The global Auto Catalyst Market is expected
to reach USD 15.80 billion by 2024, according to a new report by Grand View
Research, Inc. Implementation of stringent regulations pertaining to emission
control limits is expected to remain a key driving factor for global Auto
Catalyst Market over the forecast period.
The growth
in the automotive ancillary market on account of increasing average life of
vehicles the on road is expected to drive the demand for auto catalysts. Demand
for diesel vehicles is expected to have a positive impact on the market growth
over the forecast period. Volatile prices of precious group metal (PGM) is
expected to remain a key driving factor for global Auto Catalyst Market over
the next eight years.
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Further key findings from the study suggest:
- Global Auto Catalyst Market demand was 109.77 million units in 2015, and is expected to exceed 150 million units by 2024, growing at a CAGR of 3.8%from 2016 to 2024
- Light duty vehicles-gasoline emerged as the leading application segment and accounted for 71.5% of total units in 2015. Growing demand for gasoline powered light-duty passenger cars across the world is expected to remain a key driving factor for this segment over the forecast period.
- Asia Pacific was the leading regional market with demand share exceeding 50% in 2015. However, in terms of revenue, Europe led the global auto catalysts industry on account of relatively lower prices in Asia Pacific. Adoption of stringent emission control regulations such as Euro VI coupled with the growing demand for diesel powered vehicles is expected to drive the regional market growth over the forecast period.
- Asia Pacific is expected to witness the highest growth of 3.9% over the forecast period on account of emission control regulations implemented in China, Japan, and India, which are in line with the Euro VI regulations. In addition, increasing automobile production on account of growing demand for passenger and commercial vehicles particularly in India, China, Indonesia, and Thailand is also expected to have a positive influence on the market growth.
- Some leading companies operating in the global Auto Catalyst Market include Johnson Matthey PLC,BASF SE, Umicore SA, Corning Incorporated, Heraeus Holding GmbH, Faurecia SA, Bosal International N.V., Cummins Emission Solutions, Inc., IBIDEN Co., Ltd., Solvay SA, and Cataler Corporation.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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