- Rapid advancements in exhaust emission control systems, increasing need to reduce toxic fumes, and rising government focus on cleaner air are some key factors expected to drive market growth
NEW YORK, Nov. 11, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Automotive Catalyst Market Size, Share & Analysis, By Product Type (Two-way Catalytic Converter, Three-way Catalytic Converters, Diesel Oxidation Catalyst), By Raw Materials (Rhodium, Platinum, Palladium), By Engine Type (Diesel, Gasoline, Others), By Application (Heavy-Duty Vehicle, Light-Duty Vehicle), And By Region Forecast To 2028."
According to Reports and Data, the global automotive catalyst market size was USD 13.63 billion in 2020 and is expected to reach USD 19.22 billion in 2028 and register a revenue CAGR of 4.3% during the forecast period, 2021-2028.
Automotive catalyst or catalytic converter is an exhaust emission control device that efficiently converts pollutants and toxic gases found in exhaust gas into less toxic pollutants through redox reaction. Automotive catalysts are widely used in all types of internal combustion engines and in stationary applications such as for the control of Volatile Organic Compounds (VOCs) and nitrogen oxides (NOx) emissions. Automotive catalysts are used to reduce toxicity of polluting agents and gases emitted from vehicles. Rising focus on reducing emissions of gases that are harmful to human health and the environment and implementation of increasingly stringent regulatory policies to reduce impact on human health and the environment are some key factors expected to drive market revenue growth over the forecast period.
Automotive exhaust catalysts are required to be installed in vehicles as per regulations and policies related to carbon dioxide, nitrogen oxides, and hydrocarbons from engines in various countries. These gases cause asphyxia, irritation to skin and respiratory system, and gases such as nitrogen dioxide can contribute to photochemical smog and acid rain. Advancements in automotive engines introduction of electronic carburetion system and catalyst in exhaust systems is expected to open up growth opportunities. Automotive catalysts are generally available in form of monolith ceramic and metal substrates. Three-way convertors are widely used in vehicle emission control systems in countries across the globe. Increasing global production of vehicles powered by gasoline and other types of fuels has resulted in extensive R&D activities to improve efficiency of known catalysts and to develop newer more effective models and this is expected to further boost revenue growth of the market over the forecast period.
Technological advancements and research and development activities have led to introduction of more advanced gas analysis systems and automotive exhaust catalysts that can more effectively reduce harmful gases and particulate byproducts from automotive exhausts. Increasing focus on addressing rising concerns regarding clean air and implementation of more stringent regulations and carbon dioxide emission standards for passenger vehicles powered by petrol and diesel engines are other factors expected to continue to contribute to growing demand for automotive catalysts and fuel revenue growth of the market going ahead.
However, high costs of automotive catalysts and rapid adoption of electric vehicles in various across the globe are key factors expected to hamper market growth to a certain extent over the forecast period.
In addition, a number of vehicle manufacturing companies have announced plans to stop production and sale of petrol and diesel cars. Also, petrol and diesel vehicles are expected to be banned from 2030, with some hybrid cars remain on the road until 2035. In addition, shift towards renewable energy resources and eco-friendlier vehicles is another major factor expected to result in a steady decline of vehicles powered by fossil fuel. Leaders in terms of sales of Electric Vehicle (EVs) are China, the US, and Europe respectively. Sales increased by 160% in the first half of 2021 from a year earlier, to 2.6 million units, representing 26% of new sales in the global automotive market. These are some key factors expected to negatively impact market growth over the forecast period.
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Three-Way Catalytic Converters Segment to Register Significant Revenue Growth:
Three-way catalytic converters segment is expected to register significant revenue growth owing to increasing preference for three-way catalytic convertors owing to its additional ability to reduce nitrogen dioxide and nitric oxide emissions along with oxidation of exhaust gas pollutants such as hydrocarbons and carbon monoxide. Three-way catalytic converters are widely used in vehicle emission control systems across the United States and Canada and other countries where vehicle emission regulations necessitate three-way converters in vehicles powered by gasoline.
Rhodium Segment to Account for Largest Revenue Share:
Rhodium segment is expected to dominate other raw material segments in terms of revenue share over the forecast period attributable to its wide usage in car exhaust systems to effectively meet strict emissions norms, its high efficiency in converting nitric oxide to nitrogen, and higher preference of automobile manufacturers for rhodium as an automotive catalyst.
Asia Pacific to Register Robust Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributable to rapid progress in automobile industry, growing demand for high-end automobiles due to rising disposable income among individuals, increasing focus on environmental protection, and implementation of stringent regulations to curb toxic vehicle emissions.
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.