Westford, USA, Aug. 28, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Automotive Catalyst market, increasing adoption of lightweight catalyst materials, shift towards advanced emission control technologies, development of electric vehicle catalysts, integration of sensors and smart technologies in catalyst systems, the emergence of sustainable and recyclable catalyst materials, growing demand for high-performance catalysts, expansion of automotive catalyst recycling and remanufacturing, implementation of stricter emission regulations, rising focus on reducing precious metal content in catalysts, are the trends that aid in the market's growth.
Browse in-depth TOC on "Automotive Catalyst Market"
- Pages - 157
- Tables - 92
- Figures – 74
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An automotive catalyst is a device that converts harmful exhaust gases from an internal combustion engine into less harmful substances. It is usually made of a ceramic honeycomb coated with a mixture of platinum, palladium, and rhodium.
Prominent Players in Automotive Catalyst Market
- BASF
- Johnson Matthey
- Umicore
- Tenneco
- CDTi Advanced Materials
- Cummins
- Eberspcher
- Ecocat
- Klarius
- Clariant
- DCL International
- Heraeus
- INTERKAT
- Magneti Marelli
- Morgan Advanced Materials
- SGL Carbon
- Tanaka Kikinzoku Kogyo
- TENNECO Automotive
- Toyota Boshoku
- Weifu Group
- Wuxi Weifu Catalyst
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Platinum Catalyst Demand to Grow Substantially in the Forecast Period
Platinum catalyst dominated the global market owing to its high performance in reducing emissions. They exhibit high activity and stability in converting harmful pollutants such as carbon monoxide (CO), nitrogen oxides (NOx), and hydrocarbons (HC) into less harmful substances. Platinum is also known for its resistance to high-temperature conditions, making it suitable for automotive applications.
Exhaust Emission Control is the Leading Application Segment
In terms of application, exhaust emission control is the leading segment due to the stricter emission regulations. In addition, global automotive industry continues to grow, with an increasing number of vehicles on the roads. As more vehicles are produced and sold, the demand for automotive catalysts for emission control also rises to ensure compliance with regulations and reduce the environmental impact of vehicle emissions.
Asia-Pacific is the leading Market Due to the Rapid Growth of Automotive Industry
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on the development of automotive infrastructure. The governments in the Asia Pacific region have implemented strict emission regulations to address air pollution and improve environmental sustainability. These regulations require vehicles to meet specific emission standards, driving the demand for automotive catalysts for effective exhaust emission control.
A recent report thoroughly analyzes the major players operating within the Automotive Catalyst market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Automotive Catalyst.
Key Developments in Automotive Catalyst Market
- BASF SE announced the acquisition of Zodiac Enterprises LLC in Caldwell, Texas of United States. With this acquisition, the company expanded its chemical catalyst recycling capacity and capability. Moreover, the site recycles precious metals from industrial scrap, primarily chemical catalysts. Furthermore, this investment allows the company to meet the increased customer demand for recycling spent chemical and automotive catalysts.
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Key Questions Answered in Automotive Catalyst Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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