The global automotive catalyst market size was USD 13.74 Billion in 2022 and is expected to register a revenue CAGR of 5.7% over the forecast period, according to the latest report by Reports and Data.
Automobiles are in great demand, particularly in developing nations, and the car industry is working hard to meet this need while also conforming to pollution reduction legislation. Catalysts are critical for controlling and minimizing vehicle exhaust emissions, which aids in environmental protection.
One of the primary elements driving revenue growth in the automotive catalyst market is the increasing number of government emission rules. Governments all across the world have enacted stringent regulations to reduce automobile emissions and improve air quality. For instance, the European Union (EU) is set to enforce the Euro 7 standard in the coming years, necessitating further reductions in emissions. Similarly, the Environmental Protection Agency (EPA) in the United States has introduced Tier 3 regulations that mandate lower pollutant emissions from cars. These regulations are fueling the demand for automotive catalysts, which play a vital role in meeting the emissions requirements imposed by these laws.
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The automotive industry has witnessed a substantial increase in the demand for fuel-efficient vehicles in recent years, and this trend has played a pivotal role in driving revenue growth within the market. Several factors are contributing to this surge in consumer interest in fuel-efficient cars, and they are reshaping the landscape of the automotive sector.
One of the primary drivers behind the growing demand for fuel-efficient vehicles is the relentless rise in gasoline prices. As fuel costs continue to climb, consumers are feeling the pinch in their wallets every time they visit the gas station. This has led many to seek alternatives that can help them reduce their fuel expenses. Fuel-efficient vehicles offer a tangible solution to this problem by allowing drivers to cover more miles with less gasoline. This translates into cost savings for consumers, making these vehicles an attractive choice for budget-conscious individuals and families.
In addition to economic concerns, there is a growing awareness of environmental issues and a desire to mitigate the impact of transportation on the planet. With the increasing threat of climate change and air pollution, consumers are increasingly inclined to choose vehicles that produce fewer harmful emissions. This shift in consumer sentiment is leading to a surge in the demand for vehicles that are not only efficient in terms of fuel consumption but also have a lower environmental footprint.
Automotive catalysts play a crucial role in enhancing the fuel efficiency of vehicles and reducing their environmental impact. These catalysts are integral components of modern automobile exhaust systems, where they facilitate the conversion of harmful pollutants into less harmful substances. By lowering the amount of dangerous pollutants that the car emits, automotive catalysts not only contribute to cleaner air but also drive fuel economy. They enable vehicles to meet stringent emission standards, making it possible for automakers to design and produce vehicles that are both eco-friendly and fuel-efficient.
Catalyst Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Platinum
- Palladium
- Rhodium
- Others
Vehicle Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
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Some Key Highlights from the Report
- In 2021, the platinum catalyst segment led the global automotive catalyst market. Platinum is the most often used catalyst in automotive applications because it may enhance fuel efficiency while decreasing emissions. It is also easily accessible and cheaply priced in compared to other catalysts. As a consequence, the platinum category is expected to continue to dominate the market over the projection period. Platinum is used in petrol and diesel engine catalysts, and as worldwide demand for vehicles develops, so will platinum catalyst demand.
- Passenger vehicles dominated the market in 2021. This can be attributed to both the substantial global sales of passenger automobiles and the stringent emission standards implemented by regulatory bodies worldwide. In recent years, there has been a significant upsurge in the utilization of cutting-edge pollution control technology in passenger cars, such as the implementation of selective catalytic reduction (SCR) and lean NOx trap (LNT) systems. This shift can be attributed to the increasing public concern regarding air pollution and the adverse impact of vehicle emissions on the environment and public health. However, since internal combustion engines in electric and hybrid vehicles still require catalytic converters for effective control, the growing popularity of these vehicles has also resulted in an increased demand for automotive catalysts in passenger automobiles.
- By 2023, Asia-Pacific is expected to hold the largest market share in the global automotive catalyst market. The burgeoning middle class in emerging countries such as China and India is driving the need for automotive catalysts. The expansion of the e-commerce industry and the availability of discounts on these websites are also fuelling demand for automotive catalysts in the area.
- The North American market is expected to have the fastest revenue CAGR over the projected period due to the implementation of several energy efficiency programs. The region's rising emphasis on reducing car emissions is driving the need for automotive catalysts. The market for pollution control systems in vehicles is rising in North America as a result of the government's severe restrictions. Furthermore, the increased usage of electric and hybrid cars is boosting the market for automotive catalysts.
Major Regions Highlighted in the Global Automotive Catalyst Market Report:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
BASF SE, Johnson Matthey, Umicore, Cataler Corporation, Cummins Inc., Clariant, Corning Incorporated, IBIDEN Co. Ltd., Tenneco Inc., Solvay SA, and Stella Chemifa Corporation,
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