Europe PGM Catalyst Market Size, Share & Trends Analysis Report By Material (Pt, Pd, Ru, Rh, Ir), By Product (Heterogeneous, Homogeneous), By End-Use (Pharmaceuticals, Agrochemicals), And Segment Forecasts, 2023 - 2030

Europe PGM Catalyst Market Size, Share & Trends Analysis Report By Material (Pt, Pd, Ru, Rh, Ir), By Product (Heterogeneous, Homogeneous), By End-Use (Pharmaceuticals, Agrochemicals), And Segment Forecasts, 2023 - 2030

Europe PGM Catalyst Market Growth & Trends

The Europe PGM catalyst market size is expected to reach USD 3.46 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.7% from 2023 to 2030. This is attributed to the increasing application of PGM catalysts in chemical manufacturing. The chemical industry is one of Europe’s largest manufacturing sectors. As a crucial enabling industry, it is pivotal in delivering innovative materials and technological solutions to enhance Europe's industrial competitiveness. Various products are manufactured within the chemical industry, including petrochemicals, polymers, basic inorganics, and specialty chemicals. While the industry faces significant challenges, such as intensified competition from other nations and escalating costs, it is undergoing rapid structural transformations. Despite these obstacles, the industry has demonstrated resilience by swiftly recovering from economic crises and maintaining a relatively stable position in terms of overall sales.

Europe emerged as the second-largest producer of chemicals after China in 2022. Domestically, Germany, France, and Italy were the top three markets for chemicals produced and sold in Europe in 2022. The flourishing chemical manufacturing industry in Europe opens numerous growth opportunities for products like PGM catalysts as these products have a wide scope of application in chemical manufacturing. Furthermore, PGM catalysts are derived from the compounds of platinum group metals (PGMs) like platinum, rhodium, palladium, and iridium. Fluctuation in the prices of these raw materials directly influences the cost of production of PGM catalysts and subsequently affects the product’s final cost. Europe has limited domestic sources of various platinum group metals, particularly platinum, and palladium, which are the most used PGMs in the formulation of catalysts.

Europe PGM Catalyst Market Report Highlights

• The platinum (Pt) segment is likely to register the fastest CAGR of 5.1% from 2023 to 2030. It is a precious substance and is extensively used as a catalyst in various industrial and chemical processes
• The heterogeneous PGM catalyst segment will record the fastest CAGR of 4.8% from 2023 to 2030 as these catalysts are used in a diverse range of chemical reactions, including the production of specialty chemicals, pharmaceuticals, and petrochemicals
• The pharmaceutical segment is expected to grow at the fastest CAGR of 5.0% from 2023 to 2030 as platinum group metal catalysts play a crucial role in the pharmaceuticals industry, particularly for synthesizing complex organic molecules
• Germany is projected to be the fastest-growing region with a CAGR of 5.7% from 2023 to 2030. The chemical industry in Germany, which encompasses the pharmaceutical sector, is prominent in Europe
• The penetration of platinum group metal catalysts is increasing in Europe's pharmaceuticals and agrochemicals industries due to versatile properties, such as high corrosion resistance, high melting points, and remarkable catalytic properties
• In 2023, Evonik Industries AG strengthened its position in the catalyst market by expanding its product portfolio. The extensive portfolio of heterogeneous catalysts offered by the company has been complemented by homogeneous catalysts

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