Frost & Sullivan: Opportunities in the APAC Automotive Industry Spurs Growth of Global Emission Control Catalyst Market Stringent standards setting emission levels for mobile and stationary engines fuel market
MOUNTAIN VIEW, Calif., May 23, 2013 /PRNewswire/ -- Stringent regulations aimed at minimizing vehicle emissions have spurred the global emission control catalyst market. The market will also grow in tandem with the automotive and energy segments in Asia-Pacific, as rising vehicle sales and escalating demand for power add to the need for emission control catalysts.
New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Global Market for Emission Control Catalysts, finds that the market earned revenue of more than $6.70 billion in 2012 and estimates this to reach $14.22 billion in 2019.
If you are interested in more information on this research, please send an email to Jeannette Garcia, Corporate Communications, at firstname.lastname@example.org, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
The emergence of heavy-duty diesel vehicle regulations has strengthened the requirement for emission control catalysts in diesel engines, subsequently causing momentum to the global emission control catalyst market.
"The continuously revised regulatory roadmap for both mobile and stationary engines has accelerated the development of solutions with better emission reduction capabilities, and widened the market's application scope," said Frost & Sullivan Chemicals, Materials & Food Research Analyst Soundarya Shankar. "Asian countries' adoption of Euro standards has further fuelled market growth."
However, the relaxed enforcement of these regulations, especially in China and India, has dissuaded potential investors from taking advantage of Asia-Pacific's potential opportunities, restraining overall market value.
The market's prospects have further taken a hit due to the high and volatile prices of platinum group metals (PGM), which have forced catalyst manufacturers to reduce PGM quantities, in turn, affecting system performance. High costs have curbed unit shipment volumes too.
To decrease PGM quantities in catalysts without compromising on performance, catalyst manufacturers are focusing on innovation in substrate and wash-coat technology. They are also creating customized solutions for different regions based on regulatory trends, fuel quality, and driving conditions to appeal to a larger consumer base.
"Expansion strategies, along with robust research and development, are crucial to retain and increase market share," noted Shankar. "In fact, partnering with niche participants will enable catalyst companies to expand their product portfolio and presence in developing markets."
Vertical market integration and outsourcing to regions offering low-cost production will help manufacturers stay competitive and profitable.
Global Market for Emission Control Catalysts is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related research services include: Global Marine Composites, North American Industrial Protective Clothing, North American Construction Chemicals, Global RO and UF Membranes, North American Respiratory Protection, North American Flexible Packaging, among others. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Global Market for Emission Control Catalysts
SOURCE Frost & Sullivan