Emission Control Catalyst (ECC) Market Worth 16.09 Billion USD by 2021
PUNE, India, March 30, 2016 /PRNewswire/ --
The report "Emission Control Catalyst Market by Type (Palladium, Platinum, Rhodium), Application (Automotive, Industrial & Others), Region - Global Trends & Forecast to 2021", published by MarketsandMarkets, The market is projected to reach USD 16.09 Billion by 2021, growing at a CAGR of 10.37% during the forecast period.
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Browse 108 market data Tables and 56 Figures spread through 185 Pages and in-depth TOC on "Emission Control Catalyst Market".
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This growth is fueled by emission reduction from automobiles and industrial processing units, has been one of the top priorities across the world that has been boosting the emission control catalyst market and increasing number of new product launches and agreements & joint ventures.
Platinum based emission control catalyst: The fastest-growing material type in the ECC market
Platinum is the most active catalyst and a widely used precious metal in catalytic converters in gasoline engines. It is used as both a reduction and an oxidation catalyst. The consumption of platinum from the auto catalyst sector is responsible for over a third of the total platinum demand. Platinum is predominantly used in diesel vehicles since it acts as both an oxidation and a reduction agent to lower sulphur emissions. Europe has the largest market for diesel vehicles and therefore, the demand for platinum-based emission control catalysts has been high in this region.
Automotive: The largest application market for ECC
The automotive industry is the largest market for precious metal-based emission control catalysts and accounts for the largest part of the total Emission Control Catalyst Market size in terms of value. The demand for platinum group metals is projected to grow at a fast rate in the automotive industry as these resources are mainly used in catalytic converters for heavy duty and light duty vehicles and also in the marine and locomotive industry. The most popular and efficient catalytic technology used earlier for automobiles was oxidation catalysis which has now been replaced by much more efficient three-way catalytic converter technology.
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Europe: The largest regional market for ECC
The emission control catalyst market in Europe is estimated to witness a growth in demand in the near future due to implementation of stringent emission control standards for all major end-user industries of emission control catalysts. The rising concern over environmental pollution has been giving rise to stringent emission regulations and is encouraging the car manufacturers to use technologically advanced catalyst converters with precious metals as catalysts. Johnson Matthey, BASF Catalyst, and Umicore have been the key companies providing advance emission control catalysts in this region.
Major players such as BASF Catalysts LLC (U.S.), Johnson Matthey (U.K.), Solvay S.A. (Belgium), Umicore SA (Belgium), Corning Incorporated (U.S.), and Clariant Corporation (Switzerland) have adopted development strategies such as expansions, agreements & collaborations, and new product development to achieve growth in the glob1al ECC market.
This report covers the ECC market, in terms of value and volume, and forecasts the market size till 2021. It segments the market by type, application industry, and region. It also provides company profiles and details the competitive strategies adopted by major players in the global ECC market.
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