Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Emission Control Catalyst Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Palladium, Platinum, Ammonia Oxidant Catalyst, and Others), By Application, By End User Industry, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The global emission control catalyst market is poised for substantial expansion in the coming years, driven by several key factors. These include an increasing preference for cleaner fuels, a growing awareness of the detrimental effects of air pollution, heightened environmental regulations, and significant technological advancements in the field. The market encompasses materials used to reduce harmful emissions from various sources, including industrial processes, transportation, and more.
Growing Awareness of Air Pollution's Impact
One of the primary drivers of the global emission control catalyst market is the rising awareness of the adverse effects of air pollution on human health and the environment. Alarmingly, nine out of ten people globally breathe unhealthy air, with air pollution being a major environmental risk leading to over 6 million premature deaths each year. These fatalities are attributed to conditions such as heart attacks, strokes, diabetes, and respiratory diseases. As such, the urgent need to address air pollution has led to increasingly stringent regulations worldwide.
Stringent Environmental Regulations as Catalysts for Growth
Environmental regulations, characterized by their increasing stringency, play a pivotal role in propelling the demand for emission control catalysts. Governments across the world are imposing strict regulations aimed at reducing emissions of harmful pollutants such as nitrogen oxides, sulfur oxides, and particulate matter. Consequently, industries are under mounting pressure to adhere to these regulations or face substantial penalties for non-compliance.
In the automotive sector, these regulations have had a profound impact on vehicle emissions standards, necessitating advanced emission control catalysts. For example, the European Union's Euro 6 emission standards mandate vehicles to emit significantly lower levels of nitrogen oxide compared to previous standards. This has led to a surge in demand for innovative emission control catalysts that can effectively meet these stringent requirements. Similarly, the United States Environmental Protection Agency's Tier 3 emission standards have led to a growing demand for such catalysts in the U.S. market.
Technological Advancements Fuel Market Growth
Technological advancements have significantly influenced the global emission control catalyst market. These advancements have facilitated the development of new and more efficient catalysts capable of reducing emissions more effectively than ever before. Several key areas highlight the impact of technological progress:
- Improved Catalyst Performance: Advancements in catalyst design have resulted in catalysts that achieve higher performance levels. These catalysts are particularly effective in reducing emissions of nitrogen oxides, sulfur oxides, and particulate matter.
- Cost Reduction: Technological improvements in manufacturing processes have led to lower production costs for certain catalyst types, making them more accessible to a wider range of industries.
- Nanocatalysts: Nanocatalysts, a relatively recent innovation, leverage nanoparticles to enhance catalytic activity while reducing the need for precious metals in the catalyst. These catalysts are gaining popularity in the automotive industry for emissions reduction.
- Specialized Catalysts: Specialized catalysts like three-way catalysts and diesel oxidation catalysts are being developed to meet the specific emission control needs of various industries, including automotive, power generation, and more.
Prominent Market Players
Leading players in the global emission control catalyst market include:
- BASF SE
- Johnson Matthey Plc
- Solvay SA
- Umicore SA
- Corning Incorporated
- Clariant AG
- AeriNOx Inc
- CORMETECH, INC.
- Cataler Corporation
- DCL International Inc
Market Segmentation
The market can be segmented based on various criteria:
- Product Types: Palladium, Platinum, Ammonia Oxidant Catalyst, Diesel Oxidant Catalyst, Rhodium, and others.
- Applications: Mobile Emission Control Catalysts, Stationary Emission Control Catalysts.
- End User Industries: Automotive & Transportation, Chemical Industry, Oil & Gas Industry, Mining Industry, Power Industry, and others.
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