Precious metal catalysts are noble metals extensively used in the chemical industry owing to their ability to speed up the chemical process such as Gold, palladium, platinum, rhodium, and silver are precious metal catalysts are those which comprise highly dispersed nano-scale precious metal particles supported on a high surface area like carbon, silica, and alumina. According to BlueQuark Research & Consulting, the global Precious Metal Catalyst market is expected to witness a significant growth rate during the forecasted period. Factors such as the growing demand for Precious Metal Catalyst in the Pharmaceuticals Industry are expected to drive the future Precious Metal Catalyst market. Further, the ever-increasing investments in the Automotive Industry are expected to drive the Precious Metal Catalyst market in the forecasted period. Furthermore, Precious metals always show high activity and selectivity in catalysis due to incompletely filled d-orbital to lend electrons or remove electrons from the reagent, which depends on the character of the reaction. However, high fluctuation in the cost of precious materials as the raw materials is likely to hamper the Precious Metal Catalyst Market's growth.

Precious metal catalysts are extensively used in a range of industries like petrochemicals (producers of petrochemical intermediates), pharmaceuticals for chemical synthesis (producers of bulk and specialty chemicals), automobiles (emission reduction), and refining (refineries for the manufacture of clean fuel) industries. Precious metals used as catalytic converters are most commonly applied to exhaust systems in automobiles and are also used on electrical generators. 

The Pharmaceutical Industry is a primary consumer of Precious Metal catalysts globally and is expected to drive the future market. The global pharmaceutical market is awaited to grow at around 4% (despite the COVID-19 pandemic) during the forecasted period. The ongoing Covid 19 pandemic has reduced the growth rate from 5% to 4%. In 2019, the global pharmaceutical market was worth about USD 1,223.4 billion, and the North American pharmaceutical market was approximately 49% of the revenue share. Platinum is also used to improve medical technology to improve health care. The platinum group metals are also worn in the pharmaceutical industry as many significant catalysts rely on platinum, palladium, rhodium, iridium, and osmium.​ Sources like automobiles, refinery & petrochemical complexes, chemical industries, oil, and natural gas processing plants, and pharmaceutical industries, are discovering many platinum-based emission control catalysts and increasing the demand for platinum catalysts, thus expanding the market studied. Prime countries in the export of drugs and medicines consist of Germany, Switzerland, the Netherlands, France, Italy, the United Kingdom, Ireland, the United States, and Denmark. The top 10 countries account for approximately 75% of total exports. The gross economic impact of the pharmaceutical industry on the U.S. economy is considerable. The sector accounts for more than USD 2 trillion in economic output, representing nearly 5% of the total U.S. output. Moreover, the United States attracts most global venture capital investments in start-up biopharmaceutical enterprises.

The Asia Pacific has been the leading region in the production and consumption of Precious Metal catalysts and is expected to continue at the same pace. The increasing demand of the Automotive industry is attributed to the growing demand for high-performance vehicles and the ever-increasing urbanization, growing our cities from a small cluster to massive metropolitans where the need for transportation is expected to surge. The rising Electric vehicle market has opened up new opportunities for the automotive industry, promoting the green revolution currently being experienced globally. Platinum is one of the significant segments of the market, as the platinum catalyst helps reduce CO2 emissions. It is primarily used in the automobile sector to mitigate the effect of pollutants released by the industrial processing units. The majority of platinum consumption can be validated by the rise in the sale of diesel vehicles. In addition, platinum is used as one of the emission control catalysts. Thus, it is estimated to dominate the European market due to introducing more stringent Euro 6 and Euro 7 emission rules.​ The auto-catalysts help reduce gasoline and diesel engines emissions and improve industrial processes' energy efficiency. For over 35 years, autocatalysts include platinum group metals, have proven the most productive way to tackle pollution generated by all kinds of petrol and diesel automobiles. Autocatalysts eliminate 98% of harmful emissions from engine exhausts; without them, the average family car would emit 15 tonnes of polluting gases over a 10-year life span.​ China's EV sales overtake 1.3 million units, representing 41% of global EV sales in 2020, representing the region's automotive boom. India's automotive demand is increasing in the forecasted period due to the rising income of middle-class families and the young population. India's passenger automobiles sales 279,745 units in March 2021, registering a rise of 28.39% compared to the previous year. This increasing demand is anticipated to propel the Precious Metal Catalyst in the Asia Pacific.

Major players in the global market are Evonik Industries, BASF SE, Heraeus Deutschland GmbH & Co. KG, Hindustan Platinum, Johnson Matthey Plc, and Clariant International Ltd.

In November 2020, Evonik Industries acquired Porocel Group, Houston, for USD 210 million to expand its catalyst portfolio.

In 2020, BASF SE launched a Tri-Metal Catalyst that enables automakers to reduce catalytic converter costs and partially rebalance consumer demand for Platinum Group Metals (PGMs), thereby improving market sustainability.

Global Precious Metal Catalysts Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Precious Metal Catalyst market by segmenting based on the Coating By Metal (Platinum, Palladium, Rhodium, Iridium, Others), Type (Homogenous Catalyst, Heterogeneous Catalyst), End-Use Industry (Pharmaceuticals, Agrochemical, Petrochemicals, Automotive, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers emerging market share, market dynamics, market analysis trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.