The demand for precious metal catalysts has declined moderately in the past year due to the recently ended Pandemic. Decrease in mining output, closure of several major refineries, transportation/logistic impacts, and a drastic reduction in trading room risk appetite are among the several factors that affected the precious metal catalysts marketplace growth in the past year. A large number of industrial and commercial applications continue to use this method of catalysis due to its significant time span, reliability, and cost-efficiency as compared to other alternative methods. Several companies continue to invest in research and development to improve or enhance the methods used to create and manage catalytic reactions. It is predicted that this segment of the catalytic cycle market will experience a continued rise, especially as companies continue to look for methods that produce a larger volume of high-quality catalysts at a lower cost.
One of the most commonly used precious metal catalysts is platinum. It is commonly associated with platinum electroplating as well as rare earth metal research and development. A particular type of catalyst known as Palladium is exclusively used in the casting of microprocessor chips. Palladium is known for its high electrical conductivity, which makes it an ideal catalyst for many microprocessors that have high load currents. The best examples of current applications for palladium catalytic reactions are nanotechnology applications such as chip manufacturing and nanoelectronics.
Several other elements that make up the metal catalysts include iridium and rhodium. Iridium has typically used in batteries and aircraft engines while rhodium is effective in semiconductor processes. There are a few other elements that make up the catalytic cycle including bismuth, selenium, gallium, and zinc. Other types of metals also have the potential to be used as catalysts including tungsten, strontium, and gold.