Chloroplatinic Acid Market By Purity (99%, 99.9% & Others), By Application (Potassium Determination, Purification of Platinum, Catalysis & Others), By End-use Industry (Food & Beverages, Beauty & Personal Care, Automotive, building & construction, Industrial, Aerospace, Electronics, Chemical & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027
Chloroplatinic Acid Market Overview
The Chloroplatinic Acid Market size is estimated to reach US$4.1 billion by 2027, after growing at a CAGR of 3.9% during 2022-2027. Chloroplatinic acid also called hexachloroplatinic acid, is an inorganic compound and soluble in water. It is an important source of platinum and it is produced by dissolving the platinum metal in aqua regia. Also, it is used for the determination of potassium, catalyst for the reaction of silyl hydrides with olefins, manufacturing of SO3 and so on. The rise in the production of the chemical sector will eventually drive the chloroplatinic acid industry. For instance, according to the American Chemical Society (ACS), the U.S. chemical industry is estimated to grow by 4.3% in 2022. Therefore, the rise in the chemical sector will increase the demand for chloroplatinic acid and in turn will boost the Chloroplatinic Acid Market size during the forecast period. However, the global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in demand for chloroplatinic acid in chemical, food & beverages and industrial sector all across the world, which had a significant impact on the growth of the chloroplatinic acid industry.
Chloroplatinic Acid Market Report Coverage
The “Chloroplatinic Acid Market Report – Forecast (2022 - 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Chloroplatinic Acid industry.
- The Asia-Pacific region dominates the Chloroplatinic Acid Market share with a CAGR of 4.8% during the forecast period (2022-2027) owing to the rising demand for chemicals by various manufacturing sectors in various countries such as China, India, Japan and South Korea.
- Increasing demand for chloroplatinic acid for various applications such as catalysis, potassium determination and purification of platinum is driving the Chloroplatinic Acid Market growth.
- The rise in demand for chloroplatinic acid in electroplating applications, used in various industries including automotive, chemical and others is driving the chloroplatinic acid industry.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Chloroplatinic Acid Market report.
Figure: Chloroplatinic Acid Market Revenue, 2021-2027 (US$ Million)
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Chloroplatinic Acid Market Segment Analysis – by Application
The catalyst segment held the significant Chloroplatinic Acid Market share in 2021 and is expected to grow at a CAGR of 4.2% during 2022-2027. Chloroplatinic acid plays an important role in the formation of catalysts for chemical reactions related to hydrogenation. During catalysis, when silicon hydrides are added, they changed into olefinic comprising of double bonds with the aid of a transition metal catalyst such as palladium or nickel. Similarly, like other platinum compounds, the addition of acid catalyzes results in silanes and thereby changes them into alkenes. The rise in metal production will expand segmental growth. For instance, as per U.S. Geological Survey and Mineral Commodity Summaries in January 2022, the total production of nickel is around 18,000 metric tons in 2021 which is comparatively higher than 2020 which is 16,700 metric tons. The rise in the production of various metals such as platinum, nickel and others will raise the segmental growth and in turn anticipates the Chloroplatinic Acid Market size during the forecast period.
Chloroplatinic Acid Market Segment Analysis – by End-use Industry
The chemical sector held a significant share of 20% in the chloroplatinic in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Chloroplatinic acid is widely used for chemical syntheses that imbibe a profound rate of catalysts required for various industrial chemicals industries. Moreover, chloroplatinic acid is been observed in electroplating applications and is used in various industries such as chemicals and others. The rise in the growth of the chemical sector will drive the chloroplatinic acid industry. For Instance, as per American Chemistry Council, the total production of chemicals excluding pharmaceuticals is expected to grow by 4.3% in 2022 and 2.1% in 2023. Such growth in the chemical sector globally is expected to bolster the requirement for chloroplatinic acid which in turn will propel the growth of the Chloroplatinic Acid Market size during the forecast period.
Chloroplatinic Acid Market Segment Analysis – by Geography
Asia-Pacific region dominated the Chloroplatinic Acid Market share by 43% in the year 2021, owing to the rising chemical, food & beverages, pharmaceutical, beauty & personal care industries in the region. Chloroplatinic acid finds its application in many applications such as potassium determination, purification of platinum, catalysis and many more. As per China Corporation, China is the world’s largest consumer market for food and beverage with an annual growth of around 15% in 2021 and generating a revenue of more than US$98 billion. Also, according to International Trade Association, the cosmetics retail sales value of China increased to US$52.3 billion in 2020, making it the world’s second-largest beauty and personal care product market after the United States. Furthermore, in June 2020, the government of India launched a Pradhan Mantri Formalisation of Micro food Processing Enterprises (PMFME) Scheme, under the ‘Aatmanirbhar Bharat Abhiyan’ and ‘Vocal for Local’ campaigns, to provide technical, financial and business support to micro food processing units in the country with the total fund valued at Rs. 10,000 crores (US$ 1.3 billion) and will be disbursed from 2020 to 2025. Such initiatives and investments from the government for food & beverages and development in various end-use sectors in the APAC countries are anticipated to increase the demand for chloroplatinic acid and are proving to be a market booster for the Chloroplatinic Acid Market size in this region during the forecast period
Chloroplatinic Acid Market drivers
The rise in demand for platinum-based products will drive the Chloroplatinic Acid Market
Chloroplatinic acid (hexachloroplatinic acid) is an inorganic compound and is soluble in water. Hexachloroplatinic acid is an important source of platinum that is produced by dissolving platinum and is used to determine potassium and many more. For instance, as per U.S. Census Bureau, the total production of platinum in the U.S. is around 289 kilograms and palladium is 970 kilograms in May 2022. The rise in production will eventually boost market growth. Platinum and its alloys are widely used in surgical instruments, laboratory equipment, electrical resistance wires electrical contact points. Also, it is used as a catalyst (30%) in the catalytic converter, which is an optional component of the gasoline-powered automobile exhaust system The rise in demand for platinum-based products in various end-use industries will drive the Chloroplatinic Acid Market.
The growing medical device industry is boosting the demand for chloroplatinic acid
Chloroplatinic acid is widely used in the potassium determination, purification of platinum and catalysis which are widely used in the production of various metals such as platinum. Platinum is widely used in surgical instruments, laboratory equipment, electrical resistance wires and electrical contact points. According to International Trade Administration, the total local production market size for medical equipment & devices in Spain is expected to reach US$2,984 million in 2022. Also, the medical device market is valued at approximately US$6.5 billion and is expected to grow by 2.1% per year until 2026. Furthermore, India is among the top 20 markets for medical devices globally. The medical device market is expected to increase at a 37% CAGR to reach US$50 billion by 2025, from US$10.36 billion in 2020. Thus, the rise in the growth of the medical device sector will drive the demand for the Chloroplatinic Acid Market during the forecast period.
Chloroplatinic Acid Market Challenge
Growing health hazards will hamper the Chloroplatinic Acid Market growth
Excessive exposure to chloroplatinic acid can be toxic to human health. It causes skin irritation, eye irritation and respiratory problems. Such factors may hamper the Chloroplatinic Acid Market growth during the forecast period. Also, the inhalation of chloroplatinic acid may cause irritation and chemical burns to the respiratory tract, nose and throat. Furthermore, the harmful emission of particulate matter during the manufacturing of chloroplatinic acid is impacting the environment. Particles in the air affect both the quality of the air and visibility. The particulate matter affects the aesthetics and utility of areas through visibility reduction and may affect buildings and vegetation which is restraining the Chloroplatinic Acid Market during the forecast period.
Chloroplatinic Acid Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies players adopt in the Chloroplatinic Acid Markets. The Chloroplatinic Acid Market's top 10 companies include:
- 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
- Kaili Catalyst New Materials
Report Code: CMR 0340
Report Code: CMR 0508
Report Code: CMR 1218
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