Automotive Catalyst Market Segmented by Type, Vehicle Type, and Geography (2019 to 2024)
The report has segmented the automotive catalyst market by type (oxidation catalyst, three-way catalyst, and others), vehicle type (light-duty commercial vehicles, heavy-duty commercial vehicles, Utility Task Vehicle (UTV), motorbikes, and others), and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Automotive Catalyst is used to remove harmful gases and by-products emitted from the internal combustion engine. It basically transforms toxic substances in exhaust gases into harmless products such as water, and carbon dioxide. Increasingly stringent global emission standards are leading auto manufacturers to place great emphasis on optimizing automotive catalyst formulations that are driving the automotive catalyst market growth.
Increased research and development in optimizing the catalytic converter are providing a big boost to the automotive catalyst market. For instance, BASF SE has launched a new automotive application center in the Asia Pacific in order to focus on automotive solutions for coatings, and process catalyst research and development. Thus, the market is expected to grow at a good rate over the forecast period on account of stringent regulations on emission and positive growth of the automotive sector globally.
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Three-way Catalyst holds a significant share in the market
Three-way holds a significant share in the market as most of the present day vehicles that run on gasoline are fitted with a three-way converter which converts the three main pollutants in automobile exhaust.
Light-duty commercial vehicles hold a significant share in the market
Light-duty commercial vehicles hold a significant share in the market on account of growing light commercial vehicles production globally. According to OICA, the global light commercial vehicles production has increased from 18,617,410 units in 2015 to 19,135,852 in 2016.
The Asia Pacific is expected to grow at a good rate over the forecast period
The Asia Pacific automotive catalyst market holds a significant share on account of growing commercial vehicle production in the countries such as China, Japan and India and etc. Furthermore, stringent VOC emission standards in China and Japan are expected to drive the demand for high-performing automotive catalysts.
Some of the major players discussed in the reports are CATALER CORPORATION, BASF SE, Johnson Matthey, Umicore AG & Co. KG, Heraeus Holding, INTERKAT Catalyst GmbH, and Tenneco Inc., Continental AG, Clariant, SUMITOMO METAL MINING CO., LTD., and MITSUI MINING & SMELTING CO., LTD.
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