1. In March 2020, BASF announced that it has successfully developed and tested an innovative Tri-Metal Catalyst technology that enables partial substitution of high-priced palladium with lower-priced platinum in light-duty gasoline vehicles without compromising emissions standards
2. In March 2021, Professor Yasushi Sekine of Waseda University presented Gold Award for the development and application of precious metal catalytic reactions with unconventional low-temperature action using surface photonics.
3. In February 2020, Evonik launched a newly opened pilot plant. The production of catalysts developed on a laboratory scale can now be efficiently transferred to a plant scale and thus tested under industrial conditions.
High demand for precious metals from end-user industries such as automobiles, pharmaceuticals, and refineries is driving the growth of the precious metal catalysts market. Growing environmental concern and their legal implications on precious metals are also supporting the growth of the market. Growing research &development activities to reduce costs and to enhance the quality of catalysts are again augmenting the growth of the precious metal catalysts market. Growing investment in the automobile sector is further anticipated to foster the growth of the market. For instance, the Indian automobile industry has received Foreign Direct Investment (FDI) worth US$ 24.2 billion between April 2000 and March 2020. The 8.7 trillion (US$ 118 billion) Indian automobile industry is expected to reach 16- 18 trillion (US$ 251- 282 billion) by 2026 with strong policy support from the government. .. Read more