Press release
Asia Pacific Emission Control Catalyst Market Size 2025
Emission Control Catalyst Market
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.
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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.
The market growth is further attributed by the tightening environmental regulations regarding the harmful emissions from the automobiles. Majority of the governing bodies of both developed and developing economies are imposing strict regulations regarding the control of emissions from automobiles. For instance, Environmental Protection Agency (EPA) one of the regulatory body of European commission, had devised stringent regulatory norms for reducing vehicle emission. It devised, an act under code of federal regulations citations 40 CFR Part 79 to control of air pollution from motor vehicles.
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.
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. Eminent market player of the industry holds strong developmental strategies for expansion of its business beyond regional terrains in coming years.
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