Global Fuel Cell Catalyst Market Report and Forecast 2024-2032

Global Fuel Cell Catalyst Market Outlook

The global fuel cell catalyst market size is expected to grow in the forecast period of 2024-2032 at a CAGR of 24.70%.

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Increasing Usage of Hydrogen Fuel Cells with Platinum Based Catalysts is Driving the Global Fuel Cell Catalyst Industry

The increasing application of hydrogen fuel cells with platinum based catalysts, owing to its efficiency and ability to withstand acidic conditions inside the cell, is driving the segment’s growth. In addition, platinum alloys are stable and exhibit poisoning resistance, which makes them an ideal catalyst for hydrogen fuel cell applications.

Over the forecast period, the increase in demand for hydrogen fuel cells for various applications is anticipated to propel the requirement of platinum based catalysts. Leading applications are warehouse logistics, backup power generation, and mobile power generation, among others, However, high cost of platinum can limit its use in fuel cells in the coming years.

The Middle East and Africa Account for a Substantial Share in the Market for Fuel Cell Catalyst

The fuel cell catalyst market in the Middle East and Africa region is being driven by the comparatively high availability of platinum in countries like South Africa. The increase in demand for hydrogen fuel cells, owing to the acceptance of hydrogen as a clean fuel, is anticipated to invigorate the market in the forecast period.

The increasing demand for electricity in emerging economies such as Saudi Arabia, is furthering the demand for fuel cell catalysts. Meanwhile, the flourishing manufacturing sector in Africa, aimed towards fuelling the economic growth and increasing digitalisation, is likely to provide impetus to the market in the coming years.

Market Segmentation

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A fuel cell catalyst is a crucial component of a fuel cell as it facilitates the reaction between hydrogen and oxygen to produce water and electricity. The catalyst is rough and porous, and splits hydrogen into electrons and protons. Moreover, catalysts bolster the reaction in a fuel cell in order to increase the productivity and increase the efficiency of the cell.

Based on type, the market can be segmented into:

• Platinum Based

• Platinum Ruthenium Alloy

• Others

By application, the market has been divided into:

• Methanol Fuel Cell Catalyst

• Reformate Fuel Cell Catalyst

• Hydrogen Fuel Cell Catalyst

• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Thriving Transportation Sector to Bolster the Growth of the Fuel Cell Catalyst Industry

The increasing deployment of fuel cells in delivery vehicles such as buses, trains, and trucks, is driving the fuel cell catalyst market growth. In addition to this, the thriving transportation industry in the emerging economies is propelling the demand for fuel cell catalysts.

Over the forecast period, there is expected to be changing customer preferences towards fuel cell vehicles instead of traditional gasoline powered vehicles, owing to the reduced emission of carbon. This is likely to boost the application of fuel cells in passenger and commercial cars, and accelerate the demand for fuel cell catalysts.

The market is anticipated to be aided by the technological advancements in the military and defence industry which include the induction of modern military vehicles driven by fuel cells, such as unmanned aerial vehicles (UAV) and stealth submarines. Furthermore, the increasing application of fuel cells in the consumer electronics such as smartphones and laptops, is anticipated to catapult the production of fuel cell catalysts.

Key Players in the Global Fuel Cell Catalyst Market

The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Umicore

• Tanaka Holdings Co., Ltd

• Clariant Ltd.

• Johnson Matthey

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report