According to ESOMAR-certified consulting firm Future Market Insights’ (FMI), the global emission control catalyst market is projected to rise at above 10% CAGR, surpassing the market valuation of US$ 20.06 Bn during the forecast period 2021-2031.
Expansion of the automotive industry, coupled with implementation of stringent government regulations regarding toxic gas emissions from vehicles and industries, is bolstering the demand for emission control catalysts.
Increasing adoption of energy and fuel-efficient vehicles in developed regions such as the U.S., Germany and the U.K. will further boost the market growth in the upcoming decade.
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The rising demand for lightweight passenger vehicles in developing regions such as China, Japan, India and Brazil will provide lucrative opportunities to the manufacturers operating in the market.
Key Takeaways from FMI’s Emission Control Catalyst Market Study
- Palladium-based catalyst will dominate the product segment throughout the forecast period.
- Demand in mobile equipment is anticipated to rise at a higher pace.
- The U.S. will showcase high demand for emission control systems due to rising automobile sales.
- The U.K. will emerge as a leading emission control catalyst market owing to implementation of stringent regulations and the presence of leading players.
- Rising population and increasing adoption of new-energy vehicles across the country will bolster sales in China.
- South Korea and Japan will account for approximately 7.50% of the total market share.
“Growing consumer preference towards energy-efficient vehicles, coupled with stringent government regulation regarding emissions will fuel the growth,” says the FMI analyst.
Johnson Matthey, BASF SE, Haldor topsoe, Umicore, Corning Inc., Clariant AG, Zeolyst International, Heraeus Holding, Solvay SA, Cormetech, NGK Insulators Ltd., Aristo Global, Nett Technologies Inc. are some key players operating in the emission control catalyst market.
As per FMI’s analysis, key players are focusing on thorough research and development to enhance and expand their product portfolio.
Major players are also establishing tie-ups and targeting mergers and acquisitions with regional players for the expansion of their company, along with innovations in design and efficiency of their product range. For instance
- In March 2019, Johnson Matthey launched a newly developed automatically regenerating Active DPF diesel particulate filter (DPF) system for stationary diesel engines, adding to the company’s robust portfolio.
- In December 2018, the BASF SE opened a new site in Pudong, Shanghai, China for the product of its mobile emission catalysts, expanding the facility by more than 30,000 square meter to support the increased production.
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More Insights on the Global Emission Control Catalyst Market
In its latest report, FMI offers an unbiased analysis of the global emission control catalyst market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (diesel based emission catalyst, diesel oxidation catalyst (DOC), selective catalytic reduction catalyst (SCR), catalyzed soot filter/ diesel particulate filter, ammonia oxidation catalyst (AMX), NOx absorbers, gasoline based emission catalyst, palladium based catalyst, rhodium based catalyst, platinum based catalyst), application type (mobile equipment, heavy duty vehicles, off road vehicles, passenger cars & light duty vehicles, motorcycles, scooters and three wheelers, gardening equipment, stationary equipment, industrial engines, generators, off road equipment), end use (OEM, retrofit), pollutant type (Nox, CO, hydrocarbons or volatile organic compounds, HC/VOC, HAPs, diesel particulate matter (DMP), NH3 ammonia) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
Key Questions Answered in the Report
What is the current emission control catalyst market value?
At what rate did the emission control catalyst market grow between 2016 and 2020?
What will be the demand outlook for North America in the emission control catalyst market?
What are the key factors driving emission control catalyst sales?
Which is the top-selling emission control catalyst type?
Who are the key exporters of emission control catalysts?
Which countries are the top producers in the emission control catalyst market?
Who are the leading players in the emission control catalyst market?
At what rate will the Europe emission control catalyst market rise?
What are the key statistics for Japan and South Korea emission control catalyst markets?
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