Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Automotive Catalyst Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The report highlights the sweeping trend of technological advancements, with industry leaders fostering innovation to stay ahead of stringent emission standards and material efficiency requirements. An in-depth examination of market size, growth rate, and contributing factors reveal that the market is expected to surge from $17.32 billion in 2023 to $18.44 billion in 2024, marking a CAGR of 6.5%.
Amidst escalating vehicle production levels and a major shift towards environmentally conscious regulations, the global automotive catalyst market is projected to experience a substantial growth spurt, according to a newly published research report. The report provides an all-encompassing analysis of this dynamic market, offering invaluable data for stakeholders in the automotive industry.
The comprehensive study delves into the various types of automotive catalysts, including two-way catalytic converters, three-way catalytic converters, and diesel oxidation catalysts. These catalysts, integral in mitigating the adverse environmental impact of exhaust gases, are evaluated within the context of heavy-duty and light-duty vehicle applications, as well as other industrial uses.
Key Trends Influencing the Automotive Catalyst Market Growth:
- Technological Innovations: Pioneering catalyst technologies are revolutionizing the industry, enhancing environmental compliance and fuel efficiency while reducing reliance on precious metals.
- Global Emission Regulation: Tightening emission standards worldwide are spurring the development and adoption of advanced automotive catalysts, with government initiatives serving as a crucial growth catalyst.
- Partnerships and Collaborations: Strategic alliances between industry powerhouses aim to foster circular economy solutions, bringing about sustainable approaches to precious metal recovery and catalyst production.
As the automotive industry pivots towards a greener and more sustainable future, the research report underscores the market's readiness to meet emerging challenges head-on. The report offers a competitive landscape view, identifying key players contributing to market expansion through strategic mergers, acquisitions, and collaborations.
Europe stands out as the largest contributor to the automotive catalyst market currently, while North America is projected to be the fastest-growing region during the forecast period. The findings amplify the importance of regional market dynamics in the global landscape. The report spans an extensive geographic analysis, covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The strides taken in the automotive catalyst market reflect a broader commitment to cleaner transportation and air quality improvement, positioning the industry as a pivotal component in achieving global sustainability goals.
A selection of companies mentioned in this report includes
- BASF SE
- Johnson Matthey
- Umicore N.V.
- Tenneco Inc.
- Clean Diesel Technologies Inc.
- Cummins Inc.
- Ecocat India Pvt. Ltd.
- Clariant
- Cataler Corporation
- Interkat Catalyst GmbH
- Heraeus Precious Metals GmbH & Co. KG
- DCL International Inc.
- Solvay S.A
- Eberspcher
- N.E. CHEMCAT CORPORATION
- Klarius Products Ltd.
- CDTi Advanced Materials Inc.
- IBIDEN Co. Ltd.
- Sinocat Environmental Technology Co. Ltd.
- Haldor Topsoe A/S
- Corning Incorporated
- W. R. Grace & Co.
- Sino-Platinum Metals Co. Ltd.
- N.V. Bekaert S.A.
- Sibanye-Stillwater
- Tanaka Holdings Co. Ltd.
- Clariant International AG
- CRI Catalyst Company LP
- Catalytic Combustion Corporation
- Cormetech Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5o4vdd
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