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% from 2017 to 2022. The rise in demand for emission control catalysts in automobile, pharmaceutical, and refinery industries along with industrial expansion in emerging economies is the major factor driving the precious metal catalysts market.
The key players in the precious metal catalysts marketinclude BASF SE (Germany), Evonik Industries AG (Germany), Johnson Matthey Plc (U.K.), Heraeus Group (U.K.), and Clariant International Ltd. (Switzerland). These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions & investments, and new product launches are some of the major strategies adopted by the market players to achieve growth in the precious metal catalysts market.
The precious metal catalysts market witnessed several expansions and acquisitions in the past by key players in order to expand their geographical footprint and improve their distribution network through the means of organic and inorganic growth strategies
BASF SE’s Catalyst division set up a new mobile emission catalyst manufacturing site, which would replace the existing BASF plant in Chennai, India. The new site would comprise a new 47,000-square-meter production plant, with which company would double its catalyst manufacturing capacity in India in 2017.
The company also launched Camet ST sulfur-tolerant oxidation catalyst to control carbon monoxide emissions from natural gas power plants. It was designed to improve the ability of the catalyst to perform in the presence of most forms of sulfur contamination.
In 2016, BASF launched BoroCat, its latest resid oil fluid catalytic cracking (FCC). BoroCast was the first FCC catalyst based on the boron-based technology (BBT), which was designed by BASF to optimize refiners’ production yields.
In 2015, BASF’s Catalysts division signed a long-term occupancy lease for a new global headquarters facility in Iselin, New Jersey, U.S. In 2014, BASF strengthened its manufacturing footprint in Asia-Pacific with a new, world-scale chemical catalysts production facility at the company’s existing site at Shanghai Chemical Industry Park in Caojing, Shanghai, China.
Evonik Industries AG made a low investment for expanding its catalyst production facility and scaling up operations at Marl Chemical Park (Germany) in 2016. The new facility would enable Evonik to scale up operations for fixed bed catalysts at Marl Chemical Park.
In 2015, Evonik commissioned a new pilot plant at its production site in Shanghai for precious metal powder catalysts (PMPC). The new pilot plant would accelerate the upscaling process for commercial catalysts and help Evonik offer customers with higher flexibility, customized solutions for developing and manufacturing pharmaceuticals, industrial & fine chemicals, and shorter turnaround time in China.
In the same year, Evonik acquired Monarch Catalyst Pvt Ltd. (India), a manufacturer of nickel catalyst for oils & oleo chemicals in India. This acquisition would help Evonik to strengthen its position in the precious metal catalysts market in India and Asia.
Precious Metal Catalysts Market by Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium) End-use Industry (Automobile, Pharmaceutical, Refinery), and Region - Global Forecast to 2022
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