The global Emission control catalyst market is
expected to reach USD 11.09 billion by 2024, according to a new report by Grand
View Research, Inc. Improving application of three-way oxidation-reduction
converters in automotive applications is expected to drive market growth.
Stringent environment regulations aimed at reducing carbon emissions in the
major markets including U.S., Germany, India and Japan is projected to have a
favorable impact on the market over the forecast period.
Increasing
energy requirement from household and industrial sectors emerging economies
including China and India coupled with favorable policies for the
implementation of solutions to reduce emission is expected to fuel the demand
for catalysts.
The
automotive sector is expected to foresee growth at a CAGR of 4.3% from 2016 to
2024, in terms of volume. The emergence of Mexico as an automotive production
destination on account of rising domestic demand for passenger and commercial
vehicles along with proximity to the U.S. is expected to increase the
application of emission reduction catalyst over the next eight years.
To request a
sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- Global emission control catalyst demand was 1,978.0 kilo tons in 2015 and is anticipated to reach 2,900.4 kilo tons by 2024, expanding at a CAGR exceeding 4.0% from 2016 to 2024
- Rhodium-based emission reduction catalyst is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024. Natural adaptive features with other metals including platinum and palladium coupled with high market visibility in the catalyst industry is expected to promote the usage of the product.
- Industrial applications contributed to 15.1% of the global volume share in 2015. Rapid industrialization, particularly in emerging economies of Asia Pacific and Latin America, coupled with rising awareness regarding ecology preservation is expected to bolster the demand for emission control catalyst over the forecast period.
- Latin America is projected to foresee volume growth at a CAGR of 4.2% from 2016 to 2024. The presence of numerous oil & gas production facilities in Brazil and Venezuela in light of the high prevalence of offshore petroleum basins is expected to promote the number of installations of power plants. This factor is expected to drive the Latin America emission control catalyst market over the next eight years.
- Major emission control catalyst manufacturers include Johnson Matthey, BASF, Solvay, Umicore, Clariant and Corning Incorporated. Increasing expenditure on R&D and establishment of strategic partnerships with buyers including catalytic converter vendors is expected to remain a critical success factor over the next eight years.
See More
Reports of This Category:
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
No comments:
Post a Comment