Platinum and Palladium Carbon Catalyst Market Size, Share, Growth, and Industry Analysis, By Type (Platinum Carbon Catalyst and Palladium Carbon Catalyst), By Application (Petrochemical, Pharma and Fine Chemical), Regional Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The global platinum and palladium carbon catalyst market size was in USD 497.7 million 2022. As per our research, the platinum and palladium carbon catalyst market is expected to reach USD 629.7 million by 2028, exhibiting a CAGR of 4.0% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise/decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Heterogeneous catalysts like platinum and palladium carbon are employed in a variety of chemical processes. Heterogeneous catalysts are those that coexist with the reactants and products of a chemical process in a separate phase (often a solid). These catalysts are essential for accelerating processes and boosting their effectiveness. Platinum nanoparticles supported on a carbon substrate make up this catalyst. The platinum nanoparticles are disseminated on a stable, large-surface-area platform provided by the carbon substrate. Platinum has certain qualities that make it useful for catalytic applications, including its capacity to adsorb reactants and promote reaction routes. Various reactions, including as hydrogenation, dehydrogenation, and oxidation reactions, require platinum carbon catalysts.

Palladium nanoparticles are supported on a carbon substrate in palladium carbon catalysts, same like in platinum carbon catalysts. Catalysts made of palladium are useful for a variety of processes, including hydrogenation, cross-coupling reactions (such the Suzuki-Miyaaura and Heck reactions), and other organic transformations. These catalysts' carbon supports have several functions. The metal nanoparticles can disperse over a large surface area, increasing the catalytic activity. Furthermore, the stability and selectivity of the catalyst may be impacted by the carbon support.

COVID-19 Impact: Supply Chain Disruptions to Hinder Market Growth

Due to lockdowns, travel bans, and a shortage of labor, the pandemic caused disruptions in the world's supply lines. This might have had an effect on the supply of raw materials, such as precursors for the production of the catalyst’s platinum and palladium. Catalyst manufacture could have been delayed as a result of lockdowns and limitations on manufacturing facilities in various nations. The ability of catalyst manufacturers to create their products may have been impacted by a reduced workforce, social distance requirements, and health and safety regulations. The epidemic caused changes in the demand for a range of goods and services. For instance, lower vehicle manufacturing and sales during lockdowns might have led to a decline in the demand for automotive catalysts.

LATEST TRENDS

"Sustainability and Green Chemistry to Enhance Market Growth"

The importance of sustainable catalytic processes has increased. Researchers and businesses were looking at ways to improve platinum and palladium carbon catalysts in order to consume less energy, harmful chemicals, and trash. This is in line with the general movement towards green chemistry and eco-friendly procedures. The development of methods to accurately regulate the size, shape, and distribution of platinum and palladium nanoparticles on carbon substrates was the main focus of research. The catalytic activity, selectivity, and stability of the catalyst can all be greatly affected by fine-tuning these parameters. Bimetallic catalysts have drawn interest because they combine platinum or palladium with additional metals. These catalysts frequently have synergistic interactions that can improve catalytic activity and widen the variety of reactions they can promote.

SEGMENTATION

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• By Type

Based on type market is classified as platinum carbon catalyst and palladium carbon catalyst.

• By Application

Based on application market is classified as petrochemical, pharma and fine chemical.

DRIVING FACTORS

"Automotive Emission Regulations to Augment Market Growth"

The strict emission rules enforced by governments all over the world are one of the major drivers for platinum and palladium catalysts. In order to comply with these laws, automobiles must have efficient catalytic converters, which increase demand for the platinum and palladium catalysts used in these converters. The expansion of the automobile sector globally has a direct impact on the demand for platinum and palladium catalysts as well as catalytic converters. This demand is further fuelled by increased car manufacturing in developing economies and the advent of hybrid and electric vehicles. Catalysts made of platinum and palladium have uses besides the automobile industry. They are employed in a number of industrial processes, including as the synthesis of pharmaceuticals, the manufacturing of fine chemicals, and the creation of petrochemicals. The demand for these catalysts is driven by rising chemical processes and industrial expansion.

"Hydrogen Economy Development to Propel Market Growth"

Platinum and palladium catalysts are crucial for hydrogen synthesis, purification, and fuel cells as interest in hydrogen-based technology increases. Demand for these catalysts is influenced by the growth of the hydrogen economy and the search for cleaner energy sources. Catalysts made of platinum and palladium are essential for electrocatalytic processes like water electrolysis and fuel cells. The demand for effective and long-lasting electrocatalysts is driven by the switch to cleaner energy sources and improvements in energy storage technology. The market is expanding as a result of ongoing research to enhance the performance of platinum and palladium carbon catalysts through advancements in nanoparticle engineering, bimetallic catalysts, and single-atom catalysts. Adoption is boosted by improved catalyst activity, selectivity, and stability.

RESTRAINING FACTORS

"Alternative Catalysts to Impede Market Expansion"

Precious metals platinum and palladium can account for a sizeable amount of the catalyst's overall cost. The viability of using platinum and palladium carbon catalysts can be impacted by changes in these metals' pricing, particularly in price-sensitive sectors. The need for platinum and palladium carbon catalysts is being challenged by the development of substitute catalysts, such as base metal or non-metal catalysts. These alternatives may constrain the market expansion of platinum and palladium catalysts if they provide comparable performance and are more affordable. Catalysts may become inactive over time as a result of phenomena such as fouling, sintering (the agglomeration of nanoparticles), or poisoning by contaminants in the feedstock. The lifespan and effectiveness of platinum and palladium carbon catalysts may be decreased as a result of this deactivation.

REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Green Technologies"

Platinum and palladium carbon catalyst share has historically found a considerable market in the North America region, which includes the U.S. and Canada. The demand for automotive catalysts, which make use of these materials, has increased as a result of the strict pollution rules in the US. The area also places a lot of emphasis on research and development, which encourages catalyst innovation and application across numerous industries. The acceptance of these catalysts in many applications is further aided by the commitment to environmental sustainability and green technologies. The region's rapid development and urbanisation have raised the demand for industrial catalysts and catalytic converters for automobiles.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Johnson Matthey (U.K.)
• Evonik (Germany)
• Basf (Germany)
• Clariant (Switzerland)
• Vineeth Chemicals (U.S.)
• Shanghai Petrochemical Catalyst (China)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.