The global platinum-based catalysts market size is likely to witness a growth spurt in the forthcoming years. The need for clean fuels and low carbon emissions has intensified as the earth is experiencing drastic effects of over-exploitation of resources. Rapid industrialization over the past few years has attracted stringent regulations on emission control. Precious metal-based catalysts minimize emissions and increase combustion efficiency. These factors encourage market growth. Fortune Business Insights™ has presented this information in an upcoming report titled, “Platinum-Based Catalysts Market, 2022-2029”.
As per the report, the market is expected to witness steep growth due to several reasons. For instance, the rapidly expanding automobile industry is expected to augment market growth. Platinum is an excellent catalyst and is being used by the automotive industry for more than 40 years to control emissions.
The global pandemic has wreaked unprecedented havoc and hindered the market growth for platinum-based catalysts. The production and manufacturing levels have declined significantly due to the stringent government measures like lockdowns taken to control the virus outbreak. The unemployment rate has increased due to the pandemic. Investments are being diverted to the strengthening of the medical and healthcare infrastructure. The market growth has diminished during the pandemic, but it is expected to gain steep momentum post-pandemic.
On the basis of type, the market segments into platinum on carbon, platinum alloy catalysts, etc. On the basis of application, the market divides into petrochemical, fuel cells, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report highlights the key emerging trends for major countries.
The report illustrates the latest technological advancements in the market.
The report gives valuable insights into the regulatory scenarios of the prospected market.
The report envisages Porters’ Five Forces Analysis for an infallible prediction.
The report highlights key developments like acquisitions, mergers, partnerships, etc.
Drivers & Restraints-
Increasing Product Demand for Fuel Cell Application to Augment Market Growth
Platinum-based catalysts are widely used in automobiles due to their high corrosion resistance, high-temperature resistance, and resistance to sulfur poisoning found in diesel and gasoline engines. The increasing sales of vehicles are expected to complement the platinum-based catalysts market growth. These catalysts accelerate the chemical reaction and are considered to be the most efficient catalysts. The increasing product demand for application in fuel cells is expected to be a major growth propellant.
Moreover, stringent government regulations to minimize emissions are likely to augment market growth. For instance, India mandated vehicle manufacturers to follow BSVI norms in April 2020.
However, the high costs of these catalysts are expected to hinder market growth.
Asia Pacific is likely to gain the largest portion of the global platinum-based catalysts market share. Increasing population and increasing personal disposable income in countries like China and India are expanding the automobile sector in Asia Pacific, which are likely to augment the demand for these catalysts. The swelling demand for these catalysts in the petrochemical industry is also expected to provoke growth.
Europe is expected to rank second in the global market. Swelling product demand for application in direct methanol fuel cells is anticipated to augment market growth.
North America is projected to witness substantial growth in forthcoming years. The increasing product demand for application in fuel cells is likely to propel market growth.
The rising adoption of platinum alloy catalysts in polymer electrolyte fuel cells is expected to help the Middle East & Africa gain considerable growth in the forthcoming years.
Major Players Focus on R&D Activities and Inorganic Growth Strategies
The market is dominated by major players like Alfa Aesar, Fuel Cell Store, Anco Catalysts Ltd., etc. These players focus on growing strategically through new product and technology launches, mergers & acquisitions, joint ventures, etc. Growing research and development activities are expected to pave lucrative growth opportunities for the market.
April 2021: Taya Tonso Co. Ltd. has commercialized a new platinum-laden electrocatalyst to meet the growing needs of the swelling fuel cell market. Named as CNovel, the catalyst will help lower the cost of fuel cell systems and provide higher catalytic performance and durability over conventional catalysts.
Key Players in the Global Platinum-Based Catalysts Market are:
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