the most important catalyst which is useful in accelerating chemical reaction and lipid oxidation process. Some of the metal catalysts are palladium, platinum, copper, iridium, ruthenium, and among others. These metal catalysts have respective chemical and physical properties due to which it is extensively used in various end-use industries such as automotive, aerospace, biomedical, and others. Metal catalysts possess high mechanical and physical strength, and they can withstand high temperatures owing to which it has a wide range of applications in the industrial sector.
The utilization of metal catalysts is increasing in the automotive sector owing to the rise in population, growing consumer demand for vehicles, and expansion of the automobile industry has escalated the demand for metal catalysts. Metal catalysts such as copper and platinum catalyst offer high durability, strength, corrosion resistance, and waterproof property due to which it is the most preferred metal catalyst in the automotive sector. This factor is likely to drive the growth of the metal catalyst market during the forecast period. In addition to this, metal catalysts are a good source of thermal and electrical insulating agents owing to which it is used in high standard emission of vehicles. These factors are driving the metal catalysts market during the forecast period.
Metal catalysts are expensive and highly toxic owing to which North America, Europe, and Asia-Pafic region has set up rules and regulations on the use of metal catalysts. For instance, in Europe EMEA (European MEDICINES Agency Pre-authorization Evaluation of Medicines for Human Use) has set guidelines on the specification limits for residues of metal catalysts. This factor is projected to hamper market growth during the forecast period.
Several key manufacturers have increased their production capacities for metal catalysts due to their widespread use in biomedical, industrial chemicals, petrochemicals, and others. This is anticipated to boost the market during the forecast period. Furthermore, international trade and production of petrochemical-based products have increased the demand for metal catalysts where platinum oxide, ruthenium, palladium, and others have been used in petroleum refining applications. This factor is predicted to create remunerative opportunities for the expansion of the metal catalyst market in the future.
The metal catalyst market is segmented on the basis of catalyst type, application, and region. By catalyst type, the market is segregated into platinum, ruthenium, palladium, titanium, zinc, copper, and others. The palladium segment dominated the global market, in terms of revenue in 2021. This is attributed to the fact that the automotive industry is one of the significant markets for palladium metal catalysts. In recent years, the demand for automobiles has increased rapidly, and this trend is anticipated to continue during the forecast period. It is estimated that increasing population and disposable income, particularly in developing regions such as Latin America, the Middle East & Africa, and Asia-Pacific, are expected to fuel vehicle demand over the projection period where 85% of palladium ends up in catalytic converters in car exhausts, where it helps turn toxic pollutants into less-harmful carbon dioxide and water vapor. This is expected to fuel the market growth during the forecast period.
By application, the market is divided into automotive, petrochemical, pharmaceutical, and others. The petrochemical segment dominated the global market, in terms of revenue in 2021 with a 44% share of the global market. The petrochemical industry is the fastest-growing chemical industry in Europe and a substantial contributor to Europe's economy. For instance, according to data published by Petrochemicals Europe, the petrochemical industry had contributed over 25,4% of the European chemical industry turnover which generated €565 billion in sales in Europe in 2018. This factor is anticipated to open new opportunities for the metal catalyst market where it has been widely used in petroleum refining processes.
Region-wise, the metal catalyst market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific metal catalyst market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2021, owing to rise in automotive sectors that have enhanced demand for metal catalysts in the Asia-Pacific. the increasing establishments of chemical manufacturing, metal fabrication, aerospace, and other industrial units has led the industrial sector in Indonesia to witness significant growth, wherein metal catalyst finds application in various industrial and mechanical metal cutting process. For instance, according to a report published by the Indonesian Investment Coordinating Board (BKPM), the manufacturing industry in Indonesia (including chemical, pharmaceutical, and traditional medicine industries) is witnessing rapid growth, owing to the increasing utilization of various consumer goods. This is expected to enhance the performance of the metal catalysts market in the Asia-Pacific region.
According to data published by Invest India in December 2022, India’s share in the global electronic systems manufacturing industry has grown from 1.3% in 2012 to 3.6% in 2019. Platinum-based metal catalysts are excellent sources of thermal insulation and have been extensively used in thermocouple devices that measure temperature with high accuracy. Moreover, the well-established chemical industry and industrial sectors is predicted to create remunerative opportunities for the expansion of the metal catalyst market in the future. However, the outbreak of the COVID-19 pandemic had negative impacts on the global metal catalyst market.
The major companies profiled in this report include Alfa Aesar, Thermo Fisher Scientific., Alfa Chemistry., American Elements, BASF SE, CHIMET, Clariant AG, Evonik Industries AG, Heraeus Holding, Johnson Matthey, and Vineeth Precious Catalysts Pvt. Ltd.
Key findings:
By catalyst type palladium segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.4% from 2022 to 2031.
The petrochemical application segment is anticipated to register the highest CAGR of 4.7% during the forecast period.
Asia-Pacific garnered the highest share of 43% in 2021, in terms of revenue, growing at a CAGR of 4.8%.
COVID-19 analysis
The COVID-19 had negative impact on the metal catalyst market due to significant decrease in the net sales of automotive & petrochemical industry and disrupted supply chain services. According to a report published by IEA in March 2021, the petrochemical industry accounted for the majority of ethane, LPG, and naphtha. The demand suffered relatively little from the COVID-19 crisis and is expected to grow post COVID-19. However, increasing demand from the petrochemical and has enhanced the performance of metal catalyst market post COVID-19. Furthermore, the building & construction, pharmaceutical, automotive, and transportation activities are projected to get back on track and start functioning with full capacity post the COVID-19 period, which is expected to drive the metal catalyst market in 2022.
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Metal Catalysts Market by Catalyst Type (Platinum, Ruthenium, Pallladium, Titanium, Zinc, Copper, Others), by Applications (Automotive, Petrochemical, Pharmaceutical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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