Emission Control Catalyst Market to be Dominated by Automotive & Transportation Application Segment Through 2028
Growing awareness of the harmful effects of air
pollution and the need to reduce emissions to meet environmental regulations are
expected to drive Global Emission Control Catalyst market in the forecast
period 2024-2028.
According to TechSci Research report, “Emission Control
Catalyst Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F”, Global emission control catalyst market is
anticipated to upsurge at an impressive rate in forecast period 2028, due to favorable
government policies for sustainable development. The automotive industry is the
major driver of the global emission control catalyst market growth. Emission
control catalysts are used to reduce harmful emissions from vehicles, such as
carbon monoxide, nitrogen oxides, and hydrocarbons. In 2021, it was estimated
that more than 80 million motor vehicles were manufacturered worldwide. The
increasing demand for vehicles, especially in emerging economies, coupled with
the stringent environmental regulations and emission standards, has boosted the
adoption of emission control catalysts in the automotive sector. Moreover, the global
emission control catalyst market is experiencing new developments as companies constantly
strive to meet the growing demand for cleaner products and technologies. These
developments are creating opportunities for companies to innovate and develop
new products that can help industries reduce their environmental impact and
comply with increasingly stringent regulations. As the market continues to
evolve, more innovative developments can be expected in the future.
Technological complexity and competition
from alternative technologies are the major factor impeding the global emission control catalyst market growth. Emission control
catalysts are highly complex products that require a significant amount of
research and development to produce. Developing new catalysts that meet
increasingly stringent emission regulations can be a costly and time-consuming
process, which can make it difficult for smaller companies to compete in the
market. Additionally, as the demand for cleaner and more efficient technologies
grow, competition from alternative technologies such as electric vehicles and
hydrogen fuel cells can impact the demand for emission control catalysts. These
technologies offer alternative solutions for reducing emissions and can compete
with emission control catalysts technology to hamper the market growth.
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Global emission control catalyst Market is segmented based on product type, application,
end user industry, and region.
Based on product type, the
market is segmented into palladium, platinum, ammonia oxidant catalyst, diesel
oxidant catalyst, rhodium, and others. Palladium-based
catalysts segment is
expected to hold the largest market share in the forecast period. Due to their
cost-effectiveness, better performance in reducing emissions from gasoline
engines, growing demand for gasoline engines, palladium availability, and
stringent environmental regulations, the palladium-based catalysts
market is expected to dominate the market segment.
Based
on application, the market is fragmented into mobile emission control catalysts
and stationary emission control catalysts. Stationary emission control catalysts segment is expected
to hold the highest market share in its segment. The rising increasing demand from the various industries
worldwide, due to increasing industrialization and strict regulation, makes stationary
emission control catalysts a dominating segment.
Based on end user industry,
the market is fragmented into automotive & transportation, chemical
industry, oil & gas industry, mining industry, power industry, and others. Automotive
& transportation segment is expected to hold the largest market share in
the forecast period, 2024-2028. Owing to the growing demand for vehicles and stringent
emission regulations on vehicles, automotive & transportation segment is
dominating the market growth.
Major companies operating
in the global emission control catalyst market are:
- BASF SE
- Johnson
Matthey Plc
- Solvay SA
- Umicore SA
- Corning
Incorporated
- Clariant AG
- AeriNOx Inc
- CORMETECH,
INC.
- Cataler
Corporation
- DCL
International Inc
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“The
Emission Control Catalyst market is expected to experience significant growth
in the approaching years. The increasing adoption of cleaner technologies such
as electric vehicles and renewable energy sources has created a growing demand
for emission control catalysts in the production and operation of these
technologies. This is particularly true in the automotive industry, where
emission control catalysts are essential for meeting increasingly strict
emission standards. Apart from these, some companies are targeting the
fast-growing automotive markets in India and China, where emissions standards
are becoming increasingly stringent. Such efforts or policies by government
over automotive industries in the emrging country are likely to benefit emission control
catalysts market growth, creating huge prospects for the market during the
forecast period,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Emission
Control Catalyst Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F Segmented By Product Type (Palladium, Platinum, Ammonia
Oxidant Catalyst, Diesel Oxidant Catalyst, Rhodium, and Others), By Application (Mobile Emission Control
Catalysts, and Stationary Emission Control Catalysts), By End User Industry
(Automotive & Transportation, Chemical Industry, Oil & Gas Industry,
Mining Industry, Power Industry, and Others), By Region, and Competition,
has evaluated the future growth potential of global emission control catalyst market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global emission control catalyst market.”
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