Forecast on Emission Control Catalyst Market for the Period 2014 - 2020
Mobile applications include automotives. These catalysts are also called automotive catalysts. Stationary applications include thermal or conventional power plants, and other industries.
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Mobile application presently is the largest segment for emission control catalysts due to the increasing demand for light and heavy commercial vehicles across the globe. Catalytic convertors are mostly used in the automotive industry while stationary emission control systems utilise selective catalytic reduction, catalytic incineration, filters, and catalytic oxidation. Passenger vehicles and cargo trucks are the main source of vehicle pollution followed by two and three wheeler vehicles. Emission control catalysts or convertors are now increasingly being used for NOx reduction from power plants, reduction of sulphur, and removal of toxins from exhaust smoke.
Europe is the most lucrative emission control catalyst market. The heavy presence of automobiles manufacturers, power sector companies, and industrialisation across various geographical locations in Europe are the major driving factors for the emission control catalyst market. Europe witnessed 8.8% growth in commercial vehicle registrations. This prominent market was the global leader in FY 2013, and is expected to continue its growth trajectory in the future. Supportive government regulations to curb the ill effects of pollution offer a smooth roadmap for emission control catalyst enterprises to penetrate in European market. Industrial pollution in Europe is the next major setback for the government, as it costs them billions of dollars. Germany, Poland, UK, and Italy possess major refineries and heavy power segments which contribute major damage to the European nations. In such a scenario, the European market is in need of effective solutions that possess the capability to curb the pollution. Therefore, Europe is seen as the most lucrative market for business enterprises operating in the emission control catalyst market.
Other prominent markets are North America followed by MENA and APAC region. North America contributes a major share to global pollution. USA is the leading market as the highest contributor to air pollution in North America region. Pennsylvania, Ohio, Indiana, and Texas are the states reporting the highest air pollution levels in USA. Many prominent locations in USA are witnessing ozone depletion which is a major cause of concern for government officials. As such, this situation makes emission control catalysts an urgent need in these pollution chronic regions. MENA is the next potential region for the emission control catalyst market. Presence of mining industries and oil borne locations are the major driving factors in MENA region. India, China and Singapore are the prominent destinations for emission control segment. Development in the automobile sector, oil refineries and maritime transportation are the main driving factors in APAC.
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Increasing automotive fleet and stringent environmental regulations on the international platform are the prime driving factors for growth in emission control catalyst consumption. The global emission control catalyst market is expected to grow between 7% and 9% CAGR over the next five years. Though the market seems promising for business enterprises operating in emission control catalysts, the emergence of battery-powered vehicles could be a major setback to this flourishing industry. Some of the major players include Johnson Matthey, BASF, Umicore, Faurecia, Nett Technologies, and others. Companies are investing in R&D to offer first class products to different end use industry verticals. Acquisitions and mergers are the strategies adopted by key market players to strengthen their position on the global market platform.
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