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The Business Research Company's Emission Control Catalysts Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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What's the current market size and growth rate of the Emission Control Catalysts industry?
The emission control catalysts market size has been showing rapid growth in recent years. This sector will expand from $24.47 billion in 2023 to $27.19 billion in 2024, boasting a compound annual growth rate CAGR of 11.1%. In the historic period, growth has primarily been driven by the strict emission regulations, the increase in vehicle ownership, the rise in industrial emissions, increased public awareness, and the growth of the automotive industry.
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What's the future growth forecast for the Emission Control Catalysts market ?
The emission control catalysts market size is projected to see impressive growth in the coming years, climbing up to $41.24 billion in 2028 at a compound annual growth rate CAGR of 11.0%. The multiple factors that will likely drive growth during the forecast period include green hydrogen production, industrial decarbonization, increasing use of renewable fuels, the impact of growing urbanization on air quality, and an uptick in international agreements. The period will also see the evolution of major trends like diesel emission control, the implementation of zero-emission regulations, developments in selective catalytic reduction SCR technology, advancements in on-board diagnostics OBD systems, and the use of integrated systems.
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What are the key drivers propelling the growth of the Emission Control Catalysts market?
Stringent regulations for controlling air pollution are significantly contributing to the growth of the emission control catalysts market. Air pollution, prevalently caused by rapid industrialization and urbanization, is responsible for higher emissions into the environment. Governments worldwide, increasingly concerned about the adverse effects of air pollution on public health and the environment, have implemented strict regulations to control air pollution. These regulations have spurred an increase in demand for emission control catalysts used in the exhaust systems of industrial machinery and vehicles. Notably, in September 2021, the World Health Organization introduced global air quality guidelines aiming to save lives and enhance air quality strained by pollution.
Which companies dominate the Emission Control Catalysts market?
There is a roster of major companies making their mark on the emission control catalysts market. This consists of BASF SE, Johnson Matthey plc, Clariant AG, Honeywell International Inc., Tenneco Inc., Cataler Corporation, Heraeus Holding GmbH, Bosal Industries Ltd., Innovative Emissions Control Inc., DCL International Inc., Albemarle Corporation, Interkat Catalyst GmbH, Royal Dutch Shell plc, Sinocat Environmental Technology Co. Ltd., Zeolyst International Inc., Umicore SA, Solvay S.A., Corning Incorporated, Hitachi Zosen Corporation, Kunming Sino-Platinum Metals Catalyst Co. Ltd., Nett Technologies Inc., NGK Insulators Ltd., Sinocat Environmental Technology Co., Clean Diesel Technologies Advanced Materials Inc., Eberspaecher Group, Emitec Technologies India Private Limited, Faurecia India Pvt. Ltd., Hug Engineering AG, Katcon Global S.A. de C.V., Fabbrica Italiana Magneti Marelli, Walker Manufacturing Company, and Yara International ASA.
What current trends and strategies are holding sway in the Emission Control Catalysts market?
Currently, in the emission control catalysts market, major companies are emphasizing production expansion to meet increasing customer demands and gain a competitive edge. This strategy is helping companies amplify their market share, enhance brand identity, and boost profitability. As part of their expansion efforts, companies have amplified their investment in research and development to produce new, innovative, more efficient, cost-effective, and eco-friendly products. For instance, in July 2021, Germany-based chemicals company BASF SE announced its investment into the expanded capacity of mobile emissions catalysts at its Chennai, India plant. This major investment is set to almost double the company's production capacity for mobile emissions catalysts catering to heavy-duty on- and off-road segments.
How is the market for Emission Control Catalysts segmented?
The emission control catalysts market is split into multiple segments:
1 By Product: Palladium-based ECC, Platinum-based ECC, Rhodium-based ECC, Other Products
2 By Fuel Type: Diesel Vehicles, Gasoline Vehicles
3 By Application: Mobile Emission Control Catalysts, Stationary Emission Control Catalysts
4 By End-User: Automotive and Transportation, Chemical Industry, Oil and Gas Industry, Mining Industry, Power Industry, Other End Users
What are the regional insights into the size and growth of the Emission Control Catalysts market?
As of 2023, the largest region in the emission control catalysts market was Asia-Pacific. Over the forecast period, Asia-Pacific is also expected to display the fastest growth in this market. Details on the regions in the emission control catalysts market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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