Emission Control Catalysts Market worth $59.8 billion by 2026 Globally, at a CAGR of 6.9 %, says MarketsandMarkets™

Chicago, July 18, 2023 (GLOBE NEWSWIRE) -- The Emission Control Catalysts Market is projected to grow from USD 42.9 billion in 2021 to USD 59.8 billion by 2026, at a CAGR of 6.9% from 2021 to 2026, as per the recent study by MarketsandMarkets™. The major factors driving the ECC market include growth of the global automobile industry and increasing harmful emissions from various industries. Automotive exhaust systems and industrial machinery release CO, NOx, HC, CO2, and particulate matter into the environment, which are major contributors to greenhouse gases (GHGs). ECCs limits the emissions from automotive, industrial units, marine and other mobile and stationary sources of emission. PGM metals such as platinum, palladium, and rhodium oxidize pollutants and convert them into less harmful emissions such as nitrogen and hydrogen.

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Browse In-Depth TOC On "Emission Control Catalysts Market”

156 - Market Data Tables
58 - Figures
206 - Pages

List of Key Players in Emission Control Catalysts Market:

1. BASF catalyst (Germany)
2. Johnson Matthey (UK)
3. Umicore (Belgium)
4. Tenneco (US)
5. Cataler (Japan)
6. Heraeus (Germany)
7. Bosal (Netherlands)
8. Clean Diesel Technologies (US)
9. Cormetech (US)
10. DCL International Inc. (Canada)

Drivers, Restraints, Opportunities and Challenges in Emission Control Catalysts Market:

1. Drivers: Stringent emission control regulations to drive the emission control catalysts market.
2. Restraints: Rising demand for battery-operated electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid vehicles supported by government incentives to impact the market for ECCs.
3. Opportunity: Rising awareness among manufacturers in the reduction of vehicle emissions by installing catalytic converters.

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Key Findings of the Study:

1. Increasing gasoline engines to lead the growing demand for palladium metal in ECC market.
2. Stringent emission regulations in mobile sources to grow the demand for ECC.
3. APAC is expected to account for the largest share of the global market during the forecast period.

The major factors driving the ECC market include growth of the global automobile industry and increasing harmful emissions from various industries. Automotive exhaust systems and industrial machinery release CO, NOx, HC, CO2, and particulate matter into the environment, which are major contributors to greenhouse gases (GHGs). ECCs limits the emissions from automotive, industrial units, marine and other mobile and stationary sources of emission. PGM metals such as platinum, palladium, and rhodium oxidize pollutants and convert them into less harmful emissions such as nitrogen and hydrogen.

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Based on application, the ECC market is segmented into mobile and stationary sources. The mobile sources application segment is projected to dominate the ECC market in terms of value during the forecast period. The mobile sources emit Volatile Organic Compounds (VOC) emissions like alkanes, alkenes, and many more which are very harmful for environment. The governments have implemented strict emissions norms to tackle this situation which have boosted the demand for ECC across the globe. Moreover, the automotive industry is witnessing rising demand for ECC due to the increasing sales of on-road vehicles and the increasing production of passenger cars after the recovery of the automotive sector from the COVID-19 pandemic.

Based on type, the ECC market is segmented into platinum, palladium, rhodium, and other metals. Palladium dominates the ECC market compared to other PGMs. Palladium-based catalytic converters are highly suitable to meet the stringent emission control regulations. However, platinum, rhodium and other PGMs are also used to manufacture ECC for automotive and industrial applications. Metals such as vanadium and tungsten (others) are used in industrial processing to maintain emission standards. For instance, a three-way catalyst (TWC) comprises palladium or platinum to catalyse oxidation reactions, and rhodium is used as a reduction catalyst for the reduction of NOx.

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