Key Insights From The Global Precious Metal Catalysts Market Report 2023 - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Sept. 27, 2023 /PRNewswire/ -- As per The Business Research Company's Precious Metal Catalysts Global Market Report 2023, the size of the global precious metal catalysts market is projected to increase from $14.64 billion in 2022 to $15.94 billion in 2023, marking a compound annual growth rate (CAGR) of 8.9%. Anticipated growth continues, with the market size expected to reach $22.04 billion in 2027, sustaining a CAGR of 8.4%.

Market Driver: Rising Automotive Sector Adoption
The driving force behind the precious metal catalysts market growth is the increasing utilization of precious metal catalysts in the automotive industry. As the automotive sector shifts towards more intelligent and fuel-efficient products, the demand for precious metals as catalysts continues to surge.

Trends: Advancements in Fuel Cell Catalysts
One noteworthy trend shaping the precious metal catalysts market is the continuous innovation in fuel cell catalysts. These catalysts, composed predominantly of precious metals, are vital for facilitating reactions in fuel cells. Recent developments have led to cost reductions and improved efficiencies. A prime example is Tanaka's platinum-cobalt alloy hydrogen electrode catalyst, which significantly reduces peroxide generation, addressing electrolyte degradation concerns.

Learn More On The Precious Metal Catalysts Market Report –
https://www.thebusinessresearchcompany.com/report/precious-metal-catalysts-global-market-report 

Major Players: Industry Concentration
The global precious metal catalysts market exhibits a high level of concentration, with the top ten competitors accounting for a substantial 56.65% of the total market share in 2022. Leading the pack is Johnson Matthey Plc, commanding 17.06% of the market. They are closely followed by key players like BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, and others. These industry leaders are actively pursuing innovative technologies and new product solutions to solidify their positions in the market.