Europe Homogeneous Precious Metal Catalyst Market 2024 Latest Innovations And Challenges By 2030 Europe

Rahul Nikade

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Europe Homogeneous Precious Metal Catalyst Market 2024 Latest Innovations And Challenges By 2030

Europe Homogeneous Precious Metal Catalyst Industry

The Europe homogeneous precious metal catalyst market size is expected to reach USD 3.90 billion by 2030, registering a CAGR of 19.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing application of platinum group metal (PGM) catalysts in the chemical manufacturing industry.

According to the European Commission, the chemical industry is one of Europe’s largest manufacturing sectors. As a crucial enabling industry, it is pivotal in delivering innovative materials and technological solutions to enhance Europe’s industrial competitiveness. The chemical industry manufactures varied products, including petrochemicals, polymers, basic inorganics, and specialty chemicals. While the industry faces significant challenges such as intensified competition from other nations and escalating costs, it is undergoing rapid structural transformations. Despite these obstacles, the industry has demonstrated resilience by swiftly recovering from economic crises and maintaining a relatively stable position in terms of overall sales.

According to The European Chemical Industry Council, Europe emerged as the second largest producer of chemicals after China in 2022. Domestically, Germany, France, and Italy were the top three markets for chemicals produced and sold in Europe in 2022. The flourishing chemical manufacturing industry in Europe opens numerous growth opportunities for products like PGM catalysts as these products find wide applications in chemical manufacturing.

Furthermore, the extraction and refining of PGMs involve intricate processes requiring advanced technologies. These processes encompass various stages, including mining, concentration, smelting, and refining. Substantial investments are necessary for sophisticated infrastructure, specialized equipment, and expert knowledge to ensure effective extraction and refining. These factors collectively contribute to the higher production costs of PGM extraction and refining, resulting in the high production cost of PGM catalysts.

Gather more insights about the market drivers, restrains and growth of the Europe Homogeneous Precious Metal Catalyst market

Europe Homogeneous Precious Metal Catalyst Market Segments Highlights:

The ruthenium segment is expected to grow at the fastest CAGR of 21.1% in 2023. They are widely used in various applications due to their unique chemical and physical properties. Ruthenium belongs to the platinum group of metals, it has high corrosion resistance, excellent ductility, and high conductibility.
The refinery end-use segment is expected to grow at the fastest CAGR over the forecast period. Countries such as Russia and Germany, which are home to around 40 and 11 oil refineries, respectively, project significant potential for market growth. Further, the growth in oil production over the past years is expected to create demand for homogenous precious metal catalysts shortly.
Market players operating in the market include Alfa Aesar; Heraeus Holding; BASF SE; Evonik Industries AG; Johnson Matthey; Clariant AG; Haldor Topsoe; Umicore; American Elements; and Chimet S.p.A. among others.
In January 2023, Evonik leveraged its expertise by consolidating and incorporating its alkoxides business into the Catalysts Business Line. This strategic move adds a range of homogeneous catalysts to the existing portfolio of heterogeneous catalysts.
In July 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 the 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.

Europe Homogeneous Precious Metal Catalyst Market Report Segmentation

Grand View Research has segmented the Europe homogeneous precious metal catalyst market based on product, end-use, and region:

Europe Homogeneous Precious Metal Catalyst Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)