Platinum-Based Catalysts Market Size, Share & Industry Analysis, By Type (Platinum Alloy Catalysts, Platinum on Carbon, Others), By Application (Fuel Cells, Petrochemical, Others) And Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Platinum is a silverish-white transition metal with the symbol Pt. It is a highly unreactive, dense, and malleable metal. As a catalyst, it collects oxygen atoms, and allows them to bind with the toxic carbon monoxide, to produce a lesser amount of harmful carbon dioxide. Furthermore, the platinum catalyst is utilized on alkynes, which results in syn-addition and forms a cis-alkene. It is also used in the transformations of ketones to alcohols and hydrogenation of nitro compounds to amines. It offers improved stability, better electrocatalytic performance, and supports fuel cell performance. These properties surge their demand for fuel cells and petrochemical applications.
The platinum-based catalyst market is growing at a rapid pace owing to its increasing demand in the fuel cell application. The platinum-based catalysts speed up the chemical reaction, instead of being consumed by the reaction. Due to this, it is considered as the most efficient catalysts for speeding up chemical reactions in hydrogen fuel cells. It is mainly used for direct methanol fuel cell, polymer electrolyte fuel cell, phosphoric acid fuel cell, and microbial fuel cell applications. Also, the platinum is utilized as a recombination catalyst for the elimination of hydrogen. Hence, rising its demand in fuel cell applications will fuel the platinum-based catalyst market during the forecast timeline.
However, the price of platinum-based catalyst is high and these catalysts have slow kinetic oxidation, thereby reducing its consumption in various applications. These factors hinder the growth of platinum-based catalyst market.
Key Market Driver -
Rising demand for platinum-based catalysts in the fuel cells to drive the market growth.
Key Market Restraint -
High price of platinum-based catalysts to restrict the market growth
Market Segmentation:
Based on type, the platinum-based catalysts market is segmented into platinum alloy catalysts, platinum on carbon, and others. Based on application, the market is segmented into fuel cells, petrochemical, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
The key players in the platinum-based catalysts market includes Fuel Cell Store, Anco Catalysts Ltd, Alfa Aesar, Thermo Fisher Scientific, PGM, Heraeus Holding, Amalyst, Umicore, Haldor Topsoe, and Noble Catalyst Pvt Ltd.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
Asia Pacific is anticipated to witness sustainable growth in the platinum-based catalysts market during the forecast period. The growth is attributed to the rising demand for platinum-based catalysts in the petrochemicals. The growth in Europe is attributed to the rising product demand in the direct methanol fuel cell, in which UK and Germany are the leading countries. The rising product demand in fuel cell applications will fuel the market in North America. The Middle East & Africa is anticipated to witness significant growth, owing to the increasing adoption of the platinum alloy catalyst in the polymer electrolyte fuel cell.
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Segmentation
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- Ongoing
- 2023
- 2019-2022
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