The Global Precious Metal Precursor Market size is expected to reach USD 1,057.5 million by 2028 from USD 879.6 million in 2018 at a CAGR of 4.8% during the forecast period (2018-2028). Precious metal precursors are chemical compounds that exhibit catalytic properties and can be used for purification or as a catalyst in various industries such as petrochemical, chemical, pharmaceuticals, and others. The market has been segmented based on type into palladium nitrate, platinum nitrate, rhodium nitrate, and other types; on application into petrochemical, chemicals & pharmaceuticals and automotive exhaust purification catalyst; by region into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Precious metal precursors are a group of substances that can be used to make precious metals, such as palladium and platinum. These substances are created by chemical reactions or refined from other products like wastewater sludge. The main types of these precursor chemicals include Palladium Nitrate, Platinum Nitrate, Rhodium Nitrate, and Others (which includes Smaltite).
The world is in a constant state of change. Resources are depleted, and populations grow while the number of sustainable resources dwindles year after year. For this reason, it has been necessary to develop new materials and techniques that allow for an increased level of efficiency with these few remaining resources: precious metals. Precious metal precursors are one of these techniques. These substances react with the metals in order to form a new substance that resembles but is not quite identical to, the metal it was created from.
On the basis of Type, the global precious metal precursor market is segmented into palladium nitrate, platinum nitrate, rhodium nitrate, and others.
Palladium Nitrate is a chemical compound with the molecular formula Pd(NO)·NHOH. It has a bright white or pink color and crystallizes as octahedral crystals, which can be naturally occurring but are more often found in synthetic form. The use of palladium nitrate for various purposes dates back to 1802 when it was first discovered by Louis Nicolas Vauquelin who noted that there were two basic types, one producing an orange-yellow flame and the other yielding a greenish-blue one. The latter variety proved most useful because it produced less smoke than the former type did without sacrificing too much brightness from its light source. This property made Palladonitrat highly desirable at times when atmospheric clarity was important, such as during military engagements.
Platinum nitrate is a platinum-based chemical compound. It has been used in the purification of crude oil and as an important catalyst for hydrogenation reactions. Platinum nitrate was also once prescribed to treat infections, but its use has since declined because other effective treatments have become available.
Rhodium Nitrate is a chemical compound of rhodium and nitric acid. It is used as an anti-corrosive agent or catalyst for the production of high-end chemicals, fuel cells, silicone, and electroplating to name just a few applications. Rhodium has been predicted by many researchers to become more sought after due to its properties in catalytic conversion efficiency and energy cost savings when compared with platinum which it can replace in some cases.
On the basis of Application, the global precious metal precursor market is segmented into petrochemical, chemical, pharmaceuticals, and others.
Precious metal precursors are used in the petrochemical industry. They help to reduce the cost and increase the efficiency of the oil refining process which is a major part of petroleum extraction. These substances also provide better heat transfer within the reactor, thus increasing thermal efficiencies by up to 50%.
Precious metal precursors are added to catalysts used in the chemical industry. They are found in the form of palladium nitrate, platinum nitrate, rhodium nitrate, or other types and they react with hydrogen peroxide to produce hydroperoxides that help break down fats into glycerin and fatty acids. This is particularly important in fat-based products such as margarine, buttercreams, and ice cream so that these can be stored for longer periods without going rancid. These precious metal precursors also play an important role by removing sulfur compounds from gas streams produced during petroleum refining processes which makes them suitable applications for purifying automobile exhausts. In addition, some chemicals like silicone may require a catalyst called platinum-based catalyst to accelerate the rate of polymerization and crosslinking reactions.
Precious metal precursors are used in the pharmaceutical industry as catalysts. They are also used for a variety of other applications such as anti-fouling, fuel cell catalysts, and lithium-ion battery cathodes. The main application of precious metal precursors is in the manufacture of pharmaceuticals. The catalytic properties for hydrogenation reactions are often used to produce medicinally active compounds, such as dihydropyridine calcium channel blockers and EDTA chelating agents.
On the basis of Region, the global precious metal precursor market is segmented into North America, Latin America (including Mexico), Europe, Asia-Pacific (APAC) region, and Middle East & Africa (MEA). APAC region is the largest market for precious metal precursors and accounted for more than 66% of total global consumption.
The APAC region has witnessed a rapid growth in demand due to the growing population, increasing industrialization coupled with the strong economic conditions. North America accounts for the second-largest share but an expected decline in demand owing to declining interest from new industries because of stringent regulatory norms. Europe is projected to witness moderate growth during the forecast period owing to high production levels and favorable government regulations related to environmental protection which are anticipated to drive innovation efforts by industry players.
The growth drivers for this market include increasing applications such as catalysts or additives that increase the efficiency of automobile exhaust purification catalyst, fuel cell, and silicone application; high investment cost in industrial production activities which is expected to drive demand during the next decade; increased consumption from emerging economies such as China, India, and Russia with growing GDP per capita coupled with an expanding middle-class population base; growing awareness about environmental concerns among consumers due to latest technologies developed by automakers for use in their vehicles’ engines.
Up Market Research published a new report titled “Precious Metal Precursor Market research report which is segmented by Types (Palladium Nitrate, Platinum Nitrate, Rhodium Nitrate, Others), By Applications (Petrochemical, Chemical and Pharmaceutical, Automobile Exhaust Purification Catalyst, Silicone, The Fuel Cell, Others), By Players/Companies TANAKA, Heraeus, Johnson Matthey, BASF, Umicore, Guiyan Platinum, Hangzhou Kaida Catalysis, Shaanxi Ruike”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Precious Metal Precursor Market Research Report |
By Type | Palladium Nitrate, Platinum Nitrate, Rhodium Nitrate, Others |
By Application | Petrochemical, Chemical and Pharmaceutical, Automobile Exhaust Purification Catalyst, Silicone, The Fuel Cell, Others |
By Companies | TANAKA, Heraeus, Johnson Matthey, BASF, Umicore, Guiyan Platinum, Hangzhou Kaida Catalysis, Shaanxi Ruike |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 245 |
Number of Tables & Figures | 172 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Palladium Nitrate, Platinum Nitrate, Rhodium Nitrate, Others and By Application Petrochemical, Chemical and Pharmaceutical, Automobile Exhaust Purification Catalyst, Silicone, The Fuel Cell, Others.
Some of the companies that are profiled in this report are:
Precious Metal Precursor Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Precious Metal Precursor Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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