Asia Pacific region is expected to account for a prominent market share in the global business of emission control catalyst owing to substantial base of the end users.
Brooklyn, New York, July 19, 2022 (GLOBE NEWSWIRE) -- A fresh report has been published and added, recently, in the massive database of Reports and Insights, which is developed using verified research methodologies and proven analytical approaches. The report determines diverse eminent factors and trends encouraging the market growth of the Global Emission Control Catalyst Market. The research study is entitled “Emission Control Catalyst Market: Opportunity Analysis and Future Assessment 2022-2030”, which profoundly examines the global market evolution, along with the in-depth knowledge of the future market potential and the statistics implicated in the development of the respective market during the forecast period of 2022-2030. The emission control catalyst market is estimated to reach at a value of US$ 27,665.2 Mn by the end of 2022 and is expected to reach a value of US$ 41,475.6 Mn by 2030 with a significant CAGR of 5.2%. For the avail and interest of the readers, the report arrives at the conclusion with a special emphasis on the comprehensive profiling of the leading players in the Global Emission Control Catalyst Market.
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Many times, gases and production by-products released by internal combustion engines and industrial exhaust contain compounds that are recognized to be bad for the environment. Catalytic converters employ emission control catalysts to cut down on these damaging emissions to the environment. These catalysts are designed in catalytic converter based on fuel type including diesel and gasoline. Several types of catalysts are used for various applications.
In current generation, diesel-powered vehicles and equipment, Selective Catalytic Reduction (SCR), an advanced active emissions control technology system, decreases tailpipe emissions of nitrogen oxides (NOx) to almost zero levels.
Key Takeaways from the study
The emission control catalyst market is expected to increase 1.5X times during the forecast period
Diesel based emission catalyst segment is expected to be a prominent product type and expected to create an incremental opportunity of US$ 11,678.5 Mn during the forecast period
Mobile equipment segment is anticipated to a prominent application segment as compared to its counterparts
Selective catalytic reduction segment is anticipated to create significant market opportunities for the key players in the coming years
Asia Pacific region is expected to account for a prominent market share in the global business of emission control catalysts owing to the substantial base of the end-users
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Emission Control Catalyst Market Driver: Substantial Volume Production of Vehicles is Enhancing the Sales of Auto Catalysts
The global automobile sector is predicted to experience consistent development in terms of demand and sales despite the shaky economic environment, supported by substantial sales of vehicles with diesel and gasoline engines. The market for pollution control catalysts will benefit from this. The growth of the automobile industry in developing nations can be related to the acceptance of lighter cars. The demand for passenger vehicles will also continue to rise in emerging nations like India, China, Brazil, and others, expanding the potential for rising automotive output. Manufacturers of pollution control catalysts will have even more attractive chances owing to increasing sales, which are being driven by the expanding population and increased disposable income.
In addition, the introduction of strict government restrictions would increase demand for equipment like automotive telematics, emission control catalysts, and other tools used to reduce vehicle emissions. With China and India accounting for a key market share, Asia Pacific has emerged as a lucrative region for numerous international market players operating in the market. Relatively lower operating expenses, the area provides simple access to raw materials. As a result, a number of key businesses are signing long-term supply contracts with local suppliers in order to gain a competitive edge in the market.
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Emission Control Catalyst Market Segmentation
The global emission control catalyst market is segmented on the basis of product type, catalytic converter type, application, end use, pollutant type, and region.
Selective Catalytic Reduction Catalyst (SCR)
Catalyzed Soot Filter/ Diesel Particulate Filter
Passenger Cars & Light Duty Vehicles
Motorcycles, Scooters and Three Wheelers
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Hydrocarbons or Volatile Organic Compounds - (HC/VOC)
Emission Control Catalyst Market Competitive Landscape
Key participating players of emission control catalysts are BASF SE, Johnson Matthey, W.R. Grace, Sinocat Environmental Technologies, Cormetech, Solvay S.A., Faurecia, Holdor Topsoe, Clean Diesel Technologies, Tenneco, Umicore SA and many others. In 2021, BASF holds the largest market share around the globe and expected to maintain its dominance in the upcoming years.
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