PGM Catalysts Market Size, Share, Growth, and Industry Analysis, By Type (Palladium, Platinum, Rhodium), By Application (Automotive, Petrochemical, Environmental Applications), Regional Insights and Forecast to 2033

PGM Catalysts Market Overview

The PGM Catalysts Market size was valued at USD 9.68 million in 2024 and is expected to reach USD 14.54 million by 2033, growing at a CAGR of 5.22% from 2025 to 2033.

The global PGM catalysts market continues to expand steadily due to the widespread use of platinum group metals such as platinum, palladium, and rhodium in diverse catalytic applications. In 2024, more than 70% of the world’s palladium supply, which exceeded 210 metric tons, was consumed in catalytic converters for the automotive sector. Platinum demand reached approximately 190 metric tons globally, with nearly 40% used in automotive catalysts and over 30% in industrial processes, including petrochemical refining. Rhodium, with an annual global production of around 27 metric tons, remains highly valued for its exceptional performance in reducing nitrogen oxide emissions, with nearly 85% used in vehicle exhaust treatment.

The rise in global vehicle production, which surpassed 92 million units in 2023, directly impacts PGM catalyst demand. Stringent emission standards enforced by over 60 countries have intensified the need for efficient catalytic technologies. Recycling contributes about 30% of total PGM catalyst supply, with over 100 metric tons of palladium and platinum recovered annually from used catalytic converters. Additionally, technological advancements in nanostructured catalysts and hybrid systems are pushing the efficiency benchmark by up to 15% in industrial and automotive applications. The PGM catalysts mar ket shows strong integration with sustainability trends and environmental regulations.

 

Key Findings

DRIVER: Stringent emission norms in over 60 countries boost PGM catalyst demand in automotive applications.

COUNTRY/REGION: China leads global demand with over 35% share in PGM catalysts consumption due to high vehicle production exceeding 27 million units in 2023.

SEGMENT: Automotive catalysts remain dominant, accounting for more than 70% of total PGM catalyst consumption worldwide.

PGM Catalysts Market Trends

The PGM catalysts market is witnessing significant growth as automakers and industries push for cleaner technologies. In 2024, over 120 million vehicles globally are expected to be fitted with PGM-based catalytic converters, using more than 400 metric tons of platinum, palladium, and rhodium combined. The transition to hybrid and plug-in hybrid vehicles, projected to reach 24% of new car sales in 2025, still relies heavily on PGM catalysts to control tailpipe emissions. The average palladium load in gasoline engines ranges between 2–6 grams per vehicle, while diesel vehicles use approximately 3–7 grams of platinum per unit. Rhodium remains the scarcest, with usage averaging 0.2–0.5 grams per car but providing critical NOx reduction. The petrochemical sector also shows rising uptake, with around 25 metric tons of platinum annually used in hydrogenation and reforming processes. Growing demand for fuel cell electric vehicles is adding nearly 10 metric tons per year of platinum demand for proton exchange membrane fuel cells. Technological innovations, such as nano-dispersed catalyst particles, improve metal utilization efficiency by up to 20%. Additionally, increased recycling rates—up to 95% recovery efficiency for spent autocatalysts—are reshaping supply chains, with more than 3.5 million used catalytic converters processed yearly across North America and Europe.

PGM Catalysts Market Dynamics

PGM Catalysts Market Dynamics describe the key factors shaping this market: strict global emission norms covering over 60 countries drive demand for more than 400 metric tons of PGMs yearly; supply risks from South Africa and Russia, which produce over 75% of global PGMs, add volatility; opportunities include rising hydrogen fuel cell deployment adding 20–30 metric tons of platinum demand; challenges include over 14 million fully electric vehicles sold in 2023, cutting PGM catalyst use by tens of metric tons annually.

DRIVER

Strict global emission regulations

Governments worldwide enforce tighter emission standards to limit carbon monoxide, hydrocarbons, and nitrogen oxide emissions. As of 2024, Euro 6/VI standards in Europe require over 99% conversion of harmful gases, pushing manufacturers to adopt highly efficient PGM catalysts. China 6a and 6b standards mirror this stringency for over 27 million cars produced annually. India’s Bharat Stage VI norms since 2020 have raised platinum and palladium use by over 15% in local production. Such regulations increase PGM catalyst demand by around 5–10 metric tons yearly in emerging markets.

RESTRAINT

Fluctuating PGM supply and price volatility

Platinum group metals are sourced primarily from South Africa and Russia, together producing over 75% of the global supply. Mining disruptions, such as the 2022 strikes that affected nearly 20% of South African output, can reduce annual supply by 10–15 metric tons. In 2023, geopolitical issues impacted Russian palladium exports, which account for 40% of global palladium production, creating uncertainty for catalyst manufacturers. Volatile prices—platinum fluctuating between USD 850–1,150 per ounce and palladium between USD 1,200–1,600 per ounce—add cost pressure for automotive and industrial users.

OPPORTUNITY

Increasing hydrogen economy adoption

Hydrogen fuel cell technology represents a significant opportunity for platinum-based catalysts. Over 40,000 fuel cell electric vehicles were deployed globally in 2023, with each unit consuming 30–60 grams of platinum in PEM fuel cells. The European Union targets over 500 hydrogen refueling stations by 2030, boosting demand for platinum catalysts in electrolysis and fuel cells. Global hydrogen production capacity exceeded 70 million metric tons in 2023, with clean hydrogen expected to account for 10–15% of total supply by 2030. This trend can add an estimated 20–30 metric tons of annual platinum demand.

CHALLENGE

 Increasing electric vehicle penetration

Fully electric vehicles, which do not require tailpipe catalytic converters, are a key challenge for PGM catalyst demand. In 2023, EV sales surpassed 14 million units globally, representing 18% of all car sales. Countries like Norway report EV adoption above 80% of new car sales. This reduces the need for platinum, palladium, and rhodium in traditional exhaust catalysts by thousands of kilograms annually. The International Energy Agency projects 25% EV share by 2025, potentially displacing over 50 metric tons of annual PGM catalyst demand if trends continue.

PGM Catalysts Market Segmentation

The PGM catalysts market is segmented by type and application, with demand driven by unique properties of each metal and industry-specific needs. The segmentation covers palladium, platinum, and rhodium, with key applications spanning automotive, petrochemical, and environmental sectors. The automotive segment dominates, using over 70% of global PGM catalyst output annually, while petrochemical and industrial sectors account for about 20%, and environmental uses contribute roughly 10% of demand.

 

By Type

• Palladium: Palladium accounts for the highest volume among PGM catalysts, with global supply exceeding 210 metric tons in 2023. Nearly 80% of palladium is used in gasoline vehicle catalytic converters. Recycling contributed about 85 metric tons of secondary palladium supply in 2023. The average palladium content in modern gasoline vehicles rose to 5 grams per unit to meet stricter NOx and hydrocarbon limits. Industrial applications, including hydrogen purification and electronics, add about 10% to total palladium catalyst use annually.
• Platinum: Platinum demand in catalytic applications reached around 190 metric tons globally in 2023, with about 40% used in diesel exhaust catalysts. Platinum’s high melting point and corrosion resistance make it vital for petroleum refining, where about 25 metric tons are deployed for reforming and isomerization. Fuel cells are an emerging driver, with platinum use projected to rise by 15–20 metric tons over the next five years for clean hydrogen technologies.
• Rhodium: Rhodium is the rarest, with just 27 metric tons mined globally each year. Approximately 85% of rhodium is used in three-way catalysts for gasoline vehicles to reduce nitrogen oxides. The average rhodium load per catalytic converter has risen to 0.3 grams to comply with stricter NOx standards. High demand and low supply keep rhodium prices among the highest in the PGM family. Industrial and specialty chemical processes account for the remaining 15% of rhodium catalyst use.

By Application

• Automotive: The automotive sector consumes over 400 metric tons of PGMs yearly for emission control.
• Petrochemical: Petrochemical applications use around 50 metric tons of platinum annually in hydrogenation and reforming.
• Environmental Applications: Environmental sectors deploy around 20 metric tons of mixed PGMs for industrial gas cleaning, waste treatment, and pollution control equipment. Increased industrialization and stricter air quality standards in Asia and Europe are driving environmental catalyst applications.

Regional Outlook for the PGM Catalysts Market

Regional demand patterns reflect the strength of automotive manufacturing, industrial growth, and regulatory frameworks. Asia-Pacific leads the global PGM catalyst market with more than 45% of global demand, driven by China, Japan, and South Korea. Europe follows with around 25% share, supported by stringent Euro emission norms and advanced petrochemical refining. North America accounts for about 20% of the market, largely from the United States, which produces over 9 million vehicles yearly. The Middle East & Africa contributes about 10%, with South Africa supplying over 70% of mined platinum globally and increasing local refining capacity.

• North America

North America maintains robust demand for PGM catalysts, especially from the United States, which produced 10.6 million light vehicles in 2023. Canada contributes with around 1.4 million units annually. The region recycles over 2.5 million used catalytic converters every year, recovering more than 50 metric tons of PGMs. Emission standards like Tier 3 in the US enforce stricter NOx and CO limits, requiring higher palladium and rhodium loads per vehicle. Refineries in North America use approximately 15–20 metric tons of platinum annually for petroleum processing.

• Europe

Europe remains a vital PGM catalyst consumer, with over 15 million new vehicles registered in 2023. Countries like Germany and the UK emphasize stringent Euro 6d-TEMP standards, driving higher platinum, palladium, and rhodium demand. Europe also leads in hydrogen fuel cell deployment, with over 250 public hydrogen stations in operation by 2024. Industrial use is significant too—Germany alone refines over 30 metric tons of platinum annually for petrochemical and chemical catalyst processes. Recycling efficiency exceeds 90% across Europe, with advanced collection systems recovering nearly 2 million catalytic converters each year.

• Asia-Pacific

Asia-Pacific dominates global PGM catalyst demand, consuming more than 400 metric tons annually. China’s automotive output of 27 million units is the largest single driver, accounting for over 35% of global catalytic converter production. Japan and South Korea add over 8 million vehicles annually. Petrochemical capacity expansions, such as new crackers in India and China, use around 15–20 metric tons of platinum catalysts yearly. Asia-Pacific’s push for fuel cell vehicles, with over 60,000 units deployed across Japan, China, and South Korea, supports platinum demand growth.

• Middle East & Africa

Middle East & Africa region plays a dual role as a key PGM source and growing end-user. South Africa mines over 70% of the world’s platinum and about 35% of rhodium. Local refineries process nearly 140 metric tons annually. Automotive demand in South Africa and nearby regions is modest but rising, with about 600,000 vehicles produced yearly. The Middle East’s petrochemical industry uses about 10–15 metric tons of platinum for refining operations. Rising industrial projects and stricter environmental laws are expanding local catalyst demand.

List of Top PGM Catalysts Companies

• BASF SE (Germany)
• Evonik Industries AG (Germany)
• Johnson Matthey (UK)
• Umicore (Belgium)
• Heraeus Holding (Germany)
• Tanaka Holdings Co., Ltd. (Japan)
• Cataler Corporation (Japan)
• Haldor Topsoe A/S (Denmark)
• Axens (France)
• Clariant (Switzerland)

Johnson Matthey (UK): Holds significant global share, processing over 45 metric tons of platinum and 50 metric tons of palladium annually for autocatalysts.

BASF SE (Germany): Processes more than 40 metric tons of PGMs yearly for automotive, petrochemical, and specialty chemical catalyst markets.

Investment Analysis and Opportunities

Investments in the PGM catalysts market remain strong as major economies push for emission control and sustainable industrial growth. In 2023, over USD 1 billion was invested globally in expanding catalyst recycling facilities, increasing global recovery capacity by 25%. The EU allocated funds to build 50 new hydrogen refueling stations yearly, boosting platinum demand for fuel cells by about 5 metric tons annually. Automakers in China announced plans to produce 6 million hybrid vehicles yearly by 2025, requiring more than 90 metric tons of PGMs for new catalytic converters. In the US, new mining projects in Montana aim to extract an additional 10 metric tons of palladium annually to reduce dependence on imports. South Africa’s government-backed beneficiation projects target 15% higher local refining volumes, translating to about 20 metric tons of added annual platinum output. Investment in nanotechnology has grown, with major players funding research to improve metal dispersion efficiency by 15–20%. The shift to hydrogen-based power generation in Japan and South Korea will add 10 metric tons of platinum demand by 2030. Emerging markets in Southeast Asia are scaling up vehicle production by 2–3 million units yearly, increasing PGM catalyst usage proportionally.

New Product Development

Manufacturers in the PGM catalysts market are prioritizing new product development to enhance catalyst efficiency and sustainability. In 2023, over 12 major patents were filed globally for nanostructured PGM catalyst designs that boost conversion rates by 10–20% while reducing precious metal loading per unit by about 5%. BASF developed a next-generation four-way catalyst that integrates palladium and rhodium to meet upcoming Euro 7 standards, targeting nitrogen oxide emissions below 30 mg/km for gasoline engines. Johnson Matthey launched an advanced diesel oxidation catalyst in 2024 that improves particulate filtration efficiency by 15% while using 8% less platinum than prior models. In Japan, Tanaka Holdings introduced a novel rhodium-palladium hybrid catalyst that cuts cold-start emissions by 25% in hybrid vehicles, which is critical as hybrid powertrains become more common. Catalyst recyclers are also innovating: new hydrometallurgical recovery systems are achieving over 98% PGM recovery rates from spent converters, compared to the previous 90–95% typical for traditional pyrometallurgy. Cataler Corporation expanded its product line with compact honeycomb catalysts designed for smaller engine compartments, improving space efficiency by 10% without performance loss. This constant product innovation ensures the PGM catalysts market remains responsive to tightening emission norms and shifts in vehicle technology.

Five Recent Developments

• Johnson Matthey opened a new automotive catalyst manufacturing facility in Poland in 2023 with an annual capacity to produce 10 million catalytic converters, consuming over 20 metric tons of PGMs each year.
• BASF SE announced in April 2024 the commercial launch of a new low-temperature catalyst that reduces NOx emissions by 40% during cold starts, a key issue for Euro 7 compliance.
• Heraeus Holding expanded its recycling plant in Germany in 2023, boosting its PGM recycling capacity by 15 metric tons annually.
• Umicore signed a long-term supply agreement in March 2024 with an automaker in China to supply advanced PGM catalysts for 5 million hybrid vehicles by 2026, requiring about 25 metric tons of palladium and rhodium.
• Tanaka Holdings Co., Ltd. invested in a pilot facility in Japan to test a new electrochemical method that recovers over 99% of rhodium from spent catalysts, up from the industry average of 95%.

Report Coverage of PGM Catalysts Market

This PGM catalysts market report offers detailed coverage of trends, drivers, restraints, opportunities, challenges, segmentation, regional performance, key players, and technology shifts. The report tracks global demand for platinum, palladium, and rhodium, each representing critical shares of total annual PGM catalyst consumption. Over 92 million light vehicles produced worldwide in 2023 required more than 400 metric tons of PGMs for emission control. Petrochemical and refining sectors added another 50 metric tons of platinum demand for hydrogenation and reforming processes. The report includes detailed analysis of recycling trends, with over 3.5 million spent catalytic converters recovered each year in North America and Europe, contributing about 30% of total supply for platinum and palladium. New policies such as Euro 7, China 6b, and India’s Bharat Stage VI drive higher catalyst loadings per vehicle. The regional outlook tracks Asia-Pacific’s 45% market share, Europe’s 25%, North America’s 20%, and the Middle East & Africa’s growing contribution from South African production. Company profiles highlight leaders like Johnson Matthey, which processes more than 45 metric tons of platinum annually, and BASF SE, which produces catalysts for over 10 million vehicles every year. The report also assesses technological innovation, covering more than 12 new patents filed for nanostructured catalyst designs that cut precious metal use by up to 10%. Investors gain insights into new capacity expansions, such as South Africa’s target to refine 20 additional metric tons of platinum locally by 2026 and North America’s planned mining projects to add 10 metric tons of palladium annually. The PGM catalysts market remains resilient despite electric vehicle growth, with hybrid and fuel cell technologies sustaining demand for platinum and palladium catalysts in the transition phase. Detailed segmentation by type—palladium, platinum, rhodium—and application—automotive, petrochemical, environmental—ensures full market granularity. Regulatory trends and sustainability imperatives support continued investments in efficient catalyst manufacturing and high-yield recycling operations worldwide.

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