What's Driving The Emission Control Catalyst Market Size? | BASF, Catalysts, Umicore, Johnson Matthey PLC, Solvay, DCL International, Cataler Corporation, Cormetech, Clariant International, Aerinox
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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.
The global emission control catalyst market is driven by increasing automotive sales from the past few years. The automotive sales are increasing o a rapid rate, and are expected to increase throughout the forecast period, thereby facilitating the growth of global emission control catalyst market.
European region comprises of six prominent automotive companies namely, Daimler AG, Volkswagen, Audi, BMW and Opel which have witnessed 0.5% growth in production by 2016, complementing the growth of emission control catalyst. France is second highest automobile manufacturer with 5.6% growth in terms of production during 2016. Environmental policies of federal governments in the European region, coupled with foreign direct investments for automotive industry is augmenting the market demand for emission control catalyst product in automotive industry.
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.
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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.
The leading 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.
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