Precious Metal Catalysts Market Worth 19.41 Billion USD by 2022

PUNE, India, July 19, 2017 /PRNewswire/ --

The report "Precious Metal Catalysts Market, by Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium) End-use Industry (Automobile, Pharmaceutical, Refinery), and Region - Global Forecasts to 2022", published by MarketsandMarkets™, the Precious Metal Catalysts Market size is estimated to grow from USD 14.37 Billion in 2017 to USD 19.41 Billion by 2022, at a CAGR of 6.19%.

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Browse 133 Market Data Tables and 30 Figures spread through 178 Pages and in-depth TOC on "Precious Metal Catalysts Market"

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It is projected to witness significant growth in the next few years due to advancements in technology and the high efficiency of precious metal catalysts. Growth in demand in automobile and pharmaceutical applications, along with environment concerns and their legal implications is the key factor fueling the growth of the Precious Metal Catalysts Market. The Precious Metal Catalysts Market has opportunities owing to the increase in R&D activities by companies to reduce costs and improve the quality of catalysts and the 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.