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Evolving Market Trends In The Automotive Catalyst Industry: Technological Advancements In The Automotive Catalyst Market
Automotive Catalyst
What Is the Expected Automotive Catalyst Market Size During the Forecast Period?
The size of the automotive catalyst market has seen considerable growth in the past few years. The market, which is projected to augment from $18.13 billion in 2024 to approximately $19.16 billion in 2025, will experience a compound annual growth rate (CAGR) of about 5.7%. Factors such as the expansion of the automotive industry, heightened environmental consciousness, stringent emission regulations, and economic development have fueled the growth during the historic period.
In the coming years, the market size of the automotive catalyst is anticipated to experience significant growth. It is projected to reach $24.56 billion by 2029, with a compound annual growth rate (CAGR) of 6.4%. The growth during the forecast period is likely due to factors such as increased vehicle manufacturing, adoption of electric vehicles, heightened global urbanization, escalating disposable income per capita, and governmental assistance. Some of the major trends expected during the forecast include reduction in precious metal content, lighter catalysts, monitoring of tailpipe emissions, smart catalysts, as well as partnerships and collaborations.
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What Are the High-Growth Segments in the Automotive Catalyst Market?
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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What Key Drivers Are Expected to Influence Future Automotive Catalyst Market Growth?
The future expansion of the automotive catalyst market is predicted to be stimulated by governmental policies aiming to reduce emissions. There are numerous initiatives being undertaken by the Indian government aimed at emission control. A range of catalysts such as noble metal, base metal and transition metal catalysts are utilized in managing automobile exhaust gas emissions. As reported by IndiaSpend, a non-profit Indian media organization, the Indian government has made five new commitments to emission reductions, with plans to cut total carbon emissions by 1 billion tonnes and reduce the economy's carbon intensity by less than 45% by January 2022. As a result, these government-driven emission initiatives are facilitating the growth of the automotive catalyst market.
Which Companies Hold the Largest Share Across Different Automotive Catalyst Market Segments?
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.
What Trends Are Driving Growth in The Automotive Catalyst Market?
Progress in technology is becoming a significant trend in the automotive catalyst market. Leading enterprises in the sector are channeling efforts towards devising innovative technological solutions to beef up their standing. As an example, BASF Environmental Catalyst and Metal Solutions, an American Water Technology enterprise, introduced Verdium in December 2023. Verdium allows users to authenticate the carbon reduction connected to recycled platinum group metals (PGMs). By employing a mass balance strategy, Verdium facilitates the monitoring and validation of the carbon footprint of PGMs used in a range of applications, predominantly in automotive catalysts. This initiative upholds sustainability objectives by substantially cutting down carbon emissions-a kilogram of Verdium reportedly saves over 30 metric tons of carbon in comparison to conventionally mined substances. This product is designed to offer transparency and traceability to the PGM value chain, satisfying the growing environmental and sustainability requirements in the sector.
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What Are the Emerging Geographies for The Automotive Catalyst Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Catalyst Market?
2. What is the CAGR expected in the Automotive Catalyst Market?
3. What Are the Key Innovations Transforming the Automotive Catalyst Industry?
4. Which Region Is Leading the Automotive Catalyst Market?
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