The global emission control catalyst market is expected to be valued at US$ 29.5 billion by 2033. The market is valued at US$ 13.1 billion as of 2023, and is expected to grow at a CAGR of 8.5% during the forecast period.
Based on FMI’s analysis, the emission control catalyst market in the United Kingdom is poised for consistent growth. In a proactive move to mitigate the emissions from on-road vehicles, the UK government has unveiled an ambitious goal of achieving a 78% reduction in emissions by 2035, as measured against the levels recorded in 1990. This significant update was recently disseminated by the Department for Business, Energy & Industrial Strategy, operating under the Prime Minister’s Office.
Explore Our Latest Sample Report on Europe’s Booming Emission Control Catalyst Market, Driven by UK’s Bold Emission Reduction Targets! Get In-Depth Insights Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-137
The market is most likely to be driven by an increase in the construction activities worldwide. The application of emission control catalyst would assist the construction firms in controlling the emission of pollutants. Apart from that, there has also been an increase in the number of waste to energy plants, which is expected to massively surge the demand for emission control catalyst.
Apart from that, unlike other types of catalyst, the usage of emission control catalyst does not lead to any side-effect. Furthermore, the cost associated is also low and also not much has to be spent on its maintenance. The robust mechanism of the emission control catalyst has attracted a lot of stakeholders, which might surge the sales of emission control catalyst.
Most importantly, the growing automotive and automobile sector presents numerous opportunities in front of the market. For example, in December 2021, the EPA finalised the revised national GHG emissions for the period 2023-2026. The emission norms have been made stricter.
Apart from that, the automotive sector is particularly expanding in the developing countries, like India and China, which present massive opportunities. This along with an increase in the disposable income is expected to fuel the market growth. Moreover, even the automobile companies are looking for ways to cut carbon emissions, as a result of which they are making use of emission control catalysts.
However, increased adoption of electric vehicles is expected to pose a massive challenge to the market growth. The increase in sales of EV is bolstered by government norms. Furthermore, surging fuel prices is expected to have a negative impact over the market growth.
Thus, from the insights provided by FMI researchers, it can be concluded that, “increase in the construction activities, coupled with an increase in the growth of automotive sectors and many other influences are expected to surge the emission control catalyst market growth.”
Key Takeaways:
- The market is expected to grow at a CAGR of 8.5% during the forecast period.
- As of 2023, the market is valued at US$ 13.1 billion.
- By 2033, the emission control catalyst market is projected to be valued at US$ 29.5 billion.
- Based on regional analysis, Asia Pacific is expected to be the largest market.
- USA market is expected to grow at a CAGR of 8.2%.
- UK market is projected to grow at a CAFGR of 10.9%.
- China market is anticipated to grow at a CAGR of 10.5%.
- India emission control catalyst market is expected to grow at a CAGR of 8.7%.
- Japan market is all set to grow at a CAGR of 6.1%.
- On the basis of application, mobile equipment segment is expected to hold the largest market share, growing at a CAGR of 8.8%.
- On the basis of end use, OEM segment is expected to have the highest market share, and is expected to grow at a CAGR of 8.4%.
Competitive Landscape
The major players operating in the market are focusing mainly on the activity of acquisitions. Looking at the growth of automotive and construction sectors especially in the developing countries, the manufacturers are acquiring the local players. This is owing to the fact that they would be well versed with the target market.
Some of the recent developments in the emission control catalyst market are:
- In December 2022, Johnson Matthey announced that its Sweden site would be expanded by 50% to meet the surging demand for Formaldehyde.
- In December 2022, BASF SE launched its first biomass balance automotive coatings in China.
The top companies in the market are:
- Johnson Matthey
- BASF SE
- Umicore
- Haldor Topsoe
- Corning
Emission Control Catalyst Market Segmentation
By Product Type:
- Diesel Based Emission Catalyst (Diesel Oxidation Catalyst, Selective Catalytic Reduction Catalyst, Catalysed Soot Filter/Diesel Particulate Filter, Ammonia Oxidation Catalyst, NOx Adsorbers),
- Gasoline Based Emission Catalyst (Palladium Based Catalyst, Rhodium Based Catalyst, Platinum Based Catalyst)
By Application:
- Mobile Equipment (Heavy-duty Vehicles, Off-road Vehicles, Passenger Cars and Light Duty Vehicles, Motorcycles, Scooters and Three Wheelers, Gardening Equipment),
- Stationary Equipment (Industrial Engines, Generators, Off-road Equipment)
By End Use:
- OEM,
- Retrofit
By Pollutant Type:
- NOx,
- CO,
- Hydrocarbons,
- HAPs,
- DPM,
- NH3
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs