SAN FRANCISCO, June 9, 2016 /PRNewswire/ -- The global Emission control catalyst market is expected to reach USD 11.09 billion by 2024, according to a new report by Grand View Research, Inc. Improving application of three-way oxidation-reduction converters in automotive applications is expected to drive market growth. Stringent environment regulations aimed at reducing carbon emissions in the major markets including U.S., Germany, India and Japan is projected to have a favorable impact on the market over the forecast period.
Increasing energy requirement from household and industrial sectors emerging economies including China and India coupled with favorable policies for the implementation of solutions to reduce emission is expected to fuel the demand for catalysts.
The automotive sector is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024, in terms of volume. The emergence of Mexico as an automotive production destination on account of rising domestic demand for passenger and commercial vehicles along with proximity to the U.S. is expected to increase the application of emission reduction catalyst over the next eight years.
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- Global emission control catalyst demand was 1,978.0 kilo tons in 2015 and is anticipated to reach 2,900.4 kilo tons by 2024, expanding at a CAGR exceeding 4.0% from 2016 to 2024
- Rhodium-based emission reduction catalyst is expected to foresee growth at a CAGR of 4.3% from 2016 to 2024. Natural adaptive features with other metals including platinum and palladium coupled with high market visibility in the catalyst industry is expected to promote the usage of the product.
- Industrial applications contributed to 15.1% of the global volume share in 2015. Rapid industrialization, particularly in emerging economies of Asia Pacific and Latin America, coupled with rising awareness regarding ecology preservation is expected to bolster the demand for emission control catalyst over the forecast period.
- Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- South Korea
- Latin America
- North America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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SOURCE Grand View Research, Inc.