Automotive Catalyst Global Market Report 2023
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, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Catalyst Global Market Report 2023" - https://www.reportlinker.com/p06426344/?utm_source=GNW
, Solvay S.A, Eberspcher, and N.E. CHEMCAT.
The global automotive catalyst market grew from $16.05 billion in 2022 to $17.24 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. 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, causing inflation across goods and services, and affecting many markets across the globe. The automotive catalyst market is expected to grow to $22.57 billion in 2027 at a CAGR of 7.0%.
The automotive catalyst market consists of sales of two-way catalytic converters, three-way catalytic converters, and diesel oxidation catalysts.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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 and that is used to change the harmful compounds from an engine’s emissions into safe gases.
Europe was the largest region in the automotive catalyst market in 2022.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.
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.
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 market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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.
Read the full report: https://www.reportlinker.com/p06426344/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001