Precious Metal Catalyst Market Overview
Product Overview and Scope of Precious Metal Catalyst Market
Precious metal catalysts are advanced catalysts made from gold, silver platinum, ruthenium, palladium, rhodium, and other noble metals, used as catalysts for several types of industries. The market for precious metal catalysts is increasing due to their benefits such as high catalytic activity, better selective performance, high thermal stability, and chemical alertness. The advantages offered by these precious metal catalysts include:
• Long-lasting, durable, and stable
• Versatility
• Sustainability
Precious metal catalysts have high demand, as these catalysts are used for different types of chemical reactions such as oxidation, reduction, hydrogenation, and dehydrogenation across household plants. Precious metal catalysts are recycled, and reused, which ensures minimization of wastage. The continuous product launch and investment by the major manufacturers boost the demand for precious metal catalysts in the market. For instance, on March 31, 2022, Heraeus Holding developed an industrial precious metal catalyst for efficient lignin conversion in collaboration with Johannes Kepler University Linz.
Precious platinum catalysts are largely used as a catalyst in petrochemical industries, specifically in the reforming process, and isomerization process. In the majority of petrochemical and chemical applications, platinum catalyst used to speed up reaction reduces energy requirements of a process and improves yield. In 2022, the demand for platinum chemical increased by 12% from 2022. (Source: Metal Focus, CME Group Inc.) The rising expansion of the petrochemical sector and increasing usage of platinum catalysts in these industries drive the precious metal catalyst market.
Global Precious Metal Catalyst Revenue Market by Region (2018-2030)
Precious Metal Catalyst Market Revenue (USD Billion) Comparison by Region (2018-2030)
|
Regions |
2018 |
2023 |
2030 |
Market Share (%) 2030 |
CAGR (%) (2023-2030) |
|
North America |
xx |
xx |
xx |
xx% |
xx% |
|
Europe |
xx |
xx |
xx |
xx% |
xx% |
|
Asia Pacific |
xx |
xx |
xx |
xx% |
xx% |
|
Latin America |
xx |
xx |
xx |
xx% |
xx% |
|
Middle East & Africa |
xx |
xx |
xx |
xx% |
xx% |
|
Total |
xx |
20.24 |
xx |
xx% |
6.57% |
Global Precious Metal Catalyst Market Segmentation Analysis
By Type:
• Platinum
• Palladium
• Ruthenium
• Rhodium
• Rhenium
• Iridium
• Gold
• Nickel
• Silver
• Vanadium
• Copper
• Zinc
• Aluminum
• Others
Global Precious Metal Catalyst, by Type Analysis
|
Global Precious Metal Catalyst Market, By Type |
|
|
|
Source: Secondary Research, Interviews, and Expert Analysis |
The platinum segment accounted for the largest revenue in the year 2023 and is anticipated to grow at a significant CAGR during the forecast period. This largest share is attributed to its various advantages and exceptional catalytic properties inherent in platinum, making it a preferred choice for various industrial applications. Platinum's extraordinary durability, high activity, and efficacy in catalyzing chemical processes have made it the preferred catalyst in industries such as petrochemicals, pharmaceuticals, electrochemical and automotive. Its ability to facilitate crucial transformations with precision and efficiency has propelled the platinum type to the forefront of the precious metal catalysts market. As industries continue to seek efficient and sustainable catalytic solutions, platinum's enduring performance and versatility position it as a cornerstone in driving advancements across diverse sectors. The increasing automobile sector and rising sale of diesel vehicles in Europe and North America. Additionally, it is also used to improve medical technology to improve health care. These are all the factors that are contributing to the growth of the segment.
By Application:
• Automotive
• Refining
• Petrochemicals
• Oil
• Mining
• Others
Market Drivers
-
The increasing demand in automotive and petrochemical industry favors the market growth
Precious metal catalysts have been used in many industries, such as refinery, petrochemicals, polymer, chemicals, pharmaceuticals, and environment. For instance, automotive industry utilizes large amounts of precious metal catalysts as a part of auto exhaust gas purifier, because of their high activity and selectivity and stability under various reaction conditions. In the automotive field, the most diffuse and best-known device of this kind is the three-way catalytic converter for engines designed to abate the emissions of carbon monoxide, nitrogen oxides and unburnt hydrocarbons. These catalytic converters can function only by means of precious metals (mainly platinum, rhodium and palladium) which exist in a limited supply in economically exploitable ores.
Road transportation today is mostly based on vehicles powered by internal combustion engines. These engines need fuels which can be easily gasified and which can provide a large amount of energy per unit weight and volume. In practice, all the engines commonly available on the market use hydrocarbons as fuels. In particular, liquid hydrocarbons such as gasoline and diesel fuel are the most commonly used even though, in recent times, gas phase fuels such as methane and liquefied petroleum gas (LPG) have become popular due to their lower cost. The combustion of hydrocarbons in these engines creates a number of polluting substances, including unburnt hydrocarbons, particulate matter, and harmful chemicals such as carbon monoxide (CO) and nitrogen oxides (NOx). In engines operating with the Otto cycle and using gasoline as fuel, these chemicals are removed using catalytic converters at the exhaust. These devices can substantially reduce the amount of toxic substances emitted, but they are also expensive because of the need of using platinum group metals (PGM) as active catalytic substrates. On average, an automotive catalytic converter can store 1–3 × 10−3 kg of platinum and smaller amounts of rhodium and palladium. As a consequence, nowadays, automotive converters use more than half of the world’s mineral production of platinum.
According to the U.S. Department of Energy, data 2022, Two PGM (Platinum Group of Metals) mines operate in the United States, although both are owned by a South African company and produce less than 7% of world supply. In addition to catalysts, PGMs are used in a variety of applications, including electronics, jewelry, and glass. Currently, the catalytic converter market consumes the most PGM, specifically platinum, palladium, and rhodium. Under aggressive decarbonization scenarios, such as those striving toward net zero carbon emissions by 2050, demand for PGM catalysts is expected to grow rapidly, both domestically and globally. Within the Energy Sector Industrial Base (ESIB) sector, PGM catalysts are critical components of many decarbonization technologies and energy technologies, including catalytic converters used to reduce pollutants from internal combustion engines, natural gas fuel cells, fuel cells for energy storage (electricity), fuel cell electric vehicles, thermal catalytic reactors with advanced catalysts, electrochemical reactors for chemical productions, and electrolyzers to produce green hydrogen using the polymer electrolyte membrane (PEM) water electrolysis process. For instance, according to the U.S. Department of Energy, data 2022, 29.3 tonnes platinum was used as a catalytic converter in chemical, petroleum and electrochemical industry, 7.5 tonnes in electronics industry, 14.1 tonnes in glass industry, and 53.1 tonnes in jewelry industry.
Therefore, the increased demand for precious metal catalysts in various industries such as automotive, petrochemical, chemical, electronics, and various other industries are driving the demand for precious metal catalysts, thereby, favoring the market growth.
Increasing demand from emerging end-use industries drives the demand of precious metal catalysts.
Global Precious Metal Catalyst Manufacturers Profiles/Analysis
BASF SE
BASF SE Basic Information, Manufacturing Base, Sales Area, and Competitors
|
Sr. No. |
Item |
Description |
|
1 |
Company Name |
BASF SE |
|
2 |
Website |
www.basf.com |
|
3 |
Established Date |
1865 |
|
4 |
Headquartered |
Germany |
|
5 |
Market Position/ History |
BASF SE is a chemical company. It was established in 1865 and is headquartered in Germany. In 1916, the company started its operations at the new site in Leuna. In 1948, an explosion occurred at a BASF, and it was then rebounded in 1952. Further, in 1960 production abroad was expanded and plants were built in Argentina, Australia, Belgium, Brazil, France, India, Italy, Japan, Mexico, Spain, and in other countries. In 2006, the company acquired Degussa AG, and in 2008 it acquired Whitmire Micro-Gen together with U.K.-based Sorex Ltd, Widnes. In addition, in 2010 it acquired Cognis |
|
6 |
Sales Area |
Worldwide |
|
7 |
Manufacturing Location |
Ludwigshafen, Germany, Kuantan, Malaysia, China, Korea, India, USA, the Netherlands, Belgium, and many other countries in the world. (It operates six Verbund sites and 241 additional productions) |
|
8 |
Ticker |
ETR: BAS |
|
9 |
No. of Employees |
~110,302 employees |
|
10 |
Competitors |
SABIC, Sinopec, Venados, Dongguang Chemical, DuPont, Bayer, Clariant, AkzoNobel, Covestro, Syngenta, Air Liquide, Ciba Inc. |
|
11 |
CEO |
Martin Brudermüller |
|
12 |
Ownership Type |
Public |
|
12 |
Contact Information |
38 Carl-bosch-straße, Ludwigshafen, Rheinland-Pfalz, 67056, Germany Tel: +49 490621600 |
Business Segment/ Overview:
BASF SE is a German Based company engaged in the manufacturing of chemicals. The portfolio of the company comprises six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries and has companies in around 90 countries across the globe. It operates six Verbund sites and 241 additional production sites worldwide
Products offered by the company are segmented into agriculture, architecture paints & coatings, pharmaceutical, automotive & transportation, chemicals, construction, dispersions & resins, electronics & electricity, energy & resources, furniture & wood, and others. The pharmaceutical segment includes a wide range of products such as Piperazine chips, N-Methyl piperazine, N-Hydroxyethyl piperazine, 1,4-Dioxane ultra-pure, 1-Methylimidazole, 2,6-xylidine, 2-(Diethylamino) ethylamine, 2-pyrrolidone, benzylamine, butylamine, and others.
Precious Metal Catalyst Product Type Specification
|
Product |
Product Description |
|
Precious Metal Chemicals |
Catalysts drive performance. Whether the specialize in industrial or fine chemicals, pharmaceuticals, petrochemicals or fuel cells, compounds and solutions consistently provide high performance standards can rely on. The global network of production sites has covered, no matter where operate. With laboratories around the world, guarantee a smooth development process. Precious Metal Chemicals: Hydroformylation Rhodium Catalysts: BASF’s rhodium-based hydroformylation catalysts are produced with the target to yield high ratios of linear aldehydes, which are preferred in most industrial applications. Precious Metal Chemicals: Ashby & Karstedt Catalysts: BASF offers both Karstedt and Ashby catalysts in various concentrations and dilutants. They consider it important to offer catalysts with an adjustable curing rate and minimal turbidity of the catalyst. |
Business Strategy
BASF SE is engaged in research and development to innovate new products. The company has research centers in Europe, North America, and Asia Pacific and has over 10,000 employees in R&D. For instance, the company integrates digital technologies in R&D to increase efficiency and open up new innovation opportunities. Furthermore, the company is engaged in expanding its distribution network to fulfill the need of customers. For instance, the company strives to build a second Verbund site in China, in Zhanjiang in the southern Chinese province of Guangdong. Moreover, the company has a significant focus on using natural resources to manufacture products and solutions with high value-added for its customers, which is increasing the brand value of the company. Furthermore, the company has a significant focus on quality management to retain its customer. For this, the company strives to improve processes and products to meet customer demands and requirements. Moreover, the company is engaged in inorganic development through strategic acquisitions and other activities, to strengthen its footprint in the global market. For instance, BASF collaborated with Boortmalt to promote climate-smart agriculture.
Management Change
On October 2022, the Supervisory Board of BASF SE extended the appointment of Dr. Martin Brudermüller as BASF’s Chairman of the Board of Executive Directors until the end of the 2024 Annual Shareholders’ Meeting; Brudermüller’s appointment was originally scheduled to end in 2023.
S.W.O.T Analysis
Strength
- BASF operates on a global scale, with a widespread presence in various markets and industries. This global reach provides the company with diverse revenue streams and exposure to different economic conditions.
- BASF has a strong emphasis on research and development, leading to a robust portfolio of innovative products. The company's commitment to technological advancement enhances its competitiveness and market position.
- BASF offers a wide range of products, including chemicals, plastics, performance products, agricultural solutions, and more. This diversity helps the company withstand fluctuations in specific markets and industries.
- BASF is known for its commitment to sustainability. The company focuses on eco-friendly practices, product innovation for sustainability, and reducing its environmental impact. This aligns well with the growing global emphasis on sustainable business practices.
Weakness
- The company's performance is heavily influenced by economic conditions. Industries such as construction and automotive, which are significant consumers of BASF products, can be sensitive to economic downturns, affecting BASF's revenue.
Opportunity
- The increasing global focus on sustainability presents an opportunity for BASF to capitalize on its expertise in developing environmentally friendly products and solutions.
- Expansion into emerging markets provides an opportunity for growth. These markets often have increasing demand for chemicals, agricultural products, and other solutions that BASF offers.
Threats
- The chemical industry is highly competitive, and BASF faces competition from both established companies and emerging players. Intense competition can affect pricing and market share.
- The prices of raw materials used in BASF's products can be volatile, impacting the company's cost structure and profitability.
COVID-19 Impact Analysis
The company was involved in numerous development projects to treat or prevent COVID-19 with its pharmaceutical ingredients. Further, due to the shutdown during a global pandemic, the revenue of the company decreased by 0.3% (USD 64154.19 million) in 2020 than in 2019 (USD 64335.32 million).
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