GLOBAL METAL BASED ELECTROCATALYSTS MARKET SIZE (2023 - 2030)

The global Metal based Electrocatalysts Market is estimated to be worth USD 1.64 Billion in 2023 & is projected to hit a value of USD 3.32 Billion by 2030, growing at a CAGR of 9.2% during the forecast period 2023-2030. The market growth is attributed to the increasing demand for fuel cells for power generation and electric vehicles, as well as the growing focus on renewable energy sources. The Asia Pacific region is projected to be the fastest-growing market due to the increasing investments in the development of fuel cell technologies in countries such as Japan, South Korea, and China.

Industry Overview:

Metal based electrocatalysts are materials used in electrochemical reactions to facilitate & increase the rate of chemical reactions. These electrocatalysts are extensively used in energy storage & conversion devices such as fuel cells, batteries, & electrolyzers. The market for metal-based electrocatalysts is driven by the gaining demand for energy-efficient & environmentally friendly technologies. The growing demand for fuel cells in the self-propelled industry and the rising requirement for clean power generation technologies in evolving economies are projected to boost the demand for metal-based electrocatalysts. The market is highly competitive, with several key players operating in the space. The growth of the market is projected to be driven by innovation & investments in research & development activities. However, the high cost of metal-based electrocatalysts & the accessibility of cheaper alternatives is projected to restrain the growth of the market.

COVID-19 impact on the Metal based Electrocatalysts Market:

The COVID-19 pandemic has had a significant impact on the Metal based Electrocatalysts Market, as it has affected many end-use industries such as automotive, aerospace, and electronics, which are major consumers of electrocatalysts. The pandemic has led to supply chain disruptions, lower demand, and reduced production activities, thereby impacting the growth of the electrocatalysts market. The decrease in the production of electric vehicles and the suspension of aerospace activities due to lockdowns and travel restrictions has resulted in a decline in the demand for electrocatalysts used in fuel cells and batteries. On the other hand, the pandemic has also highlighted the need for alternative energy sources and sustainable solutions, which may drive the demand for metal-based electrocatalysts in the long term. The market is projected to recover gradually as the world recovers from the pandemic, but the growth trajectory may be impacted in the short term.

Market Drivers:

• Growing Demand for Fuel Cells helps to drive market growth:-

• • The gaining demand for fuel cells for power generation, transportation, & other applications is projected to operate the economic process for metal-based electrocatalysts. Fuel cells are energy conversion devices that generate electricity by converting chemical energy into electrical energy. Metal-based electrocatalysts are essential components of fuel cells, as they enable the modulation of fuel into electrical energy. The increasing adoption of fuel cells in various industries, including automotive, power generation, & aerospace, is projected to control the requirement for metal-based electrocatalysts.

• Advancements in Nanotechnology helps to drive the market growth:-

• • Nanotechnology has opened new avenues for the development of metal-based electrocatalysts. The use of nanotechnology in the design & development of electrocatalysts has improved their performance and efficiency. The use of nanoscale materials & structures has enabled the production of highly efficient electrocatalysts with superior catalytic activity and stability. The increasing focus on research and development of nanomaterials and their applications in various industries is projected to drive the growth of the metal-based electrocatalysts market.

Market Restraints:

• The Metal based Electrocatalysts Market's growth is being stifled by Limited availability of raw materials:

• • The production of metal-based electrocatalysts requires several rare & expensive metals such as platinum, palladium, & iridium. The limited availability of these raw materials could act as a restraint for the growth of the metal-based electrocatalysts market. The price volatility of these metals due to the fluctuating demand and supply in the market could also impact the production costs, leading to higher prices for end-users.

• The Metal based Electrocatalysts Market's growth is being stifled by Stringent regulatory norms:
• • The metal-based electrocatalysts market is highly modulated due to the potential environmental and health hazards associated with the use of certain metals such as mercury, lead, and cadmium. These metals are often used as electrocatalysts in various industries. The stringent regulations imposed by various government bodies on the usage of these metals could impact the growth of the metal-based electrocatalysts market. Companies have to comply with the regulatory norms and invest in alternative technologies, which could increase production costs & limit their profit margins.

GLOBAL METAL BASED ELECTROCATALYSTS  MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Metal based Electrocatalysts Market has been segmented based on Metal Type, Application, End-user Industry and Region.

Metal based Electrocatalysts Market—By Metal Type

• Platinum-based Electrocatalysts

• Palladium-based Electrocatalysts

• Gold-based Electrocatalysts

• Others

Metal-based electrocatalysts are widely used in various applications such as energy generation, fuel cells, electrochemical sensors, & electrolysis. The market for metal-based electrocatalysts is segmented based on the type of metal used in the production of electrocatalysts. Platinum-based electrocatalysts dominate the market owing to their high catalytic activity & stability. They are widely used in fuel cells for transportation and stationary power generation applications. Palladium-based electrocatalysts are also gaining popularity owing to their excellent performance in the oxygen reduction reaction. Gold-based electrocatalysts are used in the electro-oxidation of organic compounds and in fuel cell applications. Other metals such as nickel, copper, and silver are also used in the production of electrocatalysts. The demand for electrocatalysts based on nickel and copper is projected to increase owing to their low cost and high availability. The choice of metal used in electrocatalysts depends on the application and the desired catalytic properties.

Metal based Electrocatalysts Market – By Application

• Fuel Cells

• Electrolyzers

• Energy Storage

• Others

The metal-based electrocatalysts market can be segmented by application into fuel cells, electrolyzers, energy storage, & others. Among these, fuel cells are projected to hold a significant share of the market during the forecast period. This can be attributed to the increasing adoption of fuel cells in the automotive industry as an alternative to conventional internal combustion engines, owing to their high efficiency & low carbon emissions. Additionally, the growing demand for fuel cells in the power generation sector for stationary power applications, such as backup power, combined heat and power, and remote power, is also projected to contribute to the growth of this segment. The electrolyzers segment is also projected to witness significant growth during the forecast period, owing to the increasing adoption of hydrogen as a clean energy source in various end-use industries, such as chemicals, refineries, and transportation. Electrolyzers play a crucial role in the production of hydrogen by water electrolysis, which is then used in fuel cells and other applications. The energy storage segment is also projected to witness growth, owing to the increasing demand for energy storage solutions for renewable energy sources such as wind and solar. Metal-based electrocatalysts are used in energy storage systems such as batteries and supercapacitors to improve their performance and efficiency.

Metal based Electrocatalysts Market – By End-Use Industry

• Automotive

• Aerospace & Defense

• Energy & Power

• Chemicals

• Others

Metal-based electrocatalysts are used across a wide range of industries, including automotive, aerospace, energy, chemicals, & more. The automotive industry is the largest end-use industry for metal-based electrocatalysts, owing to the increasing demand for fuel cells and the adoption of electric vehicles. The aerospace industry is also a significant end-use industry, owing to the growing use of fuel cells in space & aircraft applications. The energy & power industry is another major end-use industry, with growing demand for electrocatalysts in electrolyzers for hydrogen production and energy storage systems. In the chemicals industry, electrocatalysts are used in the production of chemicals through electrochemical processes. Other end-use industries for metal-based electrocatalysts include healthcare and electronics, among others.

Metal based Electrocatalysts Market – By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

The global Metal based Electrocatalysts Market is segmented into various regions, including North America, Europe, Asia Pacific, Latin America, & the Rest of the World. Among these regions, Asia Pacific is projected to witness significant growth in the metal-based electrocatalysts market due to increasing economic process from the automotive sector in countries such as India, China, & Japan. Moreover, the presence of large electronic manufacturers such as Samsung and LG in the region is further contributing to the growth of the market. North America and Europe are also projected to see considerable growth due to increasing investments in research and development activities to improve fuel cell efficiency and reduce production costs. Additionally, the presence of major automobile manufacturers in these regions is further driving the growth of the market. In Latin America & the Middle East & Africa, the market is projected to see steady growth due to increasing government initiatives to promote the use of clean energy and the adoption of fuel cell technology. Overall, the global metal-based electrocatalysts market is projected to witness significant growth in the coming years, driven by increasing demand from various end-use industries and ongoing research and development activities to improve the efficiency of electrocatalysts.

Major Key Players in the Market:

1. Johnson Matthey

2. BASF SE

3. Clariant

4. Heraeus Group

5. Haldor Topsoe A/S

6. Umicore

7. Evonik Industries AG

8. Catalytic Solution, Inc.

9. Alfa Aesar

10. Tanaka Holdings Co., Ltd.

Market Insights and Developments:

• In June 2020, researchers at the University of Illinois developed a new electrocatalyst based on nickel & iron that could replace the expensive platinum electrocatalysts used in fuel cells. This development is projected to drive the demand for metal-based electrocatalysts in the fuel cell industry.

• In January 2021, BASF SE announced the acquisition of the electrocatalyst business of Frankfurt-based company, Chemetall GmbH. This acquisition will enable BASF SE to expand its electrocatalyst portfolio & cater to the growing demand for metal-based electrocatalysts in the automotive & chemical industries.

In August 2021, a team of researchers from Northwestern University developed a new metal-based electrocatalyst for carbon dioxide reduction that uses a combination of copper & palladium. The new electrocatalyst showed higher selectivity & stability compared to traditional electrocatalysts, making it a promising solution for reducing carbon emissions. This development is projected to drive the demand for metal-based electrocatalysts in the renewable energy sector.