Europe Homogeneous Precious Metal Catalyst Market Worth $2.4 Billion By 2028
The Europe Homogeneous Precious Metal Catalyst Market size is expected to reach USD 2.4 billion by 2028 registering a CAGR of 18.9% over the forecast period, as per a new report by Grand View Research Inc. Increasing preference for homogeneous catalyst over heterogeneous ones owing to their specific features, especially associated with selectivity, drive the market growth. Furthermore, the market is expected to witness a significant hike in demand amid the Covid-19 pandemic as PGM catalysts are utilized in the formulation of several APIs, such as a few antibiotics used for Covid-19 treatment.
The demand for the product is likely to be prominent from the pharmaceutical & biomedical and petroleum refining end-use industries. In addition, the presence of refineries at prime locations, coupled with top oil & gas companies, is estimated to contribute to the product demand. Moreover, growth in the agrochemicals and power generation sectors in the European economies is anticipated to augment the product demand over the forecast period.
In addition, the market is expected to witness significant growth over the forecast period owing to the benefits it has received from high-value product segments. For instance, the application of catalysts in an automobile reduces carbon emissions that are harmful to the environment and, thus, their application is highly promoted by the governments. In addition, increasing energy demand from economies, such as France, Slovakia, Hungary, Belgium, Sweden, and Bulgaria, is likely to drive the market.
The presence of adequate oil reserves in countries including Russia, Norway, the U.K., and Italy, is expected to further complement the market growth in the region. Consequently, major market participants are shifting their focus toward increasing capacities and catering to the growing demand across geographies. Market players in the region are focusing on innovation for the development of advanced products to exhibit better performance during the process. Such factors have bolstered the market growth in the region. However, the Covid-19 pandemic has affected several key economies, such as Italy and Germany, limiting the market growth.
The governments in these countries had imposed complete lockdown, which restricted the movement of all forms hampering the overall oil consumption by the transportation sector. In addition, curtailed commercial and industrial activities have further reduced fuel consumption. Consequently, refiners are forced to cut their production instantly, which may result in high expenses once the situation settles. Furthermore, some refiners are projected to lose their share to competitors, which is expected to hamper the overall product demand in the short run.
Related Press Release@ Europe Homogeneous Precious Metal Catalyst Market Report
Europe Homogeneous Precious Metal Catalyst Market Report Highlights
- The market is moderately consolidated with the presence of multinationals striving to fulfill the rising demand
- Market players are intensely focused on optimizing & managing supply efficiency and ensuring their ability to compete with other players by enhancing operating efficiency, increasing productivity, reducing lead time, and addressing sourcing requirements
- Manufacturers supply their products to various end-use industries, including pharmaceutical & biomedical, refineries, agrochemicals, electrochemical, and power generation, through various distribution channels, such as direct-supply contracts and third-party supply contracts with vendors and wholesalers
- Strategic alliances by key players with research institutions to enhance product innovation capabilities are likely to be witnessed more during the forecast period
- The introduction of different recycling concepts for metal catalysts; for instance, with organic solvent nanofiltration or scrap catalytic converter recycling, is predicted to drive the market