Global EmissionControl Catalyst market size was 1,978 kilo tons in 2015. Rising awareness towards reduction of carbon footprints along with stringent norms implemented by government towards reduction of harmful pollutants from industries and automotive combustion will create substantial demand for these catalyst in the near future.
Emission
control catalyst are designed to breakdown harmful particles which are
generated inside exhaust system of automotive engines and industrial machinery.
Rising number of installation of catalytic converter by major automotive
players including BMW, General Motors, Volkswagen and Ford Motors will create
immense market potential over the forecast period.
Increasing
automobile production in developing countries including China, India, Mexico
and Iran will increase the product demand over the next eight years. Presence
of strict regulation norms regarding emissions in various developed countries
including the U.S., and UK is expected to fuel product demand over the forecast
period.
High
dependence on temperature fluctuation for the product performance is expected
to pose a challenge to the market growth over the forecast period.
Volatility
in platinum based catalyst prices owing to unavailability of noble metals is
anticipated to hinder industry expansion over the upcoming years. Increasing
investments in platinum-rhodium-palladium based manufacturing facilities by key
players including BASF and Johnson Matthey will open new market avenues over
the upcoming years
Request Sample Copy of This Market Research @
https://www.millioninsights.com/industry-reports/emission-control-catalyst-market/request-sample
Application Insights
Automotive
was the dominant segment and accounted for 83.5% of the total volume in 2015.
National Ambient Air Quality Standard in the U.S. and Bharat Stage Emission
standard in India regarding emission control will increase demand for automotive
and industrial emission control catalytic converter in the near future.
Industrial
application is expected to show high gains at a CAGR of 4.9% in terms of volume
from 2016 to 2024. Increasing industrial investment in manufacturing sector in
various countries including India, China, Mexico and Thailand will augment
industry size over the forecast period.
Product Insights
Rhodium
based catalyst demand was 828.2 kilo tons in 2015. Demand for the product is
expected to spur over the upcoming coming eight years owing to its ability to
remove nitrous oxide from exhaust emission by three way catalytic converters in
automotive engines. High cost of Rhodium as compared to other emission control
catalyst is expected to lower its growth over the next eight years.
Palladium
is expected to show tremendous rise at a CAGR of 4.7%from 2016 to 2024.
Palladium based products are growing significantly on account of its
availability at low price and easy blending characteristics with platinum and
rhodium.
Platinum
based catalyst accounted for 32.2% of total overall volume in 2015 and is
anticipated to witness growth on account of its high usage in catalytic
converter of gasoline engines. Platinum is prominently used in diesel vehicle
as it is having duel characteristic of oxidation and reducing agent which in
turn lowers Sulphur emission. High price of platinum and its sensitivity
towards high temperature is expected to have adverse impact on its market
demand.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/emission-control-catalyst-market
Regional Insights
Asia
Pacific was the largest market and accounted for 32.9% of the overall volume in
2015. Large vehicle manufacturing base in India, Thailand, Japan, South Korea,
Malaysia and China owing to increasing population will augment market growth.
Availability of cheap raw material in countries including China and India is
expected to fuel investment in these countries.
Growing
number of power plants and diesel engines in various countries including India
and China is expected to promote industry expansion over the upcoming years.
Europe
is expected to grow at a CAGR of 4.3% from 2016 to 2024. Europe has established
itself as a lucrative market for emission control catalyst. Fully developed
industrialization has been a major driver. In order to reduce emission of
carbon gas in over 11,000 power stations and manufacturing units in 31
countries of the region, European Commission has implemented the EU Emission
Trading System (EU ETS) in the year 2005, which in turn will create growth
opportunities.
Competitive Insights
Major
manufacturers include BASF, Johnson Matthey, Solvay S.A., Umicore SA and
Corning Incorporated. Fully developed R&D centers along with easy access to
equipment in U.S., U.K. and Germany have led manufacturers to establish their
manufacturing facilities in these countries, thereby capturing market share. As
a part of business strategy, in March 2017, BASF launched mobile emission
control catalyst manufacturing facility in Chennai(India) in order to meet the
increasing demand for automobiles in India.
Market Segment:
Product
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Palladium
• Platinum
• Rhodium
• Others
Application
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Automotive
• Industrial
• Others
Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Russia
• Asia Pacific
• China
• Japan
• India
• South Korea
• Latin America
• Brazil
• MEA
Read more insights on @
https://latestmarkettrends.news.blog
Get in touch
At Million Insights, we work with the aim to reach the highest levels
of customer satisfaction. Our representatives strive to understand diverse
client requirements and cater to the same with the most innovative and
functional solutions.
Contact Person:
Ryan Manuel
Research Support Specialist, USA
Email: ryan@millioninsights.com
Comments
Post a Comment