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Diesel Engine Catalyst Market Report 2024 - Diesel Engine Catalyst Market Size And Growth
Diesel Engine Catalyst Market
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According to The Business Research Company's, The diesel engine catalyst market size has grown strongly in recent years. It will grow from $30.47 billion in 2023 to $32.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rapid urbanization, industrial growth, expansion of the automotive industry, growth in global trade and transportation, and increasing consumer preference for environmentally friendly vehicles.
The diesel engine catalyst market size is expected to see strong growth in the next few years. It will grow to $44.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to stricter emissions regulations worldwide, rising Awareness of air pollution, significant investments in research and development, high demand for commercial vehicles, and the growing use of renewable diesel fuels. Major trends in the forecast period include technological advancements, improvements in catalyst technologies, development of selective catalytic reduction (SCR), implementation of after-treatment systems, and improvements in fuel efficiency standards.
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Market Drivers and Trends:
The growth in the commercial vehicle segment is expected to propel the growth of the diesel engine catalyst market going forward. A commercial vehicle is any motor vehicle used for transporting goods or paying passengers and is typically classified based on its gross vehicle weight rating (GVWR) or passenger capacity. The commercial vehicle segment is expected to see growth due to the expanding economy, increased demand for freight transportation driven by e-commerce and infrastructure development, and the need to replace older trucks with more technologically advanced and fuel-efficient models. Diesel engine catalysts in commercial vehicles reduce emissions of pollutants such as NOx, CO, and particulate matter, ensuring compliance with stringent environmental regulations while improving fuel efficiency. For instance, in April 2024, according to the European Automobile Manufacturers Association (ACEA), the lobbying and standards group of the automobile industry, in the first quarter of 2024, new EU commercial van sales rose by 12.6%, with nearly 400,000 units in comparison to the first quarter of 2023. Commercial bus sales also had a positive start to the year, with new EU registrations surging by 23.3% compared to the first quarter of 2023, totaling 9,624 units. Therefore, the growth in the commercial vehicle segment is driving the growth of the diesel engine catalyst market.
Major companies operating in the diesel engine catalyst market are focusing on developing advanced products, such as NOx adsorbers, to better serve customers. NOx adsorbers, also known as NOx traps or lean NOx traps (LNTs), are emission control devices used in internal combustion engines to reduce nitrogen oxide (NOx) emissions. For instance, in June 2024, Veneporte, S.A., a Portugal-based auto parts manufacturing company, released new lean NOx trap products. This exhaust gas purification system is one of the most advanced on the market, with its main function being the significant reduction of harmful emissions produced by diesel engines. This launch reinforces Veneporte's commitment to innovation and sustainability, providing our customers with cutting-edge technologies for a cleaner future and also focusing on offering new emission control solutions to the market.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BASF SE, Continental AG, Cummins Inc., Faurecia SE, Johnson Matthey plc, Kubota Corporation, Tenneco Inc., Eberspacher Climate Control Systems, Umicore N.V., NGK Insulators Ltd., IBIDEN CO. LTD., Cataler Corporation, Bosal Nederland B.V., Perkins Engines Company Limited, Cormetech Inc., Nett Technologies Inc., Clean Diesel Technologies Advanced Materials Inc., DCL International Inc., CDTi Advanced Materials Inc., Haldor Topsoe Holding A/S, SANGO Co. Ltd
Diesel Engine Catalyst Market 2024 Key Insights:
• The diesel engine catalyst market size is expected to see strong growth in the next few years. It will grow to $44.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Growth In Commercial Vehicle Segment Boosts Diesel Engine Catalyst Market
• The Diesel Engine Catalyst Market Embraces Lean NOx Trap Technology For Cleaner Emissions
• Asia-Pacific was the largest region in the diesel engine catalyst market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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