Dubai, UAE, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to the latest report by Kings Research, the Global Auto Catalyst Market size is expected to grow from USD 30.21 billion in 2022 to USD 47.78 billion by 2030, growing at a CAGR of 6.05% through the projection period of 2023-2030. The automotive industry is experiencing a surge in the implementation of strict regulations aimed at reducing vehicle emissions. This is driving industry players to explore advanced catalytic solutions, supporting market growth. Additionally, the increasing popularity of hybrid and electric vehicles globally is boosting the demand for automobile catalysts since these vehicles require highly efficient emission control systems.
The ongoing expansion of the global automobile industry is driving the need for catalysts that contain valuable metals such as platinum and palladium. These metals are vital for enabling cleaner combustion and decreasing carbon emissions, particularly in light of the high emphasis on environmental sustainability, which is accelerating market growth. Manufacturers are working on improving the efficiency and cost-effectiveness of their catalyst products and adapting to changing regulatory standards and consumer preferences, which is fostering the product outlook.
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Competitive Landscape
Major players are focusing on employing a number of strategies including partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolios. For instance, in July 2021, BASF SE acquired Zodiac Enterprises LLC, a Texas-based company, to expand its production capacities for recycling catalysts.
Prominent manufacturers profiled in the global auto catalyst market include:
- Robert Bosch GmbH
- Heraeus Holding
- Ecocat India Pvt. Ltd.
- Johnson Matthey
- Tenneco Inc.
- Klarius Products Ltd.
- Eberspächer
- CDTi Advanced Materials Inc.
- INTERKAT Catalyst GmbH
- BASF SE
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Trending Now: BASF creates a new division for emissions catalysts & precious metals services
BASF, a leading German chemical company, has created a new division that will focus on emission catalysts and precious metal services for the auto industry. This new division called BASF Environmental Catalyst and Metal Solutions (ECMS), will be responsible for developing, producing, and marketing emissions catalysts for petrol, diesel, and off-road vehicles, motorcycles, and small engines.
The company will also provide precious metals procurement, sales, and related services. This new division is a sign of BASF's commitment to the auto catalyst market and its investment in new technologies and products is in line with its objective to help automakers meet increasingly stringent emissions regulations.
Catalytic Conversion Property of Palladium to Offer High Efficiency for Auto Catalyst Market
On the basis of material type, the palladium segment is anticipated to dominate the global auto catalyst market, exhibiting a robust CAGR of 6.83% from 2023 to 2030. The segmental growth is mainly driven by its high efficiency in converting harmful gases emitted by automobiles. With its chemical properties, palladium can convert 90% of these gases, the highest among other metals used in catalytic converters, into less-harmful substances, which is further boosting product demand.
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Increased Commercial Activities to Boost Demand for Light-Duty Cars
In terms of vehicle type, the light-duty vehicles segment is anticipated to generate the highest revenue of USD 18.77 billion by 2030. Several key factors, such as increased commercial activities and fuel economy standards for light-duty vehicles, are likely to support the growth of the segment.
Rising Demand for Sustainable Transportation to Promote Auto Catalyst Market Growth
One of the major factors driving the development of the global auto catalyst market is the rising demand for sustainable transportation. Regulatory requirements for cleaner emissions and the increased popularity of hybrid and electric-powered vehicles are further bolstering the demand for auto catalysts.
With the increasing demand for sustainable transportation choices, the use of automotive catalysts is projected to rise. For instance, India introduced strict BS-VI regulations to curb vehicle emissions, leading to reduced permissible pollution levels. This has driven the creation of catalysts with the highest efficiency standards within the country.
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APAC to Lead Auto Catalyst Market Due to Growing Focus on Reducing Vehicle Emissions
The Asia-Pacific region is anticipated to dominate the global auto catalyst market with a valuation of USD 24 billion by 2030. This growth can be attributed to the growing awareness of automotive catalysts and the increasing focus on reducing vehicular emissions. Furthermore, the presence of well-established manufacturing facilities in major countries such as China, Japan, and India is contributing to the growth of the domestic market.
Presence of Leading Manufacturers in Europe to Foster Auto Catalyst Market Expansion
The auto catalyst industry in Europe is foreseen to experience the fastest growth through the projected period, garnering a valuation of USD 10.94 billion by 2030. This segmental growth is driven by the presence of leading automobile manufacturers and the implementation of stringent emissions regulations by the European Commission in pursuit of carbon neutrality. Germany is expected to exhibit the highest growth rate, depicting a 6.03% CAGR over 2023-2030.
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Key Points from Table of Content:
Chapter 1 Introduction of The Global Auto Catalyst Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Auto Catalyst Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Auto Catalyst Market, By Material Type
Chapter 7 Global Auto Catalyst Market, By Vehicle Type
Chapter 8 Global Auto Catalyst Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia-Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Auto Catalyst Market Competitive Landscape
Chapter 15 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/auto-catalyst-market-75
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