Market Size of Precious Metal Catalysts Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 444.35 tons |
| Market Volume (2029) | 461.26 tons |
| CAGR (2024 - 2029) | 0.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Precious Metal Catalysts Market Analysis
The Precious Metal Catalysts Market size is estimated at 444.35 tons in 2024, and is expected to reach 461.26 tons by 2029, growing at a CAGR of 0.75% during the forecast period (2024-2029).
COVID-19 severely impacted the demand and supply chain of the precious metal catalysts market. The automobile and petrochemical industries, the market's major applications, were negatively impacted by the pandemic due to the lockdown regulations on transportation issued by governments, thus affecting the precious metal catalysts market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- In the medium term, one of the major factors driving the market studied is the accelerating demand for high-performance transportation fuel.
- Conversely, high production costs will likely hinder the studied market's growth.
- Moreover, developing new and improved applications for precious metal catalysts will likely offer opportunities to the market studied.
- Asia-Pacific dominated the market, with the largest consumption coming from China, ASEAN countries, and India.
