Europe Homogeneous Precious Metal Catalyst Industry Overview
The Europe homogeneous precious metal catalyst market size is expected to reach USD 2.4 billion by 2028 registering a CAGR of 18.9% over the forecast period, as per a new report by Grand View Research Inc. Increasing preference for homogeneous catalyst over heterogeneous ones owing to their specific features, especially associated with selectivity, drive the market growth. Furthermore, the market is expected to witness a significant hike in demand amid the Covid-19 pandemic as PGM catalysts are utilized in the formulation of several APIs, such as a few antibiotics used for Covid-19 treatment.
The demand for the product is likely to be prominent from the pharmaceutical & biomedical and petroleum refining end-use industries. In addition, the presence of refineries at prime locations, coupled with top oil & gas companies, is estimated to contribute to the product demand. Moreover, growth in the agrochemicals and power generation sectors in the European economies is anticipated to augment the product demand over the forecast period.
In addition, the market is expected to witness significant growth over the forecast period owing to the benefits it has received from high-value product segments. For instance, the application of catalysts in an automobile reduces carbon emissions that are harmful to the environment and, thus, their application is highly promoted by the governments. In addition, increasing energy demand from economies, such as France, Slovakia, Hungary, Belgium, Sweden, and Bulgaria, is likely to drive the market.
The presence of adequate oil reserves in countries including Russia, Norway, the U.K., and Italy, is expected to further complement the market growth in the region. Consequently, major market participants are shifting their focus toward increasing capacities and catering to the growing demand across geographies. Market players in the region are focusing on innovation for the development of advanced products to exhibit better performance during the process. Such factors have bolstered the market growth in the region. However, the Covid-19 pandemic has affected several key economies, such as Italy and Germany, limiting the market growth.
The governments in these countries had imposed complete lockdown, which restricted the movement of all forms hampering the overall oil consumption by the transportation sector. In addition, curtailed commercial and industrial activities have further reduced fuel consumption. Consequently, refiners are forced to cut their production instantly, which may result in high expenses once the situation settles. Furthermore, some refiners are projected to lose their share to competitors, which is expected to hamper the overall product demand in the short run.
Europe Homogeneous Precious Metal Catalyst Market Segmentation
Grand View Research has segmented the Europe homogeneous precious metal catalyst market on the basis of product, end-use, and country:
Based on the Product Insights, the market is segmented into Platinum, Palladium, Rhodium, Ruthenium, Iridium, Gold, and Others.
- The palladium product segment led the overall market in 2020 and accounted for the largest revenue share of over 50%. The segment is estimated to retain its dominant position throughout the forecast period owing to extensive product usage in applications requiring hydroesterification reactions.
- The platinum-based product segment is estimated to witness significant growth in the coming years as these products have rising demand in hydrosilylation reaction applications due to their highly reactive nature. However, uncertainties in price and the Covid-19 impact on the supply chain and demand are likely to hinder the growth of this segment.
Based on the End-use Insights, the market is segmented into Pharmaceutical & Biomedical, Refineries, Agrochemicals, Fine Chemicals, Electrochemical, Power Generation, and Other Industrial.
- The refinery end-use segment led the overall market in 2020 and accounted for a revenue share of more than 20%. The segment is expected to grow further at a steady CAGR of over 18% from 2021 to 2028 as precious metal catalysts help in optimized and economic oil production.
- The others end-use segment includes the paper and construction sectors. In the paper end-use segment, these catalysts are used in the coating process of packaging. In the construction segment, they are used in transparent roofing, sanitary field shower walls, and noise protection walls.
Based on the End-use Insights, the market is segmented into Pharmaceutical & Biomedical, Refineries, Agrochemicals, Fine Chemicals, Electrochemical, Power Generation, and Other Industrial.
- The refinery end-use segment led the overall market in 2020 and accounted for a revenue share of more than 20%. The segment is expected to grow further at a steady CAGR of over 18% from 2021 to 2028 as precious metal catalysts help in optimized and economic oil production.
- The others end-use segment includes the paper and construction sectors. In the paper end-use segment, these catalysts are used in the coating process of packaging. In the construction segment, they are used in transparent roofing, sanitary field shower walls, and noise protection walls.
Key Companies Profile & Market Share Insights
The market is highly concentrated with the presence of major producers of various grades of the product catering to a wide array of end-use industries. The innovation in the market also gets driven by customized demands by the end-users, which invest directly with the catalyst formulator companies like BASF SE and Clariant Inc. to come up with customized products to suit their specific needs. Demonstration of technical capability by the key players can further expand their product portfolio and help them secure a better market position. Companies are also focusing on mergers and acquisitions to increase their customer base and acquire new markets.
Recent Developments
- In June 2022, BASF announced the construction of a large-scale battery recycling black matter facility in Schwarzheide, Germany. Indicating the prevalence of several EV car manufacturers and cell makers in Central Europe, the site is a perfect location for the expansion of battery recycling activities. This investment will result in the creation of around 30 new production positions, with a start date of early 2024
- In June 2022, Evonik invests $220 million in a new triglyceride manufacturing plant for mRNA-based medicines in the United States, in collaboration with the US government. The new factory will position the company for future expansion in revolutionary mRNA-based therapeutics beyond COVID-19 vaccines, reinforcing its reputation as a leading strategic ally for creative pharmaceutical firms throughout the world
- In May 2022, Argor-Heraeus announced its complete acquisition of Erbas, a renowned Ticino-based watchmaker and jewelry manufacturer. The mutual decision broadens the scope of Argor-Heraeus’ service offerings. The agreement constitutes a substantial step forward in terms of end-product tracking, which is critical in a supply chain simplification sector
Some of the key companies in the Europe homogeneous precious metal catalyst market are:
- Alfa Aesar
- Heraeus Holding
- BASF SE
- Evonik Industries AG
- Johnson Matthey
- Clariant AG
- Haldor Topsoe
- Umicore
- American Elements
- Chimet S.p.A.
- Shaanxi Kai Da Chemical Engineering Co., Ltd.
- Sabin Metal Corporation
Order a free sample PDF of the Europe Homogeneous Precious Metal Catalyst Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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