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.
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.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
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.
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.
Principal Consultant
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.
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.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
|
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 |
|
|
Regions Covered |
|
|
Key Countries Profiled |
|
|
Key Companies Profiled |
|
|
Customization |
Available Upon Request |
Application:
End Use Industry:
Region:
FMI projects the global Chloroplatinic Acid Market to expand at a 3.2% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic Chloroplatinic Acid Market, expanding at a 3% CAGR
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
Explore Chemicals & Materials Insights
View Reports
Chloroplatinic Acid Market
