The global emission control catalyst market was valued at USD 12.36 billion in 2018 and is expected to register a CAGR of around 10.50% during the forecast period, 2022–2030.
Post to achieving success in mobile engine applications, catalyst technologies were introduced for stationary applications, to control VOC and NOx emissions. Since then, Emission control catalyst market Insightshas been serving a range of applications in the area of emission sources such as chemical plants, painting & coating processes, printing, dry cleaning, power generation, and, most of all in stationary engines.
Resultantly, emission control catalyst witnesses a massive demand across the area of emission sources, and its market witnesses enormous growth all year along. Moreover, factors such as rapid industrialization over the past few years and the increasing demand for fuel-efficient vehicles escalates it’s market on the global platform.
Acknowledging the exponential growth, this market is capturing continually, Market Research Future (MRFR) in its recently published study report asserts that the global emission control catalyst market will perceive outstanding growth by 2023, registering a fabulous CAGR throughout the anticipated period (2022–2030).
Additional factors that are supporting the market to accrue further include the continuous developments in new catalytic solutions and the recent shift in the focus of industrialists and automakers to reduce emission level, increasing the consumption of emission control catalyst.
Furthermore, the trends identified as driving forces of the market include the increasing urbanization and the improving economy, globally which is increasing the consumers’ purchasing power. Also, factors such as the growing concern towards mitigation of the ill effects of pollution alongside the stringent regulations imposed by various government agencies are expected to propel market growth, creating a vast demand for emission control catalyst.
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Conversely, factors such as the fluctuating price of platinum group metals due to limited supply and the vast consumption of emission control catalyst in sectors such jewelry making and construction are expected to impede the growth of the market, resulting in the increased price of emission control catalyst during the forecast period.
Nevertheless, the rising investments by key manufacturers in the field of the development of platinum-rhodium-palladium are estimated to support the growth of the market, generating new market opportunities over the estimated period.
Global Emission Control Catalyst Market — Segments
For ease of understanding, the analysis has been segmented into three key dynamics: -
By Product: Palladium, Platinum, and Rhodium among others.
By Application: Transportation and Industrial among others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Emission Control Catalyst Market — Regional Analysis
The European region, heading with the increased expenditure in innovation leads the global emission control catalyst market with the largest share. Some of the European countries such as France, Italy, Spain, Germany, and the UK backed by the stringent emission regulations, such as Euro 6, have emerged as the prominent consumer market for emission control catalyst.
Moreover, the presence of a well-established automotive sector and major chemical manufacturers in the countries mentioned above are driving the regional market. Additionally, the continuous growth in automotive production mainly in Germany is expected to support the emission control catalyst market in the region to register a healthy CAGR.
Also, the shifting interest of automakers towards the uptake of the emission control catalyst alongside the strong automotive manufacturing base fosters the regional market.
The emission control catalyst market in the Asia Pacific region accounts for another lucrative market, globally. Factors such as the expanding automotive and general industry are fostering the growth of the regional market.
Moreover, the augmenting demand for emission control catalyst led by the automobile manufacturers and the implementation of strict regulations regarding the pollution-emitting resources, especially in countries such as China, India, Vietnam, South Korea, and Japan is substantiating the market growth in the region.
The increasing processing units of crude oil and petroleum refineries mainly in India and China that are growing rapidly alongside the growing chemicals industries in various parts of the region is expected to support the APAC emission control catalyst technology advancements to grow at a significant CAGR during the review period (2017 to 2023).
The North American emission control catalyst market is predicted to register a moderate growth rate over the forecast period. Factors such as the rising environmental concern and the well-spread awareness regarding the harmful aspects of pollution alongside the stringent norms implemented by the Environmental Protection Agency (EPA) pertaining to the VOC emission level are driving the regional market.
U.S, Canada, and Mexico backed by the presence of major end-use industries in these countries account for the major contributors to the growth of the regional market. Moreover, the increasing production capacities, high consumption potential, and well-developed economy are expected to drive the market in the region.
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Global Emission Control Catalyst Market — Competitive Analysis
Highly competitive, the emission control catalyst market appears fragmented with the presence of several well-established and small-scale players. These players incorporate strategic initiatives such as the acquisition, partnership, collaboration, product launch, and expansion to gain a competitive advantage in this market.
Major Players:
Key players leading the global emission control catalyst market include Johnson Matthey (U.K.), BASF SE (Germany), Solvay (Belgium), Corning Incorporated (U.S.), Umicore SA (Belgium), Clariant (Switzerland), CORMETECH, INC. (U.S.), Aerinox-inc (U.S.), Cataler Corporation (Japan), and DCL International Inc (U.S.) among others.
Industry/ Innovation/ Related News
March 25, 2019 –Research Study Published — A research team commutatively formed by the scientists at Washington State University, Eindhoven University of Technology, University of New Mexico, and Pacific Northwest National Laboratory announced the development of a catalyst that can both withstand high temperatures and convert pollutants at near room temperature.
This discovery directly addresses the 150-degree challenge identified by the US Department of Energy and by automobile companies. The invention of oxygen activation at near room temperature is extremely useful, and this research would significantly impact the technology of exhaust emission control.
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