Global Emission Control Catalyst Market size was 1,978 kilo tons in 2015. Rising awareness towards reduction of carbon footprints along with stringent norms implemented by government towards reduction of harmful pollutants from industries and automotive combustion will create substantial demand for these catalyst in the near future.
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Key Players:
Major manufacturers include BASF,
Johnson Matthey, Solvay S.A., Umicore SA and Corning Incorporated.
Growth Drivers:
Emission control catalyst are
designed to breakdown harmful particles which are generated inside exhaust
system of automotive engines and industrial machinery. Rising number of
installation of catalytic converter by major automotive players including BMW,
General Motors, Volkswagen and Ford Motors will create immense market potential
over the forecast period.
Increasing automobile production
in developing countries including China, India, Mexico and Iran will increase
the product demand over the next eight years. Presence of strict regulation
norms regarding emissions in various developed countries including the U.S.,
and UK is expected to fuel product demand over the forecast period.
High dependence on temperature
fluctuation for the product performance is expected to pose a challenge to the
market growth over the forecast period.
Volatility in platinum based
catalyst prices owing to unavailability of noble metals is anticipated to
hinder industry expansion over the upcoming years. Increasing investments in
platinum-rhodium-palladium based manufacturing facilities by key players
including BASF and Johnson Matthey will open new market avenues over the
upcoming years.
Application Insights
Automotive was the dominant
segment and accounted for 83.5% of the total volume in 2015. National Ambient
Air Quality Standard in the U.S. and Bharat Stage Emission standard in India
regarding emission control will increase demand for automotive and industrial
emission control catalytic converter in the near future.
Industrial application is
expected to show high gains at a CAGR of 4.9% in terms of volume from 2016 to
2024. Increasing industrial investment in manufacturing sector in various
countries including India, China, Mexico and Thailand will augment industry
size over the forecast period.
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