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INSIGHTS: PRECIOUS METAL CATALYSTS MARKET, BY END-USE SECTOR AND KEY COUNTRY



MarketsandMarkets projects that the precious metal catalysts market size will grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19%. The precious metal catalysts market is witnessing considerable growth due to the rise in emission norms among developing and developed countries along with advancements in technology. The precious metal catalysts market has immense opportunities owing to increase in R&D activities by companies to reduce costs and improve the quality of catalysts and rise in investments in the automobile sector, which will drive the demand for emission control catalysts.

“The platinum catalyst segment is projected to dominate the market in the precious metal catalysts market through 2022”

The platinum segment, by type, is projected to dominate the precious metal catalysts market, as the platinum catalyst helps to reduce the CO2 emission. The dominant position of the platinum catalyst segment can be attributed to the rise in the sale of diesel vehicles in Europe and North America and the introduction of more stringent Euro 6 and Euro 7 emission rules in Europe, which is expected to drive the market for platinum catalysts, as it is mainly used as emission control catalysts. It is largely used in the automobile sector to reduce the effect of pollutants released by the industrial processing units.

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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.

The report aims at estimating the market size and future growth potential of the precious metal catalysts market across different segments type, end use, and region. The other objectives include providing detailed information regarding the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). It also aims to study the individual growth trends, prospects, and contribution of various segments to the total market. The study also analyzes opportunities in the market for stakeholders and details of the competitive landscape for the market leaders. The study strategically profiles key players and comprehensively analyzes their core competencies.

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The research methodology used to estimate and forecast the precious metal catalysts market begins with capturing data on key vendor revenues through secondary research and associations such as International Organization of Motor Vehicle Manufacturers (OICA). The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall size of the global precious metal catalysts market from the revenues of the key players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. These data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

The major players in the precious metal catalysts market include BASF SE (Germany), Evonik Industries AG (Germany), Johnson Matthey Plc (U.K.), Heraeus Group (U.K.), Clariant International Ltd (Switzerland), Umicore SA (Belgium), Alfa Aesar (U.S.), and Vineeth Precious Catalysts Pvt. Ltd. (Ind ...

News Release: INSIGHTS: PRECIOUS METAL CATALYSTS MARKET, BY END-USE SECTOR AND KEY COUNTRY
Submitted on: September 11, 2017 06:44:43 AM
Submitted by: Abhishek Hole
On behalf of: www.marketsandmarkets.com/Market-Reports/precious-metal-catalysts-market-166753795.html
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