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Automotive Catalyst Market 2024-2033 - Growth, Trends & Competitive Landscape
Automotive Catalyst Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Automotive Catalyst Market 2024 Key Insights:
• 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%.
• Government Emission Initiatives Fuel Growth In The Automotive Catalyst Market
• Technological Advancements In The Automotive Catalyst Market
• Europe was the largest region in the automotive catalyst market in 2023
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