The global Emission control catalyst market is expected to reach USD
11.09 billion by 2024, according to a new report by Grand View Research, Inc.
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.
In depth research report
on Emission Control Catalyst Market
Further key findings from
the report suggest:
•
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
•
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.
•
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.
•
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.
•
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.
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)
•
Palladium
•
Platinum
•
Rhodium
•
Others
Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
•
Automotive
•
Industrial
•
Others
Regional Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
North America
•
U.S.
•
Canada
•
Mexico
•
Europe
•
Germany
•
UK
•
France
•
Italy
•
Russia
•
Asia Pacific
•
China
•
Japan
•
India
•
South Korea
•
Latin America
•
Brazil
•
MEA
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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