DUBAI, United Arab Emirates, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global emission control catalyst for marine market is anticipated to expand at a steady 5.5% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Growing marine fleet size, along with increasing demand for shipping transportation is expected to drive the market over the assessment period.
| Emission Control Catalyst for Marine Market Base Year Value (2020) | US$ 854.9 Mn |
| Emission Control Catalyst for Marine Market Estimated Year Value (2021) | US$ 899.4 Mn |
| Emission Control Catalyst for Marine Market Projected Year Value (2031) | US$ 1,531.3 Mn |
| Emission Control Catalyst for Marine Market Value-based CAGR (2021-2031) | 5.5% |
| Emission Control Catalyst for Marine Market Top 3 Countries Collective Value Share (2020) | 56.6% |
Catalytic converters remove hydrocarbons, nitrogen oxides and carbon monoxide from exhaust fumes in marine engines. The International Maritime Organization (IMO) has implemented strict regulations for harmful emissions from vessels based on their date of engine installation. New marine engines are equipped with selective catalytic reduction catalyst (SCR) to reduce NOx emissions which is fueling the demand for marine catalysts.
Request for Report Sample - https://www.futuremarketinsights.com/reports/sample/rep-gb-14243
Manufacturers of marine catalysts are offering a wide variety of emission control products and proprietary technologies for emission reductions in marine vessels. They are focusing on providing marine catalysts that comply with existing and anticipated emission regulations.
Driven by this, the global emission control catalyst for marine market is expected to surpass US$ 1,531.3 Mn by the end of 2031.
As per FMI, the market is predicted to be dominated by China, and the trend is projected to continue over the forecast period. Many manufacturers are designing catalysts to comply with China’s marine engine emission standard, which is expected to continue boosting sales in the market.
Key Takeaways:
- By product type, demand for diesel-based emission catalysts is expected to surge at a 5.5% CAGR over the forecast period.
- By application, sales in the fishing boat segment are projected to account for more than 54% of the total market share in 2021.
- The OEM segment is anticipated to grow at a 4.3% CAGR during the assessment period.
- Sales of emission control catalyst for marine in the U.S. are projected to increase at a 5.1% CAGR during the assessment period.
- China is anticipated to emerge as a key market in the East Asia emission control catalysts for marine market over the forecast period.
- In Southeast Asia, demand in the Indonesia market will grow at a 6.1% CAGR through 2031.
- Japan and South Korea will collectively account for 29.3% of the total emission control catalyst for marine Market share through 2021.
“Demand for emission control catalysts is expected to be driven by stringent regulations implemented to curb the emission of SOx, CO2, and other harmful gases from different types of marine engines. In addition to this, surging demand for diesel-based catalysts for commercial vehicles will fuel sales in the forthcoming years,” says the FMI analyst.
Speak to our Research Expert: https://www.futuremarketinsights.com/ask-question/rep-gb-14243
Competitive Landscape
Key market players in the global emission control catalyst for marine market elaborated in the report includes BASF SE, Johnson Matthey, Haldor Topsoe, Heraeus Holding, Tenneco Inc., Alfa Laval, NGK Insulators, Cormetech, Cataler Combustion Corporation and others.
Manufacturers are focusing on sustainability and are aiming to increase research & development activities for the development of new products. In addition to this they are investing in production capacity expansions in response to a growing consumer pool. For instance:
- In January 2021, Hug Engineering introduced selective catalytic reduction solutions that abide to the IMO Tier 3 regulations on exhaust emissions for marine industry.
Scope of Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | US$ Million for Value and Units for Volume |
| Key Regions Covered | North America, Latin America, Western Europe, Eastern Europe, China, Japan, South Korea, India, South East Asia and Middle East & Africa |
| Key Countries Covered | US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Philippines, Vietnam, GCC Countries, Turkey, Northern Africa and South Africa. |
| Key Segments Covered | Product type, Application, End Use and Region |
| Key Companies Profiled | • BASF SE • Johnson Matthey • Heraeus Holding • Haldor Topsoe • NGK Insulators • Alfa Laval • Tenneco Inc. • Nett Technologies Inc. • Cormetech • Cataler Corporation • Catalytic Combustion Corporation • Hug Engineering Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Ask For Country-Specific Data@ https://www.futuremarketinsights.com/ask-country-specific/rep-gb-14243
More Insights into the Emission Control Catalyst for Marine Market Report
In its latest report, FMI offers an unbiased analysis of the global Emission Control Catalyst for Marine Market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (diesel-based emission catalyst, gasoline-based emission catalyst), applications (commercial vessel, offshore support vessel, passenger vessel, power boat and fishing boat) and end use (OEM and retrofit) across countries and regions (North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa).
Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain
Colloidal Alumina Market: According to latest research by Future Market Insights, colloidal alumina market is set to witness stable growth, registering a CAGR of 2.2% for the period of 2021-2031.
Airlaid Textile Market: According to latest research by Future Market Insights, Airlaid Textile market is set to witness steady growth during 2021-2031.
AKD Emulsifier Market: According to latest research by Future Market Insights, AKD emulsifier market is set to witness healthy growth, registering a CAGR of 4.8% for the period of 2021-2031.
Bio Rational Fungicides Market: According to latest research by Future Market Insights, Bio rational Fungicides market is set to witness remarkable growth with CAGR between 10 to 13% during the forecast period.
Acetyl Serine Market: According to latest research by Future Market Insights, demand for Acetyl serine is all set to witness significant market rise during the forecast period, at a projected CAGR of 4-6% during 2021-2031.
Coumarin Market: According to latest research by Future Market Insights, coumarin market is set to witness steady expansion, growing at a CAGR of 5-7% during 2021-2031.
Crotonic Acid Market: According to the latest research study published by Future Market Insights, Crotonic Acid Market is projected to witness stable growth during the forecast period 2021-2031.
Fiber Optic Labels Market: According to latest research by Future Market Insights, Fiber Optic Labels market is set to witness tremendous growth during 2021-2031 with CAGR of 10.0% between 2021 and 2031.
Epoxy Paint Thinner Market: According to the latest research study published by Future Market Insights, Epoxy Paint Thinner market is set to witness steady growth during 2021-2031.
Cyclic Ketones Market: According to latest research conducted by Future Market Insights, the global market of ketones is anticipated to grow with a CAGR of 4.5% to 6% during the coming assessment period of 2021-2031.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/emission-control-catalyst-for-marine-market
Press Release Source: https://www.futuremarketinsights.com/press-release/emission-control-catalyst-for-marine-market
