The global emission control catalyst market is expected to be valued at US$ 29.5 Billion by 2033. The market is valued at US$ 13.1 billion as of 2023 and is expected to grow at a CAGR of 8.5% during the forecast period.
The market is most likely to be driven by an increase in construction activities worldwide. The application of emission control catalysts would assist construction firms in controlling the emission of pollutants. Apart from that, there has also been an increase in the number of waste-to-energy plants, which is expected to massively surge the demand for emission control catalysts.
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Apart from that, unlike other types of catalysts, the usage of emission control catalysts does not lead to any side effects. Furthermore, the cost associated is also low and not much has to be spent on its maintenance. The robust mechanism of the emission control catalyst has attracted a lot of stakeholders, which might surge the sales of emission control catalysts.
Most importantly, the growing automotive and automobile sector presents numerous opportunities in front of the market. For example, in December 2021, the EPA finalized the revised national GHG emissions for the period 2023-2026. The emission norms have been made stricter.
Apart from that, the automotive sector is particularly expanding in developing countries, such as India and China, which present massive opportunities. This along with an increase in disposable income is expected to fuel the market growth. Moreover, even automobile companies are looking for ways to cut carbon emissions, as a result of which they are making use of emission control catalysts.
However, the increased adoption of electric vehicles is expected to pose a massive challenge to the market growth. The increase in sales of EV is bolstered by government norms. Furthermore, surging fuel prices are expected to hurt the market growth.
Key Takeaways from the Emission Control Catalyst Market Report:
- The market is expected to grow at a CAGR of 8.5% during the forecast period.
- As of 2023, the market is valued at US$ 13.1 billion.
- By 2033, the emission control catalyst market is projected to be valued at US$ 29.5 billion.
- Based on regional analysis, Asia Pacific is expected to be the largest market.
- The USA market is expected to grow at a CAGR of 8.2%.
- The UK market is projected to grow at a CAGR of 10.9%.
- China’s market is anticipated to grow at a CAGR of 10.5%.
- India’s emission control catalyst market is expected to grow at a CAGR of 8.7%.
- Japan’s market is all set to grow at a CAGR of 6.1%.
- Based on application, the mobile equipment segment is expected to hold the largest market share, growing at a CAGR of 8.8%.
- Based on end-use, the OEM segment is expected to have the highest market share and is expected to grow at a CAGR of 8.4%.
Competitive Landscape:
The major players operating in the market are focusing mainly on the activity of acquisitions. Looking at the growth of automotive and construction sectors especially in developing countries, the manufacturers are acquiring the local players. This is because they would be well-versed with the target market.
Some of the recent developments in the emission control catalyst market are:
- In December 2022, Johnson Matthey announced that its Sweden site would be expanded by 50% to meet the surging demand for Formaldehyde.
- In December 2022, BASF SE launched its first biomass balance automotive coatings in China.
Leading Key Players:
- Johnson Matthey
- BASF SE
- Umicore
- Haldor Topsoe
- Corning
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Emission Control Catalyst Market Segmentation:
By Product Type:
- Diesel Based Emission Catalyst (Diesel Oxidation Catalyst, Selective Catalytic Reduction Catalyst, Catalysed Soot Filter/Diesel Particulate Filter, Ammonia Oxidation Catalyst, 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 and 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
- HAPs
- DPM
- NH3
By Region:
- North America
- Latin America
- Asia Pacific (excluding Japan)
- Japan
- Middle East and Africa (MEA)
- Eastern Europe
- Western Europe
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