According to the report by Expert Market Research (EMR), the global fuel cell catalyst market size is projected to grow at a CAGR of 24.70% between 2023 and 2028. Aided by the increasing deployment of fuel cells in delivery vehicles and growing demand for cleaner energy sources, the market is expected to grow significantly by 2028.
A fuel cell catalyst, typically composed of platinum or other noble metals, plays a pivotal role in enhancing the rate of chemical reactions in fuel cells. These catalysts are essential to the effective operation of fuel cells used in a variety of goods, such as electric vehicles, portable power systems, and stationary power systems. Fuel cell catalysts increase energy output while also lowering fuel cell operating expenses by lowering the amount of precious metal needed for the process.
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The escalating consumer preference for sustainable energy sources is driving the global fuel cell catalyst market growth. As the awareness of the environmental impact associated with conventional fossil fuels grows, there has been a substantial shift towards cleaner energy alternatives, leading to a spike in demand for fuel cell-based products.
Moreover, the rising trend of electric vehicles has further contributed to the growing popularity of fuel cell catalysts. Fuel cells, owing to their high energy efficiency and lower emissions, are increasingly being used in EVs, thus propelling the market for fuel cell catalysts.
The expanding applications of fuel cell catalysts in various sectors also play a significant role in driving the fuel cell catalyst market expansion. In the automotive industry, fuel cell catalysts are used to improve the efficiency of fuel cells in electric vehicles. The aerospace sector employs fuel cell catalysts for their lightweight and high energy density attributes, critical for the development of aircraft and spacecraft. Additionally, the demand for portable power systems in the military and outdoor recreational activities is driving the market for fuel cell catalysts.
Furthermore, the growing demand for efficient stationary power systems in the energy sector has prompted a focus on fuel cell catalysts as a crucial component. With the increasing emphasis on decentralised power generation and the growth of the renewable energy sector, fuel cell catalysts have become integral to the formulation of efficient power systems.
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Fuel Cell Catalyst Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
• Platinum Based
• Platinum Ruthenium Alloy
• Others
Market Breakup by Application
• Methanol Fuel Cell Catalyst
• Hydrogen Fuel Cell Catalyst
• Reformate Fuel Cell Catalyst
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global fuel cell catalyst companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Umicore
• Tanaka Holdings Co., Ltd
• Clariant Ltd.
• Johnson Matthey
• Others
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