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Platinum Palladium Carbon Catalyst Market Growth Projections and Opportunities
The Platinum and Palladium Carbon Catalyst Market is affected by several factors. The main one is that the automotive industry, which uses platinum and palladium as catalysts in automobile catalytic converters to reduce emissions pollutants. Consequently, increased global focus on environmental legislations and clean vehicles has led to corresponding demand for platinum and palladium carbon catalysts.
It is therefore estimated that, by 2024, the overall market size of platinum and palladium carbon catalyst’s will be above $540 million indicating a CAGR of 4.0% over 2016-2024.
This boost has also been caused by other factors such like growth in renewable energy sector. For instance, fuel cells are critical elements in this area since it represents one of the most important technology required for cleaner energy sources. Thus based on need for sustainable energy solutions worldwide there is anticipated to experience that significant rise in demand where fuels cell use these precious metals such as platinum or palladium as catalysts.
Furthermore, technological changes and developments in catalytic converter designs also influence its performance. In other words on-going research activities tackling improvement of efficiency of catalytic converters whilst reducing dependence on these rare earth metals may affect requirements for automotive industry vis-à-vis use of platinum or palladium carbenes.
Therefore recycling policies have an impact upon it too. Recycling becomes a vital part of their dynamics due to limited resources for platinum and palladium. More so advanced methods help maintain availability of these valuable earth materials through sustainable recycling practices thereby impacting upon their availability .
At times ethics can change this market space direction completely . Therefore; consumer preference for ethically extracted minerals means companies operating in this market have to adopt sustainable mining practices to remain relevant.However customer’s behavior must change before effective marketing strategy targeting people who will be willing to pay more for “dirt-free” platinum and palladium carbenes could be implemented.
Platinum Palladium Carbon Catalyst Market Highlights:
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