Fuel Cell Catalyst Market Size, Share and Global Trend By Type (Platinum, Platinum Ruthenium Alloy, Other), By Application (Methanol Fuel Cell Catalyst, Hydrogen Fuel Cell Catalyst, Reformate Fuel Cell Catalyst, Others) and Regional Forecast, 2024-2032

A fuel cell is a versatile technology used to convert chemical energy into electrical energy. It consists of two electrodes separated by a solid or liquid electrolyte that carries electrically charged particles between them. A catalyst is often used to speed up the reaction at the electrodes. The electro-catalyst is an integral part of the fuel cell and impact the efficiency, durability, and cost of the cell to a large extent.

Carbon supported platinum or platinum alloys are commonly used as a catalyst for speeding up a chemical reaction in hydrogen fuel cells. Platinum is the only material that can withstand the acidic reaction inside the fuel cell, but it is quite expensive, and this has limited its large scale application of fuel cells.

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But in the recent period, the scientist and researchers are doing extensive research in order to find out an alternative to platinum or to minimize the catalyst cost. A fuel cell has been used extensively across the world for sustainable development which expected to increase the demand for fuel cell catalyst growth.

Fuel cell catalyst market is segmented into type and application. The catalyst used in fuel cells is platinum and platinum ruthenium alloy. It is the most effective catalyst for oxidation and reduction reaction when dispersed evenly increases reactive surface area significantly and provide an ideal catalyst for many electrochemical processes.

Platinum holds the largest share in the market while many emerging catalysts are in the nascent stage. Catalyst is used in various fuel cell application such as hydrogen, methanol, reformate fuel cell, etc. Hydrogen fuel cell emerged as the leading player in the market in terms of its consumption.

Ongoing growth in sustainable development is expected to increase the demand for renewable energy sources, which increase the demand for fuel cell catalyst.

The enormous investment in uplifting the green technology for sustainable development and the adoption of fuel cells in several applications is expected to increase the growth of the fuel cell catalyst growth.

Fuel cell not only helps to minimize pollution but also saves valuable fossil fuels reserves, which further expands the fuel cell catalyst market. The catalyst used in the chemical reaction of fuel cells are highly expensive, and the fuel cell technology is in its nascent stage which retards the growth of the fuel cell catalyst.

Key Players Covered

The major fuel cell catalyst companies in the world are Umicore, Johnson Matthey, 3M, Heraeus, Haldor Topsoe A/S, Tanaka Holdings Co., Ltd., Huntsman Corporation, De Nora, BASF, Archroma, DyStar, FuelCellsEtc, Clariant, and Pyrochem Catalyst Company.

SEGMENTATION 

Regional Analysis

The fuel cell catalyst market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is witnessing an extensive growth in fuel cell market owing to advancement in technology and substantial adoption of fuel cell-powered vehicles. U.S. is engaged in advancing fuel cell technology enabling its parent government bodies such as the U.S. Department of Energy and Environmental Protection Agency (EPA) to carry out extensive research for commercial viability of the fuel cell. Therefore, fuel cell catalyst will experience steady growth in North America. Europe is expected to offer lucrative market growth for fuel cell catalyst due to the high demand for fuel cell in telecom and backup applications. Germany is the leading country in Europe, embracing fuel cell technology followed by the UK in which many organizations, research institutes are involved in R&D and commercializing fuel cell market. This help to boost the fuel cell catalyst market in Europe. The Asia Pacific possesses the high potential for the growth of the fuel cell catalyst due to the high investment to develop a sustainable energy source. China has begun putting its effort into the development of fuel cell electric vehicle and aims to gain significant share in the fuel cell market. Adding to this the fuel cell catalyst market is expected to grow in a positive manner.

Key Industry Developments

• In June 2019, An incorporate research carried out by Tata Institute of Fundamental Research, Hyderabad (TIFR-H), University of Hyderabad and Indian Institute of Science Education and Research (IISER) Thiruvananthapuram developed an alternative to platinum which is used as a catalyst in the fuel cell. Selenium graphene has been developed from this research which is more efficient, cheaper and possesses higher durability
• In Apr 2019, Hyundai is planning to deliver 1600 hydrogen fuel cell trucks in Europe with a joint venture with H2 energy. With this venture, Hyundai is planning to penetrate European countries beyond Switzerland.
• In December 2018, Umicore announced to expand its fuel cell catalyst production in South Korea to assist the growth of the Hyundai Motor Group and automotive companies in the world. The new plant will be commissioned at the end of 2019 and it will be fully operational in 2020.
• In July 2018, Tanaka Holding Co., Ltd. expands its facility for the production of fuel cell catalyst. The current expansion will be seven times the current production capacity enabling the company to meet the rising demand for commercial fuel cell vehicles and industrial equipment.