According to a report, “Emission Control Catalyst Market Analysis By Product (Palladium, Platinum, Rhodium), By Application (Automotive, Industrial) And Segment Forecasts To 2024",published by Grand View Research, Inc.,The global Emission control catalyst market is expected to reach USD 11.09 billion by 2024, Improving application of three-way oxidation-reduction converters in automotive applications is expected to drive market growth. Stringent environment regulations aimed at reducing carbon emissions in the major markets including U.S., Germany, India and Japan is projected to have a favorable impact on the market over the forecast period.
Increasing energy requirement from household and industrial sectors emerging economies including China and India coupled with favorable policies for the implementation of solutions to reduce emission is expected to fuel the demand for catalysts.
The automotive sector is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024, in terms of volume. The emergence of Mexico as an automotive production destination on account of rising domestic demand for passenger and commercial vehicles along with proximity to the U.S. is expected to increase the application of emission reduction catalyst over the next eight years.
Key Takeaways from the report:
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Global emission control catalyst demand was 1,978.0 kilo tons in 2015 and is anticipated to reach 2,900.4 kilo tons by 2024, expanding at a CAGR exceeding 4.0% from 2016 to 2024
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Rhodium-based emission reduction catalyst is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024. Natural adaptive features with other metals including platinum and palladium coupled with high market visibility in the catalyst industry is expected to promote the usage of the product.
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Industrial applications contributed to 15.1% of the global volume share in 2015. Rapid industrialization, particularly in emerging economies of Asia Pacific and Latin America, coupled with rising awareness regarding ecology preservation is expected to bolster the demand for emission control catalyst over the forecast period.
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Latin America is projected to foresee volume growth at a CAGR of 4.2% from 2016 to 2024. The presence of numerous oil & gas production facilities in Brazil and Venezuela in light of the high prevalence of offshore petroleum basins is expected to promote the number of installations of power plants. This factor is expected to drive the Latin America emission control catalyst market over the next eight years.
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Major emission control catalyst manufacturers include Johnson Matthey, BASF, Solvay, Umicore, Clariant and Corning Incorporated. Increasing expenditure on R&D and establishment of strategic partnerships with buyers including catalytic converter vendors is expected to remain a critical success factor over the next eight years.
North America emission control catalyst market, by application, 2013 - 2024 (Kilo Tons)
Application Insights
Automotive was the largest application accounting for 83.5% of the total volume in 2015. Growing demand for automotive catalytic converters as an emission control medium is expected to have a substantial impact on the industry. Also, the implementation of regulations including National Ambient Air Quality Standards in the U.S. and Bharat Stage Emission Standards in India is expected to force automotive manufacturers to increase the usage of catalysts over the next eight years.
Industrial applications are projected to foresee tremendous gains, at a CAGR of 4.9% from 2016 to 2024. Upscaling output in the manufacturing sector of China, India, and Turkey in light of regulatory support to promote investments at the domestic level is expected to boost the installation of diesel engines and gas turbine stations. This trend is anticipated to remain a vital driving force in the near future.
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Regional Insights
Asia Pacific was the largest market accounting for 32.9% of the global volume in 2015. The presence of robust automotive manufacturing facilities in China, Japan, South Korea and India owing to easy access to consumables is expected to have a substantial impact in the near future.
Europe is projected to witness growth at a CAGR of 4.3% from 2016 to 2024. The European Commission implemented the EU Emissions Trading System (EU ETS) in 2005, which is intended for providing incentives for reducing carbon gas emissions in over 11,000 power stations and manufacturing units in 31 countries of the region. This scheme is expected to play a crucial role in increasing the application of emission control catalyst over the next eight years.
Grand View Research has segmented the global emission control catalyst market by product, application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
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Palladium
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Platinum
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Rhodium
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Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
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Automotive
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Industrial
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Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Russia
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Asia Pacific
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China
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Japan
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India
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South Korea
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Latin America
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Brazil
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MEA
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunity.
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