PRECIOUS METAL CATALYSTS MARKET ANALYSIS

Regional Analysis

• Europe is the largest market for precious metal catalysts, owing to the introduction of stringent emission rules such as Euro 6 and Euro 7 which defines the limits for exhaust emission for new vehicles that are sold in Europe.
• Precious metal catalyst market is growing rapidly in Asia Pacific, owing to the growth in pharmaceutical and automobile industries. According to India Brand Equity Foundation (IBEF), trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India the pharmaceutical industry in India is estimated to grow to US$ 100 billion by 2025. Also, various investment plans by automobile manufacturers such as US$ 1 billion investment by 2020 by General Motors in India, will increase the demand for precious metals. Furthermore, the booming demand for automobile and pharmaceutical industry in China will contribute to the market growth.
• The global pharmaceutical share of USA is estimated to reach 41% by 2020 as predicted by International Federation of Pharmaceutical Manufactures and Associations (IFPMA) which represents pharmaceutical companies and associations of the world. Furthermore, USA has many automobile manufacturing industries which have transmission and engine plants, and conduct testing and research and development activities. Thus, USA has significant demand for precious metal catalyst.
• The pharmaceutical, automobile, and petrochemical industries are growing in Latin America which, in turn, is increasing the demand for precious metal catalysts.
• In Middle East, the growing demand for automobiles in UAE and Saudi Arabia is rising the demand for precious metal catalysts.
• The pharmaceutical industry in Africa is expected to grow, owing to the growing urbanization, increased awareness about health, and supportive government policies which, in turn, will increase the demand for precious metal catalyst.