The new report by Expert Market Research titled, ‘Global Auto Catalyst Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global auto catalyst market, assessing the market based on its segments like applications and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Auto Catalyst Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 14.02 Billion
• Forecast CAGR (2023-2028): 3.6%
• Forecast Market Size (2027): USD 17.33 Billion
The auto catalyst market is being driven by the stringent restricting laws pertaining to the emission of gases, such as carbon monoxide and hydrocarbon, owing to the rising breathing difficulties and respiratory diseases among the geriatrics. The increasing sales of gasoline or petrol-based vehicles with consequent increase in gas emissions is anticipated to propel the demand for auto catalysts in the forecast period.
However, the replacement of traditional fuel-based cars with electric cars in the coming years is likely to limit the market growth. Geographically, the Asia Pacific region accounts for a significant share in the market owing to the greater number of automobile customers and strong foothold of automotive manufacturers.
Auto Catalyst Industry Definition and Major Segments
Auto catalyst is defined as a cylindrical or elliptical component of an automobile, which is used to convert gaseous HC, CO and NOx into water, CO2 and nitrogen. An auto catalyst is made up of ceramic or metal formed into a fine honeycomb. The main function of auto catalyst is to convert harmful gases released by a vehicle into harmless elements before it contaminates the environment.
The product was launched at around 1970’s to curb the emission of toxic gases and in present day, it is widely used in the catalysis system of automobiles.
On the basis of application, the market can be segmented into:
The regional markets for auto catalyst include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Auto Catalyst Market Trends
The key trends in the auto catalyst market include the increasing customer spending on automobile maintenance, coupled with the growing awareness pertaining to the harmful effects of toxic gases on the environment. In addition to this, the rising demand for auto catalysts in buses, cabs, and two-wheelers, owing to the thriving transportation sector in the emerging economies is anticipated to boost the market growth in the forecast period.
Furthermore, the rising investments and growing R&D activities by the major automotive manufacturers in new and innovative technologies to improve the auto catalysis system in modern automobiles are anticipated to provide impetus to the market in the forecast period.
Key Market Players
The major players in the market are:
- BASF SE
- Umicore S.A
- Haldor Topsoe A/S
- Cataler Corporation
- Johnson Matthey
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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