Global Emission Control Catalyst Market - Segmented by Metal, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global emission control catalyst market is expected to register a CAGR of 10% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market in 2017 and is also expected to register the fastest growth during the forecast period.
Stringent Regulations Regarding Emission
The key factor driving the global emission control catalyst market is the enactment of stringent emission norms by governments all over the world. Every country has a dedicated agency that makes rules and restrictions for emission. Some of them regulate emission by vehicles, others by industries, power plants, and so on. The Environmental Protection Agency (EPA) manages the emission standards in United States. The European Union countries use the EURO norms, the latest being the EURO VI, implemented in September 2014 by most of the countries. Many Asian countries have their own emission standards but most are loosely based on EURO norms. In India, the Bharat Stage norms are used, which are derived from euro norms. With these stringent regulations in place, the market for emission control catalysts is projected to boost during the forecast period.
Automobile – The Dominant End-user Industry
The automotive industry is the single largest consumer of emission control catalysts. The automotive market is one of the fastest growing markets in recent years, particularly in the United States, China, and developing countries. As many as 95 million vehicles were produced in 2016. China is the largest producer of motor vehicles, followed by the United States and Japan. The automotive industry is witnessing a gradual rise globally, with increasing sales and production of different types of motor vehicles. The recent rise in the use of electric and plug-in hybrid vehicles in countries such as China, the United States, and Germany is expected to hinder the market for emission control catalysts to some extent. The booming automotive industry and increasing concerns regarding emission, coupled with government regulations, are expected to positively drive the market for emission control catalysts during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific is the largest market for emission control catalysts, accounting for almost half of the global market. The growth of the automotive industry in countries including China, India, Indonesia, and Vietnam, among others, is the major driver propelling the growth of the market. Moreover, the growing middle class income is also expected to boost the sales of new vehicles, which in turn would raise the demand for emission control catalysts in the forecast period.
Major Players: Cataler Corporation, Johnson Matthey, Haldor Topsoe A/S, CORMETECH, Inc., Hitachi Zosen Corporation, BASF SE, Ibiden Porzellanfabrik Frauenthal, and CRI Catalyst Company, amongst others.
Reasons to Purchase the Report
How the stringent regulations regarding emissions will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which metal type and end-user industry is expected to dominate the market
Which region is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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