Press release
Global Automotive Catalyst Market Projected to Surpass $24.56 Billion by 2029 with 6.4% Annual Growth
Automotive Catalyst Market
The advancement of the automotive catalyst market is anticipated to be fueled by government emissions policies. The administration in India is concentrating its energy on a range of programs and initiatives aimed at curbing the release of pollutants into the environment. Various catalyst types, including noble metal, base metal, and transition metal catalysts, are utilized for the regulation of vehicular exhaust gas emissions. As reported by IndiaSpend, a non-profit Indian media organization, plans are underway for five fresh emissions commitments by the Indian government, which aim to slash total carbon emissions by 1 billion tonnes and lower the economic carbon intensity to under 45% by January 2022. Hence, emission initiatives undertaken by the government are steering the expansion of the automotive catalyst market.
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What is the projected compound annual growth rate (CAGR) of the automotive catalyst market from 2025 to 2034, and what factors influence it?
In the past few years, there has been a substantial expansion in the automotive catalyst market size. The forecast indicates a rise from $18.13 billion in 2024 to $19.16 billion in 2025, translating to a compound annual growth rate (CAGR) of 5.7%. The upward trajectory during the historical period is linked to the development of the automotive sector, awareness about environmental issues, emission rules and economic prosperity.
In the coming years, the market size for automotive catalysts is predicted to experience substantial growth. By 2029, it's estimated to reach $24.56 billion, with a compound annual growth rate (CAGR) of 6.4%. Factors contributing to this increase during the forecast period include heightened vehicle production, the adoption of electric vehicles, the surge in global urbanization, an increase in per capita disposable income, and government assistance. The forecast period is also anticipated to witness major trends such as reducing the content of precious metals, manufacturing lightweight catalysts, monitoring tailpipe emissions, developing smart catalysts, and fostering partnerships and collaborations.
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How are the latest trends influencing the growth of the automotive catalyst market?
Technological innovations are emerging as a crucial trend in the automotive catalyst industry. Prominent corporations in this field are concentrate on creating new technological methods to reinforce their standing in the market. For instance, BASF Environmental Catalyst and Metal Solutions, an American Water Technology firm, introduced Verdium in December 2023. This product enables users to confirm the carbon deduction related to the recycling of platinum group metals (PGMs). With the application of a mass balance strategy, Verdium offers a mechanism to track and verify the carbon footprint of PGMs in diverse uses, mainly in automotive catalysts. This project supports sustainable objectives by dramatically reducing carbon emissions- over 30 metric tons of carbon can be saved by using one kilogram of Verdium in comparison to conventionally mined materials. The objective of this product is to increase transparency and accountability in the PGM supply chain, which is consistent with the growing focus on environmental and sustainability requirements in the sector.
What are the major segments of the automotive catalyst market and their role in driving growth?
The automotive catalyst market covered in this report is segmented -
1) By Product: Two-Way Catalytic Converter, Three-Way Catalytic Converter, Diesel Oxidation Catalyst
2) By Raw Material: Rhodium, Platinum, Palladium
3) By Application: Heavy-Duty Vehicle, Light-Duty Vehicle, Other Applications
Subsegments:
1) By Two-Way Catalytic Converter: Oxidation Catalytic Converters, Reduction Catalytic Converters
2) By Three-Way Catalytic Converter: Gasoline Three-Way Catalytic Converters, Diesel Three-Way Catalytic Converters
3) By Diesel Oxidation Catalyst: Passive Diesel Oxidation Catalysts, Active Diesel Oxidation Catalysts
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Which regions are key players in the growth of the automotive catalyst market?
Europe was the largest region in the automotive catalyst market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive catalyst market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the automotive catalyst market?
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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What Is Covered In The Automotive Catalyst Global Market Report?
•Market Size Forecast: Examine the automotive catalyst market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive catalyst market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive catalyst market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive catalyst market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive catalyst market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive catalyst market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive catalyst market.
•Competitive Landscape: Review strategic developments in the automotive catalyst market, including expansions, agreements, and new product launches.
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