During the projection period, it is expected that the market for precious metal catalysts will expand at a rate of about 5%. The market being examined is being driven primarily in the medium term by the growing demand for high-performance transportation fuel. The demand and supply chain for precious metal catalysts have been adversely disrupted by COVID-19. Because of the government-issued transportation lockdown measures, the automobile industry and the petrochemical sector, which are the market's two main uses, are adversely affected by the pandemic. This has an effect on the market for precious metal catalysts.

Key Market Trends of Precious Metal Catalysts

Market Dominance by the Platinum Segment

Due to the platinum catalyst's ability to lower CO2 emissions, platinum represents one of the market's primary categories. In order to lessen the impact of pollutants released by industrial processing units, it is mostly employed in the automotive industry. The surge in diesel car sales can be used to support the majority of platinum consumption. Platinum is additionally utilized as one of the catalysts for emission control.

The use of auto-catalysts increases the energy efficiency of industrial operations and lowers emissions from gasoline and diesel engines. For more than 35 years, autocatalysts made of platinum group metals have been the most reliable method of reducing pollution from all kinds of gasoline and diesel automobiles. Without autocatalysts, a typical family automobile would produce 15 tonnes of hazardous pollutants over the course of a 10-year lifespan. They reduce harmful emissions from engine exhausts by 98%. ​ There are more and more applications for platinum-based emission control catalysts being found in sources like automobiles, refinery and petrochemical complexes, chemical industries, oil, and natural gas processing plants, and pharmaceutical industries, among others. As a result, there is a greater demand for platinum catalysts, which expands the market under study.