Global Emission Control Catalyst Sales to Surpass 23,22,736 Tons in 2021 as Palladium Based Catalyst Gains Traction: Future Market Insights
Emission control catalyst demand is primarily driven by research initiatives aimed at curbing carbon emission from automotive and industrial sectors. Future Market Insights in its latest study has forecast increasing focus on sustainable industrial solutions to remain a chief growth driver.
Dubai, United Arab Emirates – August 7, 2021 /MarketersMedia/ —
The global emission control catalyst market is expected to record sales of 23,22,736 tons in 2021, owing to rising demand from the automotive sector and other industries.
As per Future Market Insights (FMI), the emission control catalyst market demand outlook will remain fairly positive through the assessment period. The report projects the market to witness sales of around 41,66,667 tons by 2031, growing at a CAGR of 6.50% during the forecast period 2021-2031.
The demand for emission control catalysts will surge particularly in emerging economies owing to the rising popularity of light-weight vehicles. Consequently, rising demand for passenger vehicles in countries such as Brazil, China, and India will present a positive demand outlook. Also, substantial growth in population along with rising disposable income is supporting growth of sales.
The surge in demand for palladium-based catalysts due to low cost, emission control properties, high density and high melting points is spurring sales prospects. Mobile equipment applications will surge due to the rising scope for applications of emission control catalysts in automobiles. The market will continue gaining from applications in passenger cars, lightweight and heavyweight vehicles, two-wheelers, and three-wheelers.
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On the other hand, the rise in the demand for energy-efficient emission control catalysts to lower toxic emissions from industries and vehicles will bolster market growth. A legislation imposed by the European Union (EU) to curb emission by 40% through 2030, as a part of the EU’s 2030 climate and energy framework and current contribution to the Paris Agreement will support market prospects.
The market for emission control catalysts in North America is forecast to grow at a CAGR of 7.20% over the assessment period. The presence of various gas, oil, and power-producing facilities, along with a large number of on-road and off-road automobiles will aid in emission control catalyst market sales in the U.S.
“Rising technological advancements in the production of passenger, heavy duty, and off-road and on-road vehicles will spur sales of emission control systems. To capitalize on availability opportunities manufacturers are focusing on capacity expansion strategies,” said a Future Market Insights analyst.
Key Takeaways
The emission control catalyst market in North America is likely to register significant growth, with a CAGR of 7.20% over the forecast period.
Backed by rising technological advancements, the U.K. market will rise at a steady pace over the assessment period 2021-2031.
The China market is likely to display faster growth owing to the sales of energy-efficient vehicles.
Japan and South Korea are projected to exhibit relatively higher growth at a CAGR of 7.5%
The demand for palladium-based catalysts will be on rise due to low costs and high melting point.
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Key Drivers
Implementation of strict emission control laws have spurred sales of emission control catalysts.
Rising demand and sales of diesel engine vehicles is bolstering market growth.
Rapid growth in the automotive sector has impacted the market growth positively.
Key Restraints
Volatility in the cost of raw materials is hampering growth of the emission control catalyst market.
High prices of rhodium and platinum metals will pose a challenge for the manufacturers.
Competitive Landscape
Key market players are focusing on new product launches to strengthen their product portfolio, thereby consolidating their competitive edge in the market.
For instance, in 2019, Jhonson Mathhey announced the launch of its recently developed automatically regenerating Active DPF diesel particulate filter(DPF) system for stationary diesel engines. This will aid in delivering clean energy without relying on a filter monitoring system.
In May 2019, Corning launched a new manufacturing site in China, to accelerate the production of substrates and particular filters for automotive emission control. The production facility is also emphasizing on the production of the company’s gasoline particular filter (GPF) product line to address growing demand.
Some of the leading players operating in the emission control catalyst market profiled by Future Market Insights are:
Johnson Matthey
BASF SE
Haldor topsoe
Umicore
Corning Inc.
Clariant AG
Zeolyst International
Heraeus Holding
Solvay SA
Cormetech
NGK Insulators, Ltd.
Aristo Global
Nett Technologies Inc.
Others
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global emission control catalyst market, analysing forecast statistics through 2021 and beyond. the survey reveals growth projections on in emission control catalyst market with detailed segmentation:
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By Product Type
Diesel Based Emission Catalyst
Diesel Oxidation Catalyst (DOC)
Selective Catalytic Reduction Catalyst (SCR)
Catalyzed Soot Filter/ Diesel Particulate Filter
Ammonia Oxidation Catalyst (AMX)
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 & 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 or Volatile Organic Compounds –
(HC/VOC)
HAPs
DPM (Diesel Particulate Matter)
NH3 (Ammonia)
By Region
North America
Latin America
Western Europe
Eastern Europe
China
Japan
India
South East Asia Pacific
MEA
Key Questions Covered in the Emission Control Catalyst Market Report
The report offers detailed insights into emission control catalyst demand outlook for 2021-2031
The market study also highlights projected sales growth for emission control catalyst market between 2021 and 2031
Emission control catalyst market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Emission control catalyst market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Contact Info:
Name: Mr. Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/global-emission-control-catalyst-market
Source: MarketersMedia
Release ID: 89040543
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