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Automotive Catalyst Global Market Report 2022: Ukraine-Russia War Impact
Major players in the automotive catalyst market are BASF SE, Johnson Matthey, Umicore N. V, Tenneco Inc. , Clean Diesel Technologies Inc. , Cummins Inc. , Ecocat India Pvt. Ltd. , Clariant, Cataler Corporation, Interkat Catalyst GmbH, Heraeus , DCL International Inc.
New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Catalyst Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368536/?utm_source=GNW
, Solvay S.A, Eberspcher, and N.E. CHEMCAT.
The automotive catalyst market consists of the sales of automotive catalyst products by entities (manufacturers, sole traders, and partnerships) that are used to change the harmful compounds from an engine’s emissions into safe gases.Automotive catalysts refer to a chamber located on the underside of a vehicle that splits harmful gas molecules before they get released into the air.
Reduction catalysts and oxidation catalysts are the main types of catalysts featured in cars.
The main products of automotive catalysts are two-way catalytic converters, three-way catalytic converters, and diesel oxidation catalysts.Diesel oxidation catalysts refer to catalytic converters designed specifically for diesel engines and equipment to reduce carbon monoxide (CO), hydrocarbons (HC), and particulate matter (PM) emissions.
The raw materials used are rhodium, platinum, and palladium. The various applications involved heavy-duty vehicles, light-duty vehicles, and other applications.
The automotive catalyst market research report is one of a series of new reports that provides automotive catalyst market statistics, including automotive catalyst industry global market size, regional shares, competitors with an automotive catalyst market share, detailed automotive catalyst market segments, market trends and opportunities, and any further data you may need to thrive in the automotive catalyst industry. This automotive catalyst market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Europe was the largest region in the automotive catalyst market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive catalyst market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Government initiatives on emissions are expected to propel the growth of the automotive catalyst market going forward.The Indian government is focusing on several programmes or initiatives for controlling emissions into the atmosphere.
Different types of catalysts, such as noble metal, base metal, and transition metal catalysts, are employed in automobile exhaust gas emissions controls. According to IndiaSpend, an Indian-based non-profit media platform, the Indian government’s five new emission pledges plan to reduce total carbon emissions by 1 billion tonnes and the economy’s carbon intensity to less than 45% by January 2022.Therefore, government initiatives on emissions are driving the automotive catalyst market.
Technological advancements are a key trend gaining popularity in the automotive catalyst market.Major companies operating in the automotive catalyst sector are focused on developing new technological solutions to strengthen their position.
For instance, in March 2020, BASF, a German chemical company that includes automotive catalysts, launched Tri-Metal Catalyst technology in collaboration with Impala Platinum and Sibanye-Stillwater.This innovative new technology enables partial substitution of palladium with platinum, which reduces costs and helps avoid the deficits of palladium.
Tri-Metal Catalyst adoption can lower catalytic converter costs for cars and partially rebalance market demand for PGMs, improving the sustainability of the PGM market and reducing costs while not making compromises with the emission standards.
In September 2020, APACE Holding Company, a US-based automotive company, acquired APC’s emissions business unit, AP Emissions, for an undisclosed amount.With this acquisition, APACE will strengthen AP Emissions’ position and development in the aftermarket sector and allow the company to better serve its clients and generate more opportunities.
AP Emissions is a US-based manufacturer of automotive catalysts and other automotive parts.
The countries covered in the automotive catalyst market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The global automotive catalyst market is expected to grow from $15.00 billion in 2021 to $15.79 billion in 2022 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The automotive catalyst market is expected to grow to $19.52 billion in 2026 at a CAGR of 5.4%.
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