The latest Emission Control Catalyst Market Research Report 2024 contains complete Industry outlook, market manufacturers and key statistics analysis. The industry sales & Share, trends are all discussed, explained and analyzed. It provides marketing strategy analysis, distributors/traders list, raw materials analysis, import and export analysis, key success factors and supply chain analysis.
Asia pacific economic development plans to revolutionize industrial sector. For instance, India government have initiated Make in India program to enhance industrial development, which had attracted foreign direct investment of over USD 70 billion by the end of June 2017. In addition, government have implemented certain reforms to liberalized FDI polices, improved business environment and offered simplified tax structure to stimulate industrial growth. In July 2017, China have implemented revised foreign investment cataloged, to encourage foreign direct investment in industrial sector. Industrial growth strategies in Asia pacific is likely to drive the global emission control catalyst market over the projected timeframe.
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Emission Control Catalyst Market size is set to grow exponentially to 2024 due to its usage in internal combustion engines to reduce the release of harmful pollutants into the environment along with its applications in automotive industry as it helps to break down the solid particulates present in engine exhaust system of transportation vehicle.
The global emission control catalyst market is driven by increasing automotive sales from the past few years. The automotive sales are increasing o a rapid rate, and are expected to increase throughout the forecast period, thereby facilitating the growth of global emission control catalyst market.
European region comprises of six prominent automotive companies namely, Daimler AG, Volkswagen, Audi, BMW and Opel which have witnessed 0.5% growth in production by 2016, complementing the growth of emission control catalyst. France is second highest automobile manufacturer with 5.6% growth in terms of production during 2016. Environmental policies of federal governments in the European region, coupled with foreign direct investments for automotive industry is augmenting the market demand for emission control catalyst product in automotive industry.
This market is restrained by the introduction of electric vehicles. The support from the governing bodies to develop the electric vehicles may give more restraint the market growth in future. For instance, Government of China had released Automotive Mid and Long Term Development Plan by April 2017, which aims to develop electric vehicles. Replacement of fuel based automotive vehicle with electric battery vehicle will eliminate the application of emission control catalyst, thus negatively impacting market growth in coming years.
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Volatility in metal prices may also hinder the global emission control catalyst market over the forecast period. Limited reserves and increasing mining activities throughout the world is likely to deplete steel reserve in nearer future. In addition, Chinese manufacturers overloading the market with cheap steel products tends to fluctuate market price, restraining the market growth.
Global emission control catalyst market is segmented based on metal type. Platinum and palladium metal segment is growing at a significant CAGR due to growing application in various automotive engines. Rhodium metal is estimated to grow over the projected time frame owing to growing demand from industrial application.
Asia Pacific holds potential market share of global emission control catalyst market, majorly dominated by China, India, Indonesia, Japan, Malaysia, and South Korea. North America is second largest regional market and is estimated to grow with substantial CAGR over the forecast period. Latin America and UAE holds a lot of growth prospects and is estimated to grow with significant CAGR in next few years.
The leading market players of the industry are BASF Catalysts LLC, Umicore SA, Johnson Matthey PLC, Solvay SA, DCL International Inc., Cataler Corporation, Cormetech Inc, Clariant International Ltd., Aerinox Inc. and others.
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