Oxidation Catalyst Market: Information by Type (Precious Metals, Special Promoters, Special Binders), Application (Commercial Vehicles, Marine Application), and Region — Forecast till 2029

Catalytic oxidation uses manganese oxide materials and is considered to be an outstanding technology for both partial oxidations of petrochemical materials. Globally, rapid urbanization and industrialization have surged the emissions of volatile organic compounds (VOCs). These VOCs are prime contributors to the formation of secondary pollutants and photochemical smog. This has further led to a massive decline in air quality in several regions worldwide, thereby posing concern regarding the impact on human health and general well-being. Catalytic oxidation is regarded as one of the most promising strategies for VOC removal from industrial waste streams.

Rising Demand for Commercial Vehicles to Propel the Oxidation Catalyst Market

A diesel engine delivers better mileage than a gasoline engine, and it is cost-effective. Diesel oxidation catalyst helps achieve the fixed emission standards, and the rise in commercial vehicles drives the market growth. In 2019, nearly 2.7 million commercial vehicles were produced in the European Union alone. Light commercial vehicles accounted for 2,201,118 units, medium commercial vehicles accounted for 106,536, and the highest commercial vehicle production was 387,571.
Burgeoning Sales of Battery Electric Vehicles to Restrain the Oxidation Catalyst Market Growth

One of the key restraints for the oxidation catalyst market is the growing trend of battery electric vehicles (BEV). As the oil prices are rising and individuals are getting more aware of the harmful effects of GHG emission from conventional vehicles, a significant surge in demand for EV cars is observed. Lithium-Ion batteries are used as a power source of choice for the new generation of electric, hybrid, and plug-in hybrid vehicles for energy storage, further hampering the market growth.
Surging Application of Oxidation Catalyst in Marine Sector to Drive the Market Growth

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The exhaust emissions from marine and boating diesel let out untreated exhaust emissions from internal propulsion engines and onboard power generators. The shipping industry offers lucrative opportunities for the oxidation catalyst market, with its remarkable involvement in many sectors. The international shipping industry is accountable for the transportation of around 90% of world trade. The United Nations Conference on Trade and Development (UNCTAD) anticipates that the operation of merchant ships provides roughly USD 380000 million in freight rates in the worldwide economy that accounts for 5% of the total world trade.

As the world’s population is on a continuous rise, the emerging economies will further expand their requirements for raw materials and goods. According to the OECD reports, the contract for new ships lifted up in the year 2017, after a duration of relatively low ordering activity in 2016. In 2017, the total contracts were approximately 80% higher than that of 2016, where monthly new contracts were below 2 million CGT, and the quarterly average was 3.5 million CGT. As per the Observatory Economics of complexity, the top exporters of Passenger and Cargo ships include Asia, with South Korea, China, and the Philippines, altogether amounting to USD 27,900 million.

The expansion of ports in the emerging economies is further bolstering the demand for oxidation catalysts. Recently, the government of Sri Lanka announced the expansion of the Port of Colombo in order to cater to the burgeoning demand for services in the international shipping industry. After extensive speculations, the development project, Colombo Port Expansion Project (CPEP), was proposed by the government. The Colombo Port Expansion Project is situated west of the existing port of Colombo that encompassed an area of almost 600 hectares. The new harbor would boast three terminals, each having 1,200m length and facilities to accommodate three berths alongside.

Furthermore, the shipbuilding industry notably contributes to the economy of the Asian countries, owing to the presence of prominent market players and prominent ports. The industry also plays a vital role in international trade; hence, the regional governments are focusing on improving their marine sector. For instance, the Government of India has allowed foreign direct investment of up to 100% under the automatic route for projects related to the construction and maintenance of ports and harbors. China is the world’s top shipbuilder, accounting for around 40% of global ship orders.

Figure 4: Top Shipbuilding Countries, in 2019 (%)

Top-Shipbuilding-Countries-in-2019

Source: UNCTAD

Emission Control Solutions for the Mining Industry

The health, performance, and safety of mining workers are jeopardized when exposed to the exhaust, considering the high levels of harmful diesel emission concentrations in confined areas. Mining is a process of obtaining resources that are of economic value from the earth’s crust. It mainly consists of iron and ferroalloys, nonferrous metals, industrial metals, and mineral fuels. The mining industry employs hundreds of laborers.

Mining provides essential power and materials for almost every industry and consumer product and supplies low-cost, reliable fuel for homes and businesses across the country. Mining contributes to economic activity in every state by supporting around two million high-paying jobs. With growing advancements in technology, the mining industry, too, is facing an exciting shift. It is witnessing the use of three-dimensional modeling and virtual reality. 3D modeling supports the mining industry by reimagining the mine more efficiently. Virtual reality is an artificially created software environment that uses real-life data. With so many mining activities going on, the oxidation catalysts are in excessive demand, owing to their property of converging hazardous gas and chemicals into cleaner gases.

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Regional Overview
South America: Home to the Most Prominent Mining Industry

South America leads the oxidation catalysts market as it is home to the most prominent mining industry. The conversion of some large open-pit mining operations to underground operations in Chile is projected to offer enormous opportunities to the minerals processing equipment supplier, Multotec. Recently, a community in the Salt Lake City area is all set to benefit from a recent announcement from Rio Tinto that invested an additional USD 1.5 billion in its Kennecott copper mine to extend its life until at least 2032. In 2019, Latin America attracted more exploration capital than any other region in the world. It received 28% of the total global mining exploration budget. There were six countries, Peru, Mexico, Chile, Brazil, Argentina, and Ecuador, that together contributed 90% of the region’s total budget.

Key Players

Haldor Topsoe A/S
Axens
Johnson Matthey
Vineeth Chemicals
R.GraceandCo.
Nett Technologies Inc.
Perkins Engines Company Limited
Donaldson Company, Inc.
Shuster Corporation
Cummins Inc.
Oxidation Catalyst Market: Segmentation

By Type

Precious Metals
Special Promoters
Special Binders
By Application

Commercial Vehicles
Marine Applications
By Region

North America

The U.S.
Canada
Mexico
Europe

Germany
France
Italy
The U.K.
Spain
Russia
Poland
The Rest of Europe
Asia-Pacific

China
India
Japan
South Korea
Australia
Vietnam
Indonesia
Malaysia
Singapore
The Rest of APAC
Central and South America and the Caribbean

Brazil
Argentina
Colombia
The Rest of Central and South America and the Caribbean
The Middle East and Africa

Saudi Arabia
The UAE
Iran
Kuwait
Tanzania
South Africa
The Rest of MEA

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This release was published on openPR.