Silver Catalyst Market

Report Overview

The Silver Catalyst Market size is expected to be worth around USD 6.59 Billion by 2032 from USD 3.32 Billion in 2022, growing at a CAGR of 7.1% during the forecast period from 2022 to 2032.

A silver catalyst is a chemical substance or agent which is used to speed up specific reactions. Silver catalysts are generally more stable to handle and less expensive than palladium or platinum.

Thus, its applications include the development of synthetic colors and medicines, which have boosted the use of silver. Owing to increasing concerns about environmental sustainability, its protection, and strict emission controls on greenhouse gas and air pollutant emissions, the market for silver catalysts has experienced rapid growth.

Market Dynamics:

Because of its unique chemical properties, silver is a crucial catalyst in synthesizing two important industrial compounds, ethylene oxide, and formaldehyde. Silver is almost entirely recovered after use since it is not affected by the reaction.

Each year, the production of ethylene oxide requires close to 10 million ounces of silver. Plastics, including polyester, a fabric used in common and specialized garments, are made from ethylene oxide. The same material is a component of molded products such as insulating stove handles, computer keytops, electrical control knobs, household appliance parts, and electrical connector housings. The production of antifreeze coolant for autos and other vehicles accounts for about 25% of ethylene oxide production.

A compound from methanol called formaldehyde can also be synthesized using silver catalysts. It is the foundation for laminating resins, solid plastic adhesives, particle, and construction plywood. Besides, formaldehyde aids in the creation of finishes for paper and electronic devices, textiles, heat- and scratch-resistant surface coatings, dinnerware, buttons, appliance casings, handles, and knobs, as well as automotive industry parts, packaging materials, thermal and electrical insulating materials, toys, and a variety of other products.

The market’s expansion can be attributable to rising demand for silver-catalyzed processes, increased cost-effectiveness, reduced toxicity, and increased use in other applications, including polymerization and molecular grafting. The demand for silver catalysts is fueled by the recent significant growth of numerous industries, including petrochemicals, pharmaceuticals for chemical synthesis, automotive, and refining.

In the United States, silver utilized in catalysts for newly operational facilities is anticipated to total 7.5 Moz, somewhat more than the 7.3 Moz anticipated in China. Leading chemical firms like Huntsman, Sasol, and PTT Global are all investing in new facilities in the United States to take advantage of cheaper natural gas and oil prices, which is why this is the case.

According to estimates, approximately 1 million tons of additional EO capacity might be installed in the United States over the next five years due to both rising downstream demand for EO and upstream benefits related to chemical feedstock costs.

Global Silver Catalyst Market Scope:

Product Type Analysis

Based on product type, the global market for silver catalysts is segmented into four types: high-activity catalysts, high-selectivity catalysts, hybrid catalysts, and high-performance catalysts. A catalyst with high activity can catalyze reactions even when the reagent concentration is low.

The growing need for high-activity and low-selectivity catalysts is the primary factor driving the global silver catalyst market. Over the forecasted period of 2023 to 2032, using these catalysts in EO/EG applications and other uses will fuel this market’s growth.

Also driving this market soon will be increased R&D spending on creating new kinds of high-activity metal oxide or heterogeneous catalytic activity materials.

High conversion rates and selectivities allow high-selectivity catalysts to catalyze particular processes in a selective manner. In comparison to conventional single-phase catalysts, they can also be employed over a wide range of temperature, pressure, or pH levels without losing their catalytic efficacy.

These characteristics make them suited for application as industrial biocatalysts in biological processes like bioleaching, autoxidation products, and other mineralization processes.

A hybrid catalyst is a kind of chemical agent that consists of two different materials (often metals), one more active than the other but not enough to be used on its own. Due to their superior efficiency over conventional ones, hybrid catalyzers are used more frequently worldwide to cut CO emissions efficiently.

In recent years, this has been the primary market driver. High-performance catalysts are utilized to carry out reactions with high selectivity and catalytic activity under challenging conditions. These catalyzers are often more expensive than other kinds, but they speed up the production of higher-yield products by removing the need for expensive downstream processing steps like distillation or crystallization. These characteristics will cause this segment to experience significant growth between 2023 and 2032.

Application Analysis

Based on applications, the global silver catalyst market is divided into EO/EG and other applications. The process of catalyzing the oxidation of an organic substance to produce different kinds of oxidants and products is known as EO/EG catalysis.

The increasing demand for novel, highly active metal oxide or other heterogeneous catalytic materials, which will put more cost pressure on businesses, has boosted the global market for silver catalysts. Furthermore, strict emission regulations imposed on air pollutants and greenhouse gas emissions are anticipated to speed up the growth of this market.

Key Market Segments

By Product Type

• High Activity Catalyst
• Hybrid Catalyst
• High Selectivity Catalyst
• High-Performance Catalyst

By Application

• EO/EG
• Other Applications

Regional Analysis

In Asia-Pacific, the silver catalyst market is expected to develop at the highest CAGR of 5.4%. It accounted for 39.6% of the global market share in 2022. Owing to good economic conditions and the availability of raw material resources suited for the production of these kinds of catalysts in the Asia-Pacific region.

In North America, strict rules on air pollution and greenhouse gas emissions are what are driving the demand for silver catalysts. New high-activity improved catalytic materials, such as copper-gold alloys or Platinum Group Metals (PGMs) that are less expensive than gold, will also be a driving force in the coming years.

Because several nations have shown interest in this market and readiness to participate in the development of these kinds of catalysts as well as their manufacturing firms, the Middle East and Africa area is anticipated to experience significant growth between 2023 and 2032.

Key Regions and Countries Covered in the Report:

•  North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
•  APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

A spike in acquisitions and mergers among major players has increased the number of commercially feasible goods for small-scale industries, expanding their product range. Because of this, these businesses may become more competitive on a global scale.

Additionally, rising spending brought on by global economic activities improvement will boost investor sentiment toward emerging economies over the long term. Last but not least, throughout the projected period, market growth will be fueled by high-level investments from the public and private sectors as well as rising R&D activity by the major competitors.

Johnson Matthey Fine Chemicals opened a new online catalyst store in January 2017. This store can make it easy for customers to request large quantities of catalysts and ligands of commercial grade, accelerating the development of effective and affordable procedures for agrochemicals, pharmaceuticals, and other applications.

Market Key Players:

•  Sinopec
•  BASF
•  Scientific Design
•  Dow
•  Haver Standard India Private Limited
•  Sainergy
•  K.A. Rasmussen EN
•  Stanford Advanced Materials
• Hindustan Platinum
• Other Key Players