Growing Chemical, Automotive and Medical Device Industry is Expected to Propel the Growth of the Chloroplatinic Acid Market

The Chloroplatinic Acid Market size is forecast to reach US$4.1 billion by 2027, after growing at a CAGR of 3.9% during 2022-2027. The growth of the Chloroplatinic Acid Market will be remarkably dependent on the chemical, automotive and medical device sectors. Chloroplatinic acid is an inorganic compound, widely used for potassium determination, purification of platinum and catalysis production. Platinum metal and its alloys are widely used in various end-use industries for surgical instruments, laboratory equipment, electrical resistance wires and electrical contact points owing to its corrosion resistance and it is one of the most chemically stable elements found in nature and has a high boiling point. The rise in consumption of chloroplatinic acid-based products in various end-use industries is raising market growth. 

Chloroplatinic Acid Market: Leading Segment is Catalysis

Based on application, the Chloroplatinic Acid Market can be segmented into potassium determination, purification of platinum, catalysis and others. The catalysis segment held the largest chloroplatinic acid market share in 2021 and is expected to grow at a CAGR of 4.2% during 2022-2027. Chloroplatinic acids are extensively used owing to their advantages in catalysis formation. These are employed in the production of metals for chemical reactions related to hydrogenation. The growing consumption of metals in various end-use industries will raise market growth. According to National Minerals Information Center, around 65% of the nickel is consumed to make austenitic stainless steel, 12% is used for superalloys (Inconel 600) or nonferrous alloys (cupronickel) and the rest for other metals. Thus, the growth metal industry is boosting the market growth.

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Based on geography, the Chloroplatinic Acid Market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 43% in the overall market and is growing with a CAGR of 4.8% during the forecast period. This growth has mainly attributed to the presence of a wide range of industries such as chemical, food & beverages, beauty & personal care, automotive, building & construction, industrial, aerospace and electronics, among others. The manufacturers in this region are more inclined towards the production of products using chloroplatinic acid. For instance, according to the European Automobile Manufacturers Association on global vehicle production 2021, China produced 32% of 74 million cars manufactured globally with Japan & Korea producing 16%. Therefore, the growth in such end-use industries is fueling the growth of the chloroplatinic acid market in this region. The Asia Pacific is followed by North America which is expected to gain demand for the chloroplatinic acid market. The major countries in North America include the U.S., Canada and Mexico.  

Chloroplatinic Acid Market: Competitive Landscape

The key companies holding a major share in the Chloroplatinic Acid Market are ESPI Metals, Triveni Interchem, Yogi Dye Chem Industries, Parekh Industries, American Element, Toronto Research Chemicals, Shanghai Xinglu Chemical Technology, Tokyo Chemical Industry, Shaanxi Kaida Chemical Engineering and Kaili Catalyst New Materials among others.