Precious Metal Catalysts Market Size and Share
Market Overview
| Study Period | 2019 - 2030 |
|---|---|
| Market Volume (2025) | 447.68 tons |
| Market Volume (2030) | 464.72 tons |
| Growth Rate (2025 - 2030) | 0.75% CAGR |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
|
Precious Metal Catalysts Market Analysis by Mordor Intelligence
The precious metal catalysts market size stands at 447.68 tons in 2025 and is forecast to reach 464.72 tons by 2030, translating to a steady 0.75% CAGR. The modest expansion underscores a shift from volume-led growth toward efficiency-driven demand as producers prioritize lower metal loadings and tighter deposition control. Stricter global emission norms, widening hydrogen economy investments, and refinery upgrades sustain catalyst consumption even as pure battery-electric vehicles reduce internal-combustion volumes. Consolidation among leading suppliers and aggressive recycling investments temper raw-material risk, while substitution strategies reshape the competitive landscape, chiefly palladium–to-platinum. Across applications, automotive emission controls remain dominant, but green-hydrogen electrolysis, fuel cells, and electronic materials provide the fastest-rising demand avenues, signalling structural diversification of the precious metal catalysts market.
Key Report Takeaways
- By metal type, platinum captured 40.86% of the precious metal catalysts market size in 2024; iridium is set to expand at the highest 2.98% CAGR to 2030 as proton-exchange-membrane (PEM) electrolyzers scale.
- By catalyst form, powder variants held 52.91% revenue share in 2024, while wash-coated monoliths are forecast to grow at 1.60% CAGR owing to next-generation emission control requirements.
- By manufacturing process, impregnation accounted for 47.17% of the precious metal catalysts market size in 2024; atomic layer deposition (ALD) is advancing at 2.90% CAGR on the promise of sub-nanometer metal control.
- By application, automotive emission control led with 56.94% of the precious metal catalysts market share in 2024, whereas the “other applications” bucket (fuel cells, electronics, green hydrogen) is projected to register the quickest 2.70% CAGR through 2030.
- By geography, Asia-Pacific commanded a leading 39.77% share of the precious metal catalysts market in 2024 and is pacing ahead at 1.20% CAGR to 2030, propelled by tightening emission frameworks and hydrogen investments.
Global Precious Metal Catalysts Market Trends and Insights
Driver Impact Analysis
| Drivers | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Stricter tailpipe and stationary emission regulations | +0.3% | EU, China, Global spill-over | Medium term (2-4 years) |
| Rising demand for higher-octane clean fuels from new petro-refining capacity | +0.2% | Asia-Pacific core, MEA | Long term (≥ 4 years) |
| Substitution of palladium with platinum in tri-metal autocatalysts | +0.1% | North America and EU | Short term (≤ 2 years) |
| Green-hydrogen build-out driving iridium/platinum catalyst demand | +0.4% | Germany, Japan, South Korea | Long term (≥ 4 years) |
| Commercialisation of precious-metal-free pharma syntheses, freeing PGM capacity | +0.1% | Global | Medium term (2-4 years) |
| Source: Mordor Intelligence | |||
Stricter Tailpipe and Stationary Emission Regulations
Euro 7 standards take effect from 2027, mandating 50% lower NOx for light-duty vehicles, while China National VI(b) extends heavy-duty compliance through 2025, sustaining rhodium–platinum demand in autocatalysts. EPA Tier 4 diesel engine rules simultaneously drive stationary demand, and industrial gas-turbine operators now specify precious-metal SCR systems capable of sub-10 ppm NOx. Divergent regional standards force catalyst suppliers to maintain multi-jurisdictional formulations, reinforcing resilient volume growth despite shrinking per-vehicle loadings in a more electrified fleet.
Green-hydrogen Build-out Driving Iridium/Platinum Catalyst Demand
PEM electrolysis stacks consume 0.3–0.7 g of iridium per kW capacity, and global green-hydrogen projects led by Germany, Japan, and South Korea lift iridium and platinum intensity. Tanaka Precious Metals has introduced dual-function PEM catalysts that slash iridium usage by 20% while improving gas crossover suppression.
Rising Demand for Higher-octane Clean Fuels from New Petro-refining Capacity
New hydrocracking and catalytic-reforming units in China, India, and Saudi Arabia require platinum–rhenium and platinum–tin systems to meet stringent benzene and sulfur limits. BASF’s X3D additive manufacturing allows lattice-optimized catalysts that reduce pressure drop and lift yield by 1%, saving EUR 100 million (~USD 117.45 million) annually per reactor. Biofuel blending mandates likewise stimulate palladium-based hydrotreating catalysts for vegetable oils.
Substitution of Palladium with Platinum in Tri-metal Autocatalysts
Palladium’s 2024 price spike to USD 1,600/oz, versus platinum near USD 1,000/oz, triggered OEM reformulations. Toyota-backed research using atomically dispersed platinum clusters preserves activity with 30-40% lower total PGM loading. Substitution helps diversify supply risk away from Russia, though re-qualification cycles limit adoption speed to new model launches.
Restraint Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Persistent PGM price volatility and supply-chain shocks | -0.2% | Global | Short term (≤ 2 years) |
| Growing EV penetration is reducing ICE autocatalyst volumes | -0.3% | North America and EU, spreading to APAC | Medium term (2-4 years) |
| Circular-economy recycling rates rising faster than primary demand | -0.1% | Developed markets | Long term (≥ 4 years) |
| Source: Mordor Intelligence | |||
Persistent PGM Price Volatility and Supply-chain Shocks
South African load-shedding and Russian export uncertainty cause platinum and palladium price swings that complicate procurement for catalyst makers locked into fixed-price contracts. Automakers now hedge inventory and accelerate lower-loading designs, yet qualification cycles stretch two years, cushioning near-term flexibility[1]Tanaka Precious Metals, “PGM Market Update 2025,” tanaka.co.jp .
Growing EV Penetration Reducing ICE Autocatalyst Volumes
Battery-electric models eliminate catalytic converters entirely, erasing 2–7 g PGM per vehicle. South Korea targets 4.5 million zero-emission cars by 2030, reinforcing the downward pull on autocatalyst tonnage. Hybrid sales and tighter regulations soften the decline, but structural erosion is clear across mature markets.
Segment Analysis
By Metal Type: Platinum Leadership Amid Iridium Surge
Platinum continued to dominate the precious metal catalysts market with 40.86% share in 2024. The metal’s cross-sector versatility secures lasting demand even as substitution trends evolve. In contrast, iridium is forecast to log a 2.98% CAGR through 2030, the fastest among all metals, reflecting its indispensable PEM role. The precious metal catalysts market size for iridium-based systems is projected to rise from 19 tons in 2025 to 23 tons by 2030 at the stated CAGR. Palladium, rhodium, and ruthenium retain niche growth, heavily tied to automotive and selective hydrogenation. The adoption of palladium nanosheets with platinum-equivalent HER performance, pioneered by Tokyo University of Science, may reshape cost hierarchies over the long term.
Note: Segment shares of all individual segments available upon report purchase
By Catalyst Form: Powder Dominance with Monolith Innovation
Powder catalysts retained a 52.91% share in 2024, sustained by widespread use in fine chemicals, pharma, and refinery hydrotreating. They are easy to blend, regenerate, and recycle, which keeps adoption high. Wash-coated monoliths, however, are on track for the quickest 1.60% CAGR to 2030, owing to next-generation gasoline particulate filters and diesel SCR blocks that demand high-duty thermal cycling.
Extrudates and pellets hold material shares in fixed-bed reactors, benefitting from low pressure drops and mechanical resilience. Honeycomb structures with engineered channel densities provide enhanced mass transfer in stationary NOx abatement systems, especially for gas-turbine exhaust. Cutting-edge additive techniques such as BASF’s X3D now allow topology-optimized monoliths that push surface-to-volume ratios above 1,500 m²/m³, translating into lower PGM per unit throughput.
By Manufacturing Process: Impregnation Stability Versus ALD Innovation
Incipient wetness impregnation remained the benchmark production route, representing 47.17% share in 2024, due to its scalability and compatibility with multiple carriers. Nonetheless, atomic layer deposition is accelerating at 2.90% CAGR as OEMs target sub-nanometer active-site control.
Sol-gel and precipitation techniques continue to serve multi-component systems where intimate solid-state mixing is essential. Electroless deposition is gaining relevance for complex 3-D printed geometries where uniformity on internal channels is critical. Looking forward, magnetic-field-assisted single-atom deposition researched at Tohoku University offers potential step-change selectivity gains for ammonia synthesis and CO₂ reduction[2]Tohoku University Research Group, “Magnetic-Field-Enhanced Single-Atom Catalyst Synthesis,” tohoku.ac.jp .
By Application: Automotive Dominance with Diversification Momentum
Automotive emission control held a commanding 56.94% slice of the precious metal catalysts market in 2024. Hybrid vehicles prolong demand even as full battery electric models rise. Industrial and power-generation emission controls add incremental tonnage under stricter stationary requirements.
Other applications encompassing PEM fuel cells, electrolyzers, and semiconductor fabrication provide the strongest 2.70% CAGR to 2030. Electronics demand rises with advanced node chipmaking that uses iridium and ruthenium for hard masks and barrier layers. Pharmaceutical synthesis preserves specialty demand, albeit partially offset by the commercial roll-out of precious-metal-free cross-coupling pathways. Petrochemical catalysts stay stable with sustained Asian refinery expansions.
Note: Segment shares of all individual segments available upon report purchase
Geography Analysis
Asia-Pacific controlled 39.77% of the precious metal catalysts market in 2024, fueled by rapid industrialization, stricter national emission standards, and the world’s most ambitious green-hydrogen rollouts. China alone plans 100 GW of electrolyzer capacity by 2030, prompting robust iridium and platinum uptake. India’s Bharat Stage VII norms advance catalytic converter complexity, while Japan’s leadership in fuel-cell vehicles lifts domestic demand for high-purity platinum-coated membranes.
North America remains an influential producer and consumer. Tight Tier 3 gasoline sulfur limits and EPA non-road diesel rules uphold domestic catalyst usage, even as EV sales top 15% of new registrations in 2025. Canada’s PGM mining sector provides upstream security, although most refining happens in the United States. Mexico’s growing vehicle assembly plants utilize advanced tri-metal converters to meet USMCA alignment.
Europe exhibits dual dynamics: the strictest emission caps globally sustain catalyst complexity, but the EU Fit-for-55 mandate accelerates BEV uptake, eroding long-term autocatalyst volumes. South America and the Middle-East, and Africa supply important raw materials and niche demand. Saudi Arabia and the UAE plan blue and green hydrogen megaprojects, positioning the Gulf as an emerging precious metal catalysts market over the next decade.
Competitive Landscape
The precious metal catalysts market displays high consolidation. Technology leadership shapes competitive positioning. BASF’s proprietary X3D printing changes reactor design economics by trimming pressure drop and metal usage. Tanaka Precious Metals’ dual-function PEM catalysts reduce iridium load without performance loss, creating IP-protected advantages. Suppliers integrating mining, refining, fabrication, and recycling are best positioned to hedge volatility and serve diversified end-markets extending beyond automotive.
Precious Metal Catalysts Industry Leaders
-
Clariant
-
BASF
-
Heraeus Precious Metals
-
Honeywell International, Inc.
-
Umicore
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- May 2025: Umicore announced a new homogeneous catalyst facility at Catoosa, United States, with construction slated for 2025 and multi-ton Grubbs Catalyst production targeted for early 2027.
- December 2024: Johnson Matthey completed the USD 2.3 billion divestment of its Catalyst Technologies unit to Honeywell, accelerating its strategic move into battery materials and hydrogen technologies.
Global Precious Metal Catalysts Market Report Scope
Precious metal catalysts, also known as noble metal catalysts, are widely used in the chemical industry because they can speed up the chemical process. Precious metals possess an incompletely filled d-orbital to lend or withdraw electrons from the reagent, depending on the nature of the reaction. They show high activity and selectivity in catalysis. The precious metal catalysts market is segmented by type, application, and geography. The market is segmented by type into platinum, palladium, rhodium, iridium, ruthenium, and other types. The market is segmented by application into automotive, pharmaceutical, petrochemicals, and other applications. The report also covers the market size and forecasts for the precious metal catalysts market in 15 countries across major regions. Each segment's market sizing and forecasts are based on volume (tons).
| Platinum |
| Palladium |
| Rhodium |
| Iridium |
| Ruthenium |
| Other Metal Types (Osmium, Gold, Silver) |
| Powder |
| Pellet/Bead |
| Extrudate and Honeycomb |
| Wash coated Monolith |
| Incipient wetness Impregnation |
| Electroless and Electrochemical Deposition |
| Chemical Vapour / Atomic Layer Deposition |
| Sol-Gel / Precipitation |
| Other Advanced Nano structuring |
| Automotive |
| Phramaceutical |
| Petrochemicals |
| Other Applications (Electronics and Semiconductor, Fuel Cells, etc.) |
| Asia-Pacific | China |
| Japan | |
| India | |
| South Korea | |
| ASEAN Countries | |
| Rest of Asia-Pacific | |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Italy | |
| Rest of Europe | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle-East and Africa | Saudi Arabia |
| South Africa | |
| Rest of Middle-East and Africa |
| By Metal Type | Platinum | |
| Palladium | ||
| Rhodium | ||
| Iridium | ||
| Ruthenium | ||
| Other Metal Types (Osmium, Gold, Silver) | ||
| By Catalyst Form | Powder | |
| Pellet/Bead | ||
| Extrudate and Honeycomb | ||
| Wash coated Monolith | ||
| By Manufacturing Process | Incipient wetness Impregnation | |
| Electroless and Electrochemical Deposition | ||
| Chemical Vapour / Atomic Layer Deposition | ||
| Sol-Gel / Precipitation | ||
| Other Advanced Nano structuring | ||
| By Application | Automotive | |
| Phramaceutical | ||
| Petrochemicals | ||
| Other Applications (Electronics and Semiconductor, Fuel Cells, etc.) | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| South Korea | ||
| ASEAN Countries | ||
| Rest of Asia-Pacific | ||
| North America | United States | |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
| Middle-East and Africa | Saudi Arabia | |
| South Africa | ||
| Rest of Middle-East and Africa | ||
Key Questions Answered in the Report
What is the current size of the precious metal catalysts market?
The precious metal catalysts market size is 447.68 tons in 2025 and is projected to reach 464.72 tons by 2030 at a 0.75% CAGR.
Which application segment dominates demand?
Automotive emission control leads with 56.94% of 2024 volume, though its growth is slower than emerging segments such as fuel cells and hydrogen electrolyzers.
Why is iridium demand increasing faster than other PGMs?
PEM electrolyzers for green-hydrogen production rely on iridium-based oxygen-evolution catalysts, pushing iridium demand at a 2.98% CAGR through 2030.
How are catalyst manufacturers mitigating precious-metal price volatility?
Strategies include recycling expansion, palladium-to-platinum substitution, lower-loading formulations, and vertical integration to secure PGM supply.
Which region exhibits the fastest growth?
Asia-Pacific leads both in share (39.77% in 2024) and in growth (1.20% CAGR to 2030), supported by stricter emission norms and hydrogen economy investments.
Page last updated on:
