-- Stringent standards setting emission levels for mobile and stationary engines fuel market
MOUNTAIN VIEW, California, May 23, 2013 /PRNewswire/ -- Stringent regulations aimed at minimizing vehicle emissions have spurred the global emission control catalyst market. The market will also grow in tandem with the automotive and energy segments in Asia-Pacific, as rising vehicle sales and escalating demand for power add to the need for emission control catalysts.
New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Global Market for Emission Control Catalysts, finds that the market earned revenue of more than $6.70 billion in 2012 and estimates this to reach $14.22 billion in 2019.
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The emergence of heavy-duty diesel vehicle regulations has strengthened the requirement for emission control catalysts in diesel engines, subsequently causing momentum to the global emission control catalyst market.
"The continuously revised regulatory roadmap for both mobile and stationary engines has accelerated the development of solutions with better emission reduction capabilities, and widened the market's application scope," said Frost & Sullivan Chemicals, Materials & Food Research Analyst Soundarya Shankar. "Asian countries' adoption of Euro standards has further fuelled market growth."
However, the relaxed enforcement of these regulations, especially in China and India, has dissuaded potential investors from taking advantage of Asia-Pacific's potential opportunities, restraining overall market value.
The market's prospects have further taken a hit due to the high and volatile prices of platinum group metals (PGM), which have forced catalyst manufacturers to reduce PGM quantities, in turn, affecting system performance. High costs have curbed unit shipment volumes too.
To decrease PGM quantities in catalysts without compromising on performance, catalyst manufacturers are focusing on innovation in substrate and wash-coat technology. They are also creating customized solutions for different regions based on regulatory trends, fuel quality, and driving conditions to appeal to a larger consumer base.
"Expansion strategies, along with robust research and development, are crucial to retain and increase market share," noted Shankar. "In fact, partnering with niche participants will enable catalyst companies to expand their product portfolio and presence in developing markets."
Vertical market integration and outsourcing to regions offering low-cost production will help manufacturers stay competitive and profitable.
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Global Market for Emission Control Catalysts
SOURCE Frost & Sullivan