Automotive Catalyst Market to grow by USD 2.46 billion from 2022 to 2027, APAC is estimated to contribute 60% growth - Technavio
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The automotive catalyst market is estimated to grow by USD 2.46 billion at a CAGR of 3.3% from 2023 to 2027, according to Technavio. APAC is estimated to contribute 60% to the growth during the forecast period. The increasing population and heightened automobile demand are propelling regional growth, with China leading in market share. Major players like BASF, Johnson Matthey, and Umicore operate production facilities in China. Additionally, Japan is a significant contributor to the growth in the region, with companies like Umicore maintaining a robust presence. Leveraging joint ventures enables firms to effectively compete in local markets, facilitating substantial gains in the country.
For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a Free sample report
Increasing vehicle production is the key factor driving the growth. The autocatalyst is witnessing a surge in demand due to the growing need for converters that mitigate pollutants like nitrogen oxides. Platinum, palladium, and rhodium play crucial roles in autocatalysts. As global automobile production rises, the demand for autocatalysts is expected to follow suit. Stricter regulations governing nitrogen oxide emissions in Europe and North America, such as the US Environmental Protection Agency's NOx Limits and Allowances Trading Program, are positively influencing the autocatalyst market by driving the need for compliant solutions.
BASF SE, CDTi Advanced Materials Inc., Clariant International Ltd., Corning Inc., Cummins Inc., Heraeus Holding GmbH, INTERKAT Catalyst GmbH, Johnson Matthey Plc, Norman G. Clark A Asia Pty Ltd., Northam Platinum Ltd., PJSC MMC Norilsk Nickel, Shell plc, Sinocat Environmental Technology Co. Ltd., Solvay SA, Stella Chemifa Corp., Tenneco Inc., Topsoes AS, Toyota Motor Corp., Umicore SA, and Vikas Group are key companies.
What's New?
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!
Technavio has segmented the market based on application (light-duty vehicle and heavy-duty vehicle), product (palladium, platinum, rhodium, and ruthenium and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The light-duty vehicle segment is estimated to witness significant growth during the forecast period. The Clean Air Act is tightening regulations for emissions from light-duty commercial vehicles, driving the demand for autocatalysts. Traditional platinum catalysts are being replaced with cost-effective palladium due to rising commodity prices. Manufacturers commonly use palladium-rhodium combinations, while some still employ platinum-palladium-rhodium catalysts. The global increase in light-duty commercial vehicle production is anticipated to further fuel the demand for autocatalysts.
Insights on the contribution of various segments including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Free Sample Report
- Recycling automotive catalysts is the primary trend shaping the growth.
- Increasing demand for electric vehicles is a significant challenge restricting growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a Free sample report!
Automotive Catalyst Applications
Automotive catalysts, like catalytic converters, play a crucial role in emission control technology, helping automotive exhaust systems meet strict environmental regulations by reducing vehicle emissions. These catalysts often contain precious metals like palladium and platinum group metals, which facilitate the conversion of harmful pollutants into less harmful substances. They are used in various types of catalytic converters, including three-way catalytic converters and diesel oxidation catalysts, contributing to the reduction of nitrogen oxides and other pollutants in vehicle exhaust. These catalysts are essential components of green vehicle technologies, supporting sustainable transportation solutions and clean air initiatives by enabling vehicles to comply with stringent automotive emission standards.
What are the key data covered in this Automotive Catalyst Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Automotive Catalyst industry across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Automotive Catalyst companies
Technavio's SUBSCRIPTION platform
Related Reports
The silicones market size is forecast to increase by USD 8.76 billion, at a CAGR of 7.32% between 2023 and 2028.
The adaptive driving equipment market size is forecast to increase by USD 1.51 billion with growth at a CAGR of 7.71% between 2024 and 2028.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Application
Segmentation by Product
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article