Pune, April 13, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, "The Emission Control Catalysts Market had a worth of USD 49.66 billion in 2022, and it is projected to attain USD 88.57 billion by 2030, with a compound annual growth rate (CAGR) of 7.5% during the forecast period of 2023-2030".
Emission control catalysts are chemical substances that are used to reduce the harmful emissions generated by various industrial and automotive processes. These catalysts act as agents to speed up the chemical reactions that convert the toxic gases emitted by engines and industrial processes into less harmful substances before they are released into the environment. The primary function of emission control catalysts is to minimize the emission of pollutants such as carbon monoxide, nitrogen oxides, and particulate matter, which have a detrimental impact on air quality and contribute to global warming.
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Emission Control Catalysts Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 49.66 Billion |
| Market Size by 2030 | US$ 88.57 Billion |
| CAGR | CAGR of 7.5% From 2023 to 2030 |
| Key Segments | • By Product Type (Diesel Based Emission Catalyst, Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction Catalyst (SCR), Catalyzed Soot Filter/ Diesel Particulate Filter, Ammonia Oxidation Catalyst (AMX), NOx Adsorbers, Gasoline Based Emission Catalyst, Palladium based catalyst, Rhodium based catalyst, Platinum based catalyst) • By Application (Mobile Equipment, Heavy-Duty Vehicles, Off-Road Vehicles, Passenger Cars & Light Duty Vehicles, Motorcycles, Scooters and Three Wheelers, Gardening Equipment, Stationary Equipment, Industrial Engines, Generators, Off-Road Equipment) • By End Use (OEM, Retrofit) • By Pollutant Type (Nox, CO, Hydrocarbons or Volatile Organic Compounds -, (HC/VOC), HAPs, DPM (Diesel Particulate Matter), NH3 (Ammonia)) |
| Company Profiles | KATCON Global, BASF SE, Solvay, DCL International Inc., Bastuck, Umicore, Clariant, aerinox-inc., CORMETECH, Johnson Matthey, Corning Incorporated, Tenneco Inc., Cataler Corporation, Eastern Manufacturing Inc., Bosal, and other players. |
| Market Drivers | • Strict emission control laws will drive the market for emission control catalysts. • Globalization on the Rise • Increasing the number of cars made |
Market Analysis
The automotive industry has seen significant growth in recent years, leading to an increased demand for emission control catalysts. These catalysts play a vital role in reducing the harmful emissions from vehicles and help to ensure compliance with stringent emission regulations set by governments worldwide. With the rising awareness of the impact of carbon emissions on the environment, the emission control catalysts market is looking for ways to reduce its carbon footprint. As a result, there is a growing demand for innovative emission control catalysts that can efficiently reduce harmful emissions.
Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a significant impact on the emission control catalysts market, leading to disruptions in the supply chain, price volatility, and increased production costs. The situation is likely to continue to impact the market until a resolution is reached, and stability is restored in the region.
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Key Regional Development
The Asia-Pacific region has been a dominant player in the emission control catalysts market for several years. This is primarily due to the strong presence of automotive manufacturing facilities in countries like China, Japan, South Korea, and India. These countries have easy access to the necessary consumables required for manufacturing emission control catalysts. Furthermore, the increasing adoption of electric vehicles and hybrid vehicles in Europe has created a demand for advanced emission control catalysts that can be used in these vehicles. This has led to the development of new and innovative catalysts that can effectively reduce harmful emissions.
Key Takeaway from Emission Control Catalysts Market Study
- The diesel-based emission catalyst segment is expected to hold the largest market share due to the high demand for diesel engines in commercial vehicles, heavy-duty equipment, and industrial applications. Additionally, the increasing adoption of diesel engines in passenger vehicles due to their higher fuel efficiency and lower carbon emissions is expected to further fuel the demand for diesel-based emission catalysts.
- The OEM segment is expected to capture a high share in the market, driven by the increasing demand for vehicles and industrial equipment that meet stringent emissions regulations, consumer awareness about the harmful effects of air pollution, and investments in research and development activities.
Recent Developments Related to Emission Control Catalysts Market
- Eaton, a power management company, has recently announced the development of a 48-volt aftertreatment heater controller that is specifically designed to assist manufacturers in meeting increasingly stringent emissions regulations. This technology is an essential tool for manufacturers as they strive to reduce their vehicles' environmental impact and meet the latest emissions standards.
- ACAT Global, a leading manufacturer of automotive catalytic converters, has recently announced its decision to license its catalytic converter technology to combat the ongoing climate crisis. The move comes as a part of ACAT's efforts to promote sustainable practices in the automotive industry and reduce the carbon footprint of vehicles.
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