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Emission Control Catalyst Market anticipated to witness significant growth by 2024 | Top Key Players Catalysts LLC, Umicore SA, Johnson Matthey PLC, Solvay SA, DCL International Inc., Cataler Corporation, Cormetech Inc, Clariant International Ltd., Aerino
Emission Control Catalyst Market
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Asia pacific economic development plans to revolutionize industrial sector. For instance, India government have initiated Make in India program to enhance industrial development, which had attracted foreign direct investment of over USD 70 billion by the end of June 2017. In addition, government have implemented certain reforms to liberalized FDI polices, improved business environment and offered simplified tax structure to stimulate industrial growth. In July 2017, China have implemented revised foreign investment cataloged, to encourage foreign direct investment in industrial sector. Industrial growth strategies in Asia pacific is likely to drive the global emission control catalyst market over the projected timeframe.
Emission Control Catalyst Market size is set to grow exponentially to 2024 due to its usage in internal combustion engines to reduce the release of harmful pollutants into the environment along with its applications in automotive industry as it helps to break down the solid particulates present in engine exhaust system of transportation vehicle.
Volatility in metal prices may also hinder the global emission control catalyst market over the forecast period. Limited reserves and increasing mining activities throughout the world is likely to deplete steel reserve in nearer future. In addition, Chinese manufacturers overloading the market with cheap steel products tends to fluctuate market price, restraining the market growth.
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Global emission control catalyst market is segmented based on metal type. Platinum and palladium metal segment is growing at a significant CAGR due to growing application in various automotive engines. Rhodium metal is estimated to grow over the projected time frame owing to growing demand from industrial application.
In terms of end-user industry, automotive is fastest growing application segment of the market. Due to stringent environmental regulation implemented on motor vehicles, the demand for emission control vehicles are expected to increase for automotive applications, and contribute significantly to the market growth.
Asia Pacific holds potential market share of global emission control catalyst market, majorly dominated by China, India, Indonesia, Japan, Malaysia, and South Korea. North America is second largest regional market and is estimated to grow with substantial CAGR over the forecast period. Latin America and UAE holds a lot of growth prospects and is estimated to grow with significant CAGR in next few years.
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The leading Emission Control Catalyst Market players of the industry are BASF Catalysts LLC, Umicore SA, Johnson Matthey PLC, Solvay SA, DCL International Inc., Cataler Corporation, Cormetech Inc, Clariant International Ltd., Aerinox Inc. and others. Eminent market player of the industry holds strong developmental strategies for expansion of its business beyond regional terrains in coming years. Likewise, many companies have their own raw material divisions along with product manufacturing facilities. Some of the important manufacturers also enter into partnership or agreement with end-user industries for gaining sustainable benefits and profits. Such partnership helps to enhance relationship with various end-user clients that helps to achieve competitive advantage.
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