Emission Control Catalyst Market Latest Innovations, Drivers and Industry Key Events by 2024

21/gen/2020 11:09:55 Market Research News Contatta l'autore

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The Report Emission Control Catalyst Market Analysis By Product (Palladium, Platinum, Rhodium), By Application (Automotive, Industrial) And Segment Forecasts To 2024

The global Emission control catalyst market is expected to reach USD 11.09 billion by 2024, according to a new report by Grand View Research, Inc. Improving application of three-way oxidation-reduction converters in automotive applications is expected to drive market growth. Stringent environment regulations aimed at reducing carbon emissions in the major markets including U.S., Germany, India and Japan is projected to have a favorable impact on the market over the forecast period.

Increasing energy requirement from household and industrial sectors emerging economies including China and India coupled with favorable policies for the implementation of solutions to reduce emission is expected to fuel the demand for catalysts.

The automotive sector is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024, in terms of volume. The emergence of Mexico as an automotive production destination on account of rising domestic demand for passenger and commercial vehicles along with proximity to the U.S. is expected to increase the application of emission reduction catalyst over the next eight years.

Access Research Report of Emission Control Catalyst Market www.grandviewresearch.com/industry-analysis/emission-control-catalyst-market

Further key findings from the report suggest:

  • Global emission control catalyst demand was 1,978.0 kilo tons in 2015 and is anticipated to reach 2,900.4 kilo tons by 2024, expanding at a CAGR exceeding 4.0% from 2016 to 2024
  • Rhodium-based emission reduction catalyst is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024. Natural adaptive features with other metals including platinum and palladium coupled with high market visibility in the catalyst industry is expected to promote the usage of the product.
  • Industrial applications contributed to 15.1% of the global volume share in 2015. Rapid industrialization, particularly in emerging economies of Asia Pacific and Latin America, coupled with rising awareness regarding ecology preservation is expected to bolster the demand for emission control catalyst over the forecast period.
  • Latin America is projected to foresee volume growth at a CAGR of 4.2% from 2016 to 2024. The presence of numerous oil & gas production facilities in Brazil and Venezuela in light of the high prevalence of offshore petroleum basins is expected to promote the number of installations of power plants. This factor is expected to drive the Latin America emission control catalyst market over the next eight years.
  • Major emission control catalyst manufacturers include Johnson Matthey, BASF, Solvay, Umicore, Clariant and Corning Incorporated. Increasing expenditure on R&D and establishment of strategic partnerships with buyers including catalytic converter vendors is expected to remain a critical success factor over the next eight years.

Product Insights
Rhodium-based emission reduction catalyst demand was 828.2 kilo tons in 2015 and is expected to witness significant gains in light of its predominant use in the removal of nitrogenous oxide from exhaust emissions by three-way catalytic converters in automotive engines. In addition, rhodium metal is capable of exhibiting properties including high corrosion resistance and excellent thermal stability as compared to other metals.

Palladium is expected to witness the fastest growth at a CAGR of 4.7% from 2016 to 2024, in terms of volume. The product is likely to foresee tremendous improvement over the next eight years in light of low price and easy blending characteristics with platinum and palladium.

Platinum products accounted for 32.2% of global volume in 2015 and are expected to witness growth on account of being a suitable oxidation catalyst. The high price of platinum as compared to palladium and sensitive towards high-temperature conditions are likely to pose an adverse impact on the market over the next eight years.

Application Insights
Automotive was the largest application accounting for 83.5% of the total volume in 2015. Growing demand for automotive catalytic converters as an emission control medium is expected to have a substantial impact on the industry. Emissions from the industrial plants, automobiles, and other such sources, contains carbon dioxide along with other such compounds including nitrous oxides, carbon monoxide, and other extremely hazardous gases harming the environment. Thus, the implementation of regulations initiated by regional governments is expected to force automotive manufacturers to increase the usage of catalysts over the next eight years as catalysts control the emission of harmful gases.

Industrial applications are projected to foresee tremendous gains, at a CAGR of 4.9% from 2016 to 2024. Upscaling output in the manufacturing sector of China, India, and Turkey in light of regulatory support to promote investments at the domestic level is expected to boost the installation of diesel engines and gas turbine stations. This trend is anticipated to remain a vital driving force in the near future.

About Grand View Research

 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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