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.
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.
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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.
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.
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.
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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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