“Rising government initiatives towards emission reduction coupled with technological advancement in emission control catalyst will boost the market”
The global emission control catalyst market is growing proficiently, projected to grow at a CAGR of 7.2% during the expected period from 2023 to 2030, starting from US$ 21.18 Bn in 2021.
Rising awareness towards reduction of carbon footprints along with stringent government regulations for air pollution reduction is projected to have a positive impact for emission control catalyst in the upcoming years. Additionally, various regional policies for emission regulation such as Euro standards in European Union, National Ambient Air Quality Standards and California Ultra Low Emission Vehicle in the U.S. and Bharat Stage emission standards (India), have restructure and significantly controlled the emissions. Moreover, numerous controls and mitigation measures towards automotive emissions is a major concern for the automobile manufacturers. Numerous concepts, technological advancements and innovations, modifications, material selection, engine designing, and drivetrain have been employed to curb down the air emissions globally. For instance, use of turbochargers, catalytic converters, engineering plastics, and light weight body panels will significantly reduce the emissions thereby driving the market for emission control catalyst on a global scale. However, higher cost of emission control technologies, concerns over health hazards associated with nickel, non-regulated emissions of hydrogen sulphide, and growth in production of electric vehicle is projected to hinder the market growth.
“Rapid growth in industrial activities coupled with increasing demand for decorative coating worldwide will spark market growth”
Rising demand for both metals “Palladium” and “Platinum” in automotive industry along with growing car production in emerging economies, and tightening emission standards worldwide have fuelled a steady growth in the use of catalytic converters.
The application of palladium in catalytic converters have been significantly increased by numerous auto manufacturers, owing to its cost-effective, higher recycling efficiency, and improved physical & chemical properties. Moreover, growing use of platinum in hydrogen-based fuel cells to catalyze the electricity-producing conversion of hydrogen and oxygen into water have increased its usage in electric vehicles. However, rising interchangeable use of these metals in non-diesel ICE cars, is likely to fuel the demand for palladium in auto manufacturing industries in the upcoming years. Increasing environmental concerns will majorly drive demand for palladium and platinum metals as a vital component of automotive catalytic converters. For instance, according to Johnson Matthey a precious metal management in 2019 the demand for palladium as auto catalyst was around 238.8 kg on a global scale. The wide scale use of palladium as auto catalysts in automotive industries is likely to be a market leader among other metals, on the back of retiring growth in worldwide production of gasoline vehicles.
“Dominance is led by the rapid expansion of automotive sector coupled with rise in consumer disposable income to drive the global emission control catalyst market”
The Asia Pacific is expected to hold a largest market share of around 43% for emission control catalyst market, owing to the growing investments in the industrial and automobile sector, along with promptly growing population across the region. In addition, rise in purchasing power of consumer has impelled the growth of automotive industry in Asia Pacific. The aforementioned factors are anticipated to drive the demand for emission control catalyst in Asia Pacific over the forecast period. Extensive demand for automobiles from emerging economies such as China, Japan, and India, owing to the rapid expansion base in automotive industry is likely to expand the market growth. For instance, Johnson Matthey in 2019 have expanded its auto-catalyst production facility in Shanghai, China. Furthermore, in order to meet the growing customer demand for automobiles the BASF, have also developed a new production facility of emission catalysts in China.
Rising automobile productions in the developing nations will drive the demand for emission control technologies like “ULTRA CATALYTIC Converters”, “Two-way Catalyst”, “Three-way Catalyst”, thereby promoting the utilization of emission control catalyst over the next few years.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Emission Control Catalyst market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
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Converter Type
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Application
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
