Auto catalyst Market Overview:
The automotive catalyst market was valued at USD 11.78 billion in 2020 and is projected to reach USD 15.73 billion by 2030, at a CAGR of 5.0% during the forecast period.
Auto catalysts are devices attached to exhaust systems in automotives for controlling emission levels. They can convert emissions to low toxic fumes via a redox reaction. They are used in petrol engines, diesel engines, and kerosene stoves. The global Auto Catalyst Market report by Market Research Future (MRFR) comprises drivers, challenges, trends, and opportunities for the period of 2022 to 2030 (forecast period).
Auto catalyst Market Scope
The global auto catalyst market is driven by its application in exhaust systems of mining equipment, forklifts, automobiles, electrical generators, and wood stoves. Large disposable income levels of customers and the burgeoning production of automobiles can drive market growth. Stringent government regulations pertaining to emission levels can be lucrative for the market. Pacts and agreements between countries for lowering emissions will be opportunistic for prominent players of the global auto catalyst market.
Emphasis on lowering emission levels combined with government efforts for tackling global warming can fuel market growth. Pledges taken by governments and stringent emission tests for vehicles can act as a safeguard for ensuring public health. Development of novel light and heavy-duty vehicles with adherence to latest regulations can lead to an uptick in demand for catalysts. Rise of fuel economy standards and utilization of lightweight materials are likely to facilitate market growth.
But demand for electric vehicles can hamper market growth.
Auto catalyst Market Segmentation
The global automotive catalyst market is segmented by application. On the basis of the application, the market is segregated into light-duty vehicle diesel, light-duty vehicle gasoline, and heavy-duty vehicle. The light-duty vehicle diesel segment is bound to dominate the market owing due to high efficiency of diesel vehicles. The low prices of diesel are expected to act as a catalyst for demand in the segment during the assessment period.
Auto catalyst Market Regional Analysis
The auto catalyst market covers five major regions, namely Latin America, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA).
The APAC region is expected to be lucrative for the global auto catalyst market owing to being host to densely populated countries of China and India. Large demand for automobiles, government regulations, and cheap laborforce are factors expected to drive market demand successfully. The establishment of manufacturing units by automotive majors can bode well for the market in the coming years. India had become the fourth-largest automotive manufacturer with units rising to 4.2 million.
Europe is expected to be lucrative due to the presence of well-known automotive manufacturers. Implementation of standards such as Euro 5 and 6 can accelerate the demand for auto catalysts in the region. Furthermore, tests such as World Harmonised Light Vehicle Test Procedure (WHLVTP) and real-driving emissions (RDE) can ensure the steady sales of these products.
North America will dominate the global market till 2025 owing to presence of major automotive companies in the region. Resurgence of the automotive sector and adoption of auto catalysts by automotive names such as Fiat Chrysler, Ford, and General Motors in its latest vehicles can bode well for the market in the region. Environmental regulations and policies can ensure a steady demand for auto catalysts. However, the large shelf life and high efficiency of these products can dampen the market growth.
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Tenneco Inc, Solvay, BASF SE, Cataler Corporation, Umicore, Corning Incorporated, Klarius Products Limited, Taizhou Three-Way Vehicle Catalytic Converter Co., Ltd, DCL International, Johnson Matthey, Heraeus Holding GmbH, and Faurecia S.A are notable players of the global auto catalyst market. Partnerships are expected to be witnessed between automotive manufacturers and these players to ensure their adherence to latest environmental regulations.
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