Press release
Automotive Catalyst Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | BASF SE, Johnson Matthey, Umicore N.V., Tenneco Inc., Clean Diesel Technologies Inc., Cummins Inc.
Automotive Catalyst Market Characteristics
The Business Research Company offers in-depth market insights through Automotive Catalyst Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive catalyst market size has grown strongly in recent years. It will grow from $17.32 billion in 2023 to $18.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growth of the automotive industry, environmental awareness, emission regulations, economic growth.
The automotive catalyst market size is expected to see strong growth in the next few years. It will grow to $23.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising vehicle production, electric vehicle adoption, rising global urbanization, growing per capita disposable income, government support. Major trends in the forecast period include reducing precious metal content, lightweight catalysts, tailpipe emissions monitoring, smart catalysts, partnerships and collaborations.
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Market Segmentation:
The main products of automotive catalysts are two-way catalytic converters, three-way catalytic converters, and diesel oxidation catalysts. Diesel oxidation catalysts refer to catalytic converters designed specifically for diesel engines and equipment to reduce carbon monoxide (CO), hydrocarbons (HC), and particulate matter (PM) emissions. The raw materials used are rhodium, platinum, and palladium. The various applications involved heavy-duty vehicles, light-duty vehicles, and other applications.
Major Driver - Government Emission Initiatives Fuel Growth In The Automotive Catalyst Market
Government initiatives on emissions are expected to propel the growth of the automotive catalyst market going forward. The Indian government is focusing on several programmes or initiatives for controlling emissions into the atmosphere. Different types of catalysts, such as noble metal, base metal, and transition metal catalysts, are employed in automobile exhaust gas emissions controls. According to IndiaSpend, an Indian-based non-profit media platform, the Indian government's five new emission pledges plan to reduce total carbon emissions by 1 billion tonnes and the economy's carbon intensity to less than 45% by January 2022. Therefore, government initiatives on emissions are driving the growth of the automotive catalyst market.
Competitive Landscape:
Major companies operating in the automotive catalyst market include BASF SE, Johnson Matthey, Umicore N.V., Tenneco Inc., Clean Diesel Technologies Inc., Cummins Inc., Ecocat India Pvt. Ltd., Clariant, Cataler Corporation, Interkat Catalyst GmbH, Heraeus Precious Metals GmbH & Co. KG, DCL International Inc., Solvay S.A, Eberspcher, N.E. CHEMCAT CORPORATION, Klarius Products Ltd., CDTi Advanced Materials Inc., IBIDEN Co. Ltd., Sinocat Environmental Technology Co. Ltd., Haldor Topsoe A/S, Corning Incorporated, W. R. Grace & Co., Sino-Platinum Metals Co. Ltd., N.V. Bekaert S.A., Sibanye-Stillwater, Tanaka Holdings Co. Ltd., Clariant International AG, CRI Catalyst Company LP, Catalytic Combustion Corporation, Cormetech Inc.
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Top Trend - Technological Advancements In The Automotive Catalyst Market
Technological advancements are a key trend gaining popularity in the automotive catalyst market. Major companies operating in the automotive catalyst sector are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Umicore, a Belgium-based materials technology and recycling group, launched a new automotive catalyst technology called 'Onyx' that reduces the amount of platinum required in catalytic converters. The Onyx technology uses a unique combination of materials and design to reduce the amount of platinum required by up to 40%, while still meeting the latest emission standards.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Catalyst Market Characteristics
3. Automotive Catalyst Market Trends And Strategies
4. Automotive Catalyst Market - Macro Economic Scenario
5. Automotive Catalyst Market Size And Growth
…..
27. Automotive Catalyst Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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