Emission Control Catalyst Industry Size, Share, Demand & Growth by 2034
According to ESOMAR-certified consulting firm Future Market Insights (FMI), the global is projected to rise at above 8.5% CAGR, surpassing the market valuation of USD 31707.5 million during the forecast period 2024 to 2034.
Expansion of the automotive industry, coupled with implementation of stringent government regulations regarding toxic gas emissions from vehicles and industries, is bolstering the demand for emission control catalysts.
Increasing adoption of energy and fuel-efficient vehicles in developed regions such as the US, Germany and the UK will further boost the market growth in the upcoming decade.
The rising demand for lightweight passenger vehicles in developing regions such as China, Japan, India and Brazil will provide lucrative opportunities to the manufacturers operating in the market.
Browse Complete Report:
Key Takeaways from FMI’s Emission Control Catalyst Market Study
- Palladium-based catalyst will dominate the product segment throughout the forecast period.
- Demand in mobile equipment is anticipated to rise at a higher pace.
- The US will showcase high demand for emission control systems due to rising automobile sales.
- The U.K. will emerge as a leading emission control catalyst market owing to implementation of stringent regulations and the presence of leading players.
- Rising population and increasing adoption of new-energy vehicles across the country will bolster sales in China.
- South Korea and Japan will account for approximately 7.50% of the total market share.
“Growing consumer preference towards energy-efficient vehicles, coupled with stringent government regulation regarding emissions will fuel the growth,” says the FMI analyst.
Competitive Landscape
Johnson Matthey, BASF SE, Haldor topsoe, Umicore, Corning Inc., Clariant AG, Zeolyst International, Heraeus Holding, Solvay SA, Cormetech, NGK Insulators Ltd., Aristo Global, Nett Technologies Inc. are some key players operating in the emission control catalyst market.
As per FMI’s analysis, key players are focusing on thorough research and development to enhance and expand their product portfolio.
Major players are also establishing tie-ups and targeting mergers and acquisitions with regional players for the expansion of their company, along with innovations in design and efficiency of their product range. For instance
- In March 2019, Johnson Matthey launched a newly developed automatically regenerating Active DPF diesel particulate filter (DPF) system for stationary diesel engines, adding to the company’s robust portfolio.
- In December 2018, the BASF SE opened a new site in Pudong, Shanghai, China for the product of its mobile emission catalysts, expanding the facility by more than 30,000 square meter to support the increased production.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 For Sales Enquiries: Website: LinkedIn|
https://twitter.com/FMI_Research| Blogs | YouTube
