The automotive catalyst market will grow by approximately 4% by 2023, according to new data by Research & Markets.
A key trend gaining momentum is recycling autocats to recover the precious metals platinum, palladium, and rhodium in a bid to preserve natural sources and reduce mining. Analysts believe that the extraction of platinum group metals from used catalyst can satisfy the market demand for new production.
The new report shines a light on activities of key players like Johnson Matthey, Umicore, BASF, Solvay, CATALER, and Clariant.
Analysts again emphasise that stricter government regulations to drive carbon emission reductions increase the demand for more sustainable automotive catalysts. But they say that a widening gap between the supply and demand for platinum group metals may hinder market growth, as the prices of these metals are often volatile and are likely to increase during the forecast period.
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