Global Chloroplatinic Acid Market demand is anticipated to be valued at US$ 3.4 Billion in 2022, forecast to grow at a CAGR of 3.2% to be valued at US$ 4.7 Billion from 2022 to 2032. The growth of the Chloroplatinic Acid Market is attributed to its global utilization across the Chemicals & Materials industry.
Report Attribute
Details
Estimated Base Year Value (2021)
US$ 2.1 Billion
Expected Market Value (2022)
US$ 3.4 Billion
Anticipated Forecast Value (2032)
US$ 4.7 Billion
Projected Growth Rate (2022-2032)
3.2% CAGR
Chloroplatinic acid is also known as hexachloroplatinic acid, which is an inorganic compound. A red solid, it is an important commercial source of platinum, usually as an aqueous solution. Hexachloroplatinic acid is highly hygroscopic.
Asia Pacific is considered to be a dominant region for the Chloroplatinic Acid Market, owing to the high growth in consumption of Chloroplatinic Acid. The major factor that is expected to propel the growth of the Chloroplatinic Acid Market during the forecast period includes the rise in demand for Chloroplatinic Acid from platinum catalyst manufacturing, in recent years.
The factor that is expected to hinder the growth of the Chloroplatinic Acid Market during the forecast period includes the rising standards for handling and storage of hazardous chemicals.
Which are Some Prominent Drivers Spearheading Chloroplatinic Acid Market Growth?
The major factor that is expected to accelerate the growth of the Chloroplatinic Acid Market during the forecast period includes the rise in demand for Chloroplatinic Acid from platinum catalyst manufacturing, in recent years. The industrial chemicals industry imbibes a profound rate of catalysts required for various chemical syntheses. Platinum based catalysts hold a significant share of the global catalyst market. The increasing demand for platinum-based catalyst in turn is expected to augment the consumption of chloroplatinic acid.
Moreover, large demand for chloroplatinic acid has also been observed in electroplating application, used in various industries including automotive, chemical, and others.
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What are the Challenges Faced by the Chloroplatinic Acid Industry?
The major factor that is expected to hamper the growth of the Chloroplatinic Acid Market includes the increasing regulations on the hazardous chemical product. The toxic nature of chloroplatinic acid makes it hazardous chemical product. Further, rising restrictions on hazardous chemicals and increasing safety standards in various industries can be the hindrance factor for Chloroplatinic Acid Market growth.
In addition, rising standards for handling and storage of hazardous chemicals is also another major factor that hinders the market growth during the forecast period.
How is Asia Pacific region Emerging as an Opportunistic Chloroplatinic Acid Market?
Asia Pacific is expected to account for a significant Chloroplatinic Acid Market share, attributed to the increasing demand for catalyst from Asia due to technology up gradation in various chemical plants, along with capacity expansion, which finds a major share of Chloroplatinic Acid in the region.
Additionally, high growth in consumption of Chloroplatinic Acid has made Asia Pacific a leading region all over the globe.
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How is North America Contributing to Growth of the Chloroplatinic Acid Market?
The major factor that is expected to propel the growth of chloroplatinic acid in North America during the forecast period includes the high consumption of Chloroplatinic Acid in the region. Moreover, the increasing demand for platinum-based catalyst in North America is further expected to augment the market growth in the region.
Market Competition
Some of the key participants present in the global Chloroplatinic Acid Market include Honeywell International Inc., Avantor, Merck KGaA, Thermo Fisher Scientific Inc., Toronto Research Chemicals, Ruiyuan Group Limited, Green Chemical Co., Ltd., EVANS CHEM INDIA PVT LTD., American Elements, Heraeus, DO Cheng Chem Material, Alfa Aesar, Carbosynth, Tokyo Chemical Industry Co., Ltd., and Shanghai Xinglu Chemical Technology Co., Ltd., among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Honeywell International Inc., and Avantor account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
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Report Scope
Report Attribute
Details
Growth Rate
CAGR of 3.2% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2020
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
Application
End Use Industry
Region
Regions Covered
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
Key Countries Profiled
U.S
Canada
Brazil
Argentina
Mexico
Chile
Peru
Germany
U.K
France
Spain
Italy
Nordics
BENELUX
Russia
Poland
China
India
ASEAN
South Korea
GCC
South Africa
Turkey
Iran
Israel
Key Companies Profiled
Honeywell International Inc.
Avantor
Merck KGaA
Thermo Fisher Scientific Inc.
Toronto Research Chemicals
Ruiyuan Group Limited
Green Chemical Co., Ltd.
EVANS CHEM INDIA PVT LTD.
American Elements
Heraeus
DO Cheng Chem Material
Alfa Aesar
Carbosynth
Tokyo Chemical Industry Co., Ltd.
Shanghai Xinglu Chemical Technology Co., Ltd.
Customization
Available Upon Request
Key Segments Profiled in the Chloroplatinic Acid Industry Survey
Application:
Chloroplatinic Acid for Catalysis
Chloroplatinic Acid for Electroplating
Chloroplatinic Acid for Printing
Chloroplatinic Acid for Ceramics
Chloroplatinic Acid for Photographic Applications
End Use Industry:
Chloroplatinic Acid for the Chemical Industry
Chloroplatinic Acid for the Pharmaceutical Industry
Chloroplatinic Acid for the Automotive Industry
Chloroplatinic Acid for Other Industrial End Uses
Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa
Frequently Asked Questions
What is the anticipated growth of the chloroplatinic acid market until 2032?
FMI projects the global Chloroplatinic Acid Market to expand at a 3.2% value CAGR by 2032
Which Region is forecast to be the most lucrative for Chloroplatinic Acid Market growth?
Asia Pacific is expected to be the most opportunistic Chloroplatinic Acid Market, expanding at a 3% CAGR
Which are some Prominent Players of Chloroplatinic Acid Market?
Honeywell International Inc., Avantor, Merck KGaA, Thermo Fisher Scientific Inc., Toronto Research Chemicals, Ruiyuan Group Limited, Green Chemical Co., Ltd., among others are some prominent Chloroplatinic Acid Market players
