The Global Precious Metal Precursor Market size is projected to grow at a CAGR of 2.53% during the forecast period from 2021-2028. The market is rising at a fast pace and is driven by the growing demand for high-quality products in the petrochemical, chemical and pharmaceutical industries. The increasing need for automobile exhaust purification catalysts has also contributed to the growth of this market.
Precious metals are being used as catalysts because they have properties like excellent catalytic activity, high stability, and low toxicity which make them superior to other conventional materials such as platinum group metals (PGMs) or noble gases. In addition, the presence of these metals in their elemental form makes them suitable for fabrication into many shapes and sizes to suit various applications. Furthermore, there is an opportunity for rapid growth with new applications emerging in silicone production due to the significant advantages.
On the basis of Types, the market is segmented into Palladium Nitrate, Rhodium Nitrate, and Others. The demand for palladium nitrates is expected to grow due to their role as a catalyst in the petrochemical industry.
Palladium Nitrate is a chemical compound of palladium, nitrogen, and oxygen. It is an odorless solid that has limited use in the jewelry industry as well other industries such as catalysts for hydrometallurgical processes when manufacturing precious metals (e.g., platinum, rhodium), coloring agents, semiconductor materials, and pharmaceuticals.
Rhodium Nitrate is a compound in the periodic table of chemical elements, with atomic number 45 and symbol Rh. It has two main applications: Electroplating Rhodium on other metals such as platinum or silver to create white gold jewelry; and Alternative fuel cell catalysts for hydrogen-based power generation from renewable electricity sources. The most common form of this compound is not soluble in water at all (rhodium nitride), while a less stable but more soluble version exists called rhodamine B.
On the basis of Application, the market is segmented into Petrochemical, Chemical, and Pharmaceuticals.
The use of Precious Metal Precursor in Petrochemical is to provide a catalyst for the production and refining process. The complexity can be reduced by adding small amounts of platinum, palladium, or rhodium nitrates to catalysts used in oil refineries. Global demand for these precious metals is also increasing with the growing need for petrochemicals due to economic growth and population increase, followed by automotive exhaust purification catalysts (automobile emissions) that are increasingly being specified as an emission control requirement on new automobiles.
The most common application for the precious metal precursors is in chemical reactions. Palladium nitrate, platinum nitrate, and rhodium nitrates are used to make catalysts that change the way different chemicals react when mixed together. These types of changes happen very quickly and are often irreversible which makes them perfect for use in refining techniques like petroleum cracking or hydrogenation.
Precious metal precursors are used in the manufacturing of pharmaceuticals. These elements possess a high reactivity which enables them to be catalysts for reactions such as hydrogenation, reduction, and oxidation among others. They can also act as stabilizers or binders for drugs like antibiotics or anticancer compounds.
On the basis of Region, the market is segmented into North America, Latin America, Europe, and Asia-Pacific. The North American market is expected to dominate this market during the forecast period. The key factors driving this growth are increased demand from downstream applications and an increase in production facilities for automotive exhaust purification catalysts, silicone, fuel cells, or hydrogenation among others.
Europe will show significant growth with respect to the precious metal precursor market by 2028 due to the increasing chemical manufacturing industry coupled with the growing need for environment-friendly products such as platinum nitrate which is used as a catalyst for pollution removal while upgrading diesel engine performance.
The Asia-Pacific is expected to grow at a rapid pace during the forecast period due to factors such as population growth rates, economic development, and increasing demand for automobiles with catalytic converters installed.
Up Market Research published a new report titled “Precious Metal Precursor Sales 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”.
Report Attributes | Report Details |
Report Title | Precious Metal Precursor Sales 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 | 244 |
Number of Tables & Figures | 171 |
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 Sales 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 Sales 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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