06 May 2021
Visiongain has published a new report on Auto Catalyst Market Report to 2031: Forecasts By Type (Platinum, Palladium, Rhodium), By Vehicle Type (Light-Duty Vehicles, Heavy-Duty Vehicles), By Engine Type (Gasoline, Diesel). PLUS Profiles Of Leading Auto Catalyst Companies And Regional And Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Auto Catalyst market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Auto catalysts is a is a cylinder cross section which help in converting harmful pollutants matter into harmless gases such as carbon dioxide, nitrogen, and water. Moreover, it is increasingly used in the exhaust system of vehicles to control the emission such as carbon oxides, hydrocarbons, nitrogen oxides, and other particulate. Furthermore, auto catalysts are also termed as a substances used in automotive exhaust which react with these gases which are passing through the vehicle’s exhaust system.
Factors such as increasing public support for the protection of the environment, increased need to reduce air pollution & safeguard public health, and surge in automobile production are some of the major factors driving the market growth. On the contrary, burgeoning innovations in automotive catalysts and government initiatives regarding emission control are some of the major factors expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Auto Catalyst Market
The unpredictable COVID-19 pandemic has divested entire supply chain in the automotive sectors. This unstable market condition is becoming difficult for dealers to face prospect of adapting to the future trends of electrification, automation, and shared mobility. In addition, the pandemic has threaten existing business models and is expected to recover by third quarter of 2022.
Increased need to reduce air pollution & safeguard public health
Several environmentalist & regulatory bodies are initiative new proposals towards reducing air pollution in order to safeguard public health. Therefore, with these increasing need for safety environment, consumers are switching towards electric cars. As a result, these are becoming major growth factors towards the auto catalyst market.
Surge in automobile production
With increasing automobile production, the demand for auto catalyst is automatically leads to rapid growth in production for emission control devices. In addition, automobile exhaust systems are focusing towards advance developed engine & machineries in the automotive sector. Therefore, increase in automobile production is anticipated to boost the growth of the automotive catalyst market.
Burgeoning innovations in automotive catalysts
As the AI technology is continuing to grow at a tremendous growth rate with advance features & offerings, the automotive industry are investing towards technological advancements. In addition, the investment will boost the revenue of the industry with high sustainability ratio in the competitive environment. Therefore, growing technology & investment in those advance technology is becoming major opportunistic factor to the market in the upcoming years.
Government initiatives regarding emission control
Governments, primality in the emerging economies are largely supporting & initiative development in automotive sectors. The key players have an opportunity to escalate the solutions & product offerings of auto catalyst & sustain in the competitive business environment.
Some of the companies profiled in the report include BASF SE, CDTi Advanced Materials, Clariant, Corning Incorporated, Cummins, Heraeus Holding GmbH, IBIDEN, Klarius UK Ltd., Tenneco, Inc., Umicore S.A.
In January 2020, Natural Resources Canada (NRCan) announced to enter into a commercial licensing arrangement in order to bring to market its methane oxidation catalyst. In addition, this technology has applications to the automotive industry & other sectors covered by regulations that control methane emissions. Therefore, this licensing arrangement is becoming major developing factors to the market.
In June 2018, Clariant, which is one of the leading global & independent manufacturer has expanded its range of Envicat catalyst in order to incorporate high-performance solution for selective catalytic reduction (SCR).
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