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.
Grand View Research has
segmented the global emission control catalyst market by product, application
and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
·
Palladium
·
Platinum
·
Rhodium
·
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2012 - 2022)
·
Automotive
·
Industrial
·
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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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