FELTON, England, October 11, 2017 /PRNewswire/ --
Global emission control 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.
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.
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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.
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.
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.
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Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• South Korea
• Latin America
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