Global Emission Control Catalyst Market Expected to Grow At a CAGR of 7.2% During the Forecast Period
The latest market report published by Brisk Insights, “Emission Control Catalyst Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the emission control catalyst market was valued at US$ 17.28 Bn in 2018 and expected to grow at a CAGR of 7.2% during the forecast period from 2019 to 2027.
"Growing demand attributed by tightening government legislation and adoption towards advanced technologies will upgrade the market growth during the forecast period"
The growing concern over the consequences of air pollution have resulted towards the manufacturing of new emission free vehicles in order to curb down the emissions. Aided by the adoption of cleaner fuels, improvements in advanced material are synchronized by the advancement in both automotive engine and engineering, which emits very low emissions. In order to harmonize the global emission standards, regulatory authorities from developed economies like the U.S., and UK have streamlined numerous engine development mechanism and approvals such as “The Clean Air Act”, “MACT Standards”, and “UNECE Convention on Long Range Transboundary Air Pollution”. This facilitates an improved air quality whilst economy of scale and scope, thereby reducing a significant cost for emission technologies that will expand the market for emission control catalyst on a global scale.
Improved technical advancement like introduction of the catalytic converters for the abatement of hydrocarbon and carbon monoxide emissions from gasoline vehicles will fuel the economy for emission control catalyst in the coming years. Moreover, adoption of advanced catalyst technologies like diesel particulate filter (DPF), selective catalytic reduction (SCR), three-way catalyst (TWC), and NOx reduction and storage catalysts will up surge the market growth on a global scale.
"Growing industrialization and production of automobiles coupled with presence of top manufacturers across the globe will enhance the market"
Growing production of automobiles in the developing economies such as India, Japan, Mexico, and China, owing to favorable government policies and rising consumer demand for vehicles is likely to expand the market for emission control catalyst over the next few years. Additionally, tremendous growth in automotive and industrial sectors projected to fuel the market growth. Moreover, presence of top automobile manufacturers and industrial players have increased their research & development (R&D), and investments towards manufacturing of catalytic converter systems. This trend is likely to play a vital role in driving the need for the usage of emission control catalyst in both industrial and automobile industry over the forecast period. For instance, in October 2018, Bharat Heavy Electricals Limited (BHEL) won a contract of around US$ 390 million from National Thermal Power Corporation (NTPC) to supply emission control equipment.
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• In December 2019, DRYREF™ syngas of Linde and BASF’s SYNSPIRE™ catalyst use CO2 as a feedstock, which enables the production of dry methane steam, thereby, reducing the CO2 emissions along with energy savings. Both companies have received the appreciation of “ICIS Award 2019”, towards best process innovation.
• In June 2019, BASF and Sichuan Lutianhua Co., Ltd. signed a memorandum of understanding (MoU) for developing a gas production plant, which involved in reduction of carbon emissions along with increase the production efficiency of dimethyl ether (DME) as compared to conventional process.
Key Market Movements:
• Globally, the emission control catalyst market is rising at a CAGR of 7.2% for the estimated period from 2019 to 2027.
• Asia Pacific to holds a largest market share for emission control catalyst market over the forecast period. Additionally, increasing investments in industrial and automobile sector, growing consumer purchasing power, and presence of emerging countries like China, Japan, and India will expand the market growth across the region.
• The Europe is likely to witness a substantial growth for emission control catalyst market in between 2019-2027. The tenacious rise in European Union (EU) standards for pollution control, adoption for new technologies will drive the market for paints & coating additives.
• However, growing urbanization, rapid expansion of automotive industries, and favorable government policies across the regions will drive the overall demand.
List of Companies Covered:
• Nett Technologies Inc.
• BASF Catalyst
• Johnson Matthey PLC
• Tenneco Inc
• Clariant AG
• Cataler Corp
• Haldor Topsoe A/S
• Aristo Intelligent Catalyst Technology
• DCL International Inc.
• Hitachi Zosen Corp
• NGK Insulators Ltd
• Sinocat Environmental Technology Co., Ltd.
• Zeolyst International
• Solvay SA
The Global Emission Control Catalyst Market is Segmented into:
Metal Type (2017–2027; US$ Bn)
Converter Type (2017–2027; US$ Bn)
Application (2017–2027; US$ Bn)
Geography Segment (2017–2027; US$ Bn)
*Complete segmentation list is on report page