Automotive Catalyst Market Worth $15.73 Billion by 2023
PUNE, India, August 27, 2018 /PRNewswire/ --
According to a new market research report "Automotive Catalyst Market by Type (Platinum, Palladium and Rhodium), Vehicle Type (Light-Duty Vehicles, Heavy-Duty Vehicles), and region (North America, APAC, Europe, South America, and Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the automotive catalyst market is estimated to be USD 12.35 billion in 2018 and is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from 2018 to 2023. This growth can be attributed to the increasing demand for automotive catalysts for use in passenger cars and light commercial vehicles across the globe. In addition, the tightening of global emission standards and increasing stress on fuel efficiency is further anticipated to fuel demand in the automotive catalyst market.
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The light-duty vehicle segment is projected to grow at the highest CAGR in the automotive catalyst market
Based on vehicle type, the light-duty vehicle segment of the automotive catalyst market is projected to grow at the highest CAGR during the forecast period. Passenger cars lead automotive production across the globe. The increasing use of automotive catalysts in passenger cars is expected to result in higher demand during the forecast period. In recent years, automotive manufacturers have been focusing on enhancing the overall fuel efficiency of vehicles, which, in turn, has created the high demand for automotive catalysts.
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Palladium segment is estimated to account for the largest share of the automotive catalyst market in 2018
Based on type, the palladium segment is estimated to account for the largest share of the automotive catalyst market in 2018. Palladium is used as an oxidation catalyst. Palladium's use as a catalyst has grown in importance in recent years driven by factors, such as increase in automotive sales and growing regulations on emissions. It is more widely used in gasoline-based engines than in diesel engines. As palladium is less expensive than platinum, its usage is projected to increase gradually in the Automotive Catalyst Market during the forecast period.
APAC is the largest market for automotive catalysts
The APAC region is estimated to be the largest market for automotive catalysts, in terms of volume, in 2018. China is a key consumer of automotive catalysts in the APAC region. The increasing use of automotive catalysts in passenger vehicles in the region is contributing to the growth of the automotive catalyst market. New product launches & developments and expansions are the key growth strategies adopted by the leading manufacturers of automotive catalysts in the APAC region.
BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), Tenneco (US), are the key players operating in the automotive catalyst market.
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