The Emission Control Catalysts Market to grow by USD 4.24 billion from 2022 to 2027 | Environmental concerns and measures to curb pollution to drive the growth- Technavio

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The emission control catalysts market is expected to grow by USD 4.24 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.25% during the forecast period. The market is segmented by Application (Mobile emission and Stationary emission), Type (Palladium, Platinum, and Rhodium), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Environmental concerns and measures to curb pollution are key factors driving market growth. Environmental and health pollution caused by the exhaust of vehicles has a significant impact, resulting in ozone depletion and greenhouse gas emissions. To mitigate greenhouse gas emissions, green standards such as LEED are incorporated in the planning and construction of buildings. Environmentally friendly solutions for stationary and mobile emission sources worldwide are expected to be supported by advanced equipment and sustainable systems. Despite industry opposition, strict emissions regulations were passed and continuously strengthened over time to combat pollution. For example, the Air Resources Board (ARB) established strict emissions standards for passenger cars, thereby promoting the use of efficient catalytic converters. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the emission control catalysts market: AeriNOx Inc., Ashland Inc., BASF SE, Catalytic Combustion Corp., CDTi Advanced Materials Inc., Clariant International Ltd., CORMETECH Inc., Cummins Inc., DCL International Inc., DieselNet, Evonik Industries AG, Topsoes AS, Honeywell International Inc., Ibiden Co. Ltd., Johnson Matthey Plc, S and P Global Inc., Solvay SA, Toyota Motor Corp., Tenneco Inc., and Umicore SA
• Emission Control Catalysts Market is fragmented in nature.
• Market to observe 5.12% YOY growth in 2023.

Market Dynamics:

Major Trend

• Increased demand for selective catalyst reduction (SCR) catalysts is a major trend in the market.
• Selective catalytic reduction (SCR) emissions control catalysts are able to remove NOx in oxidizing conditions and enable specific reduction of NOx as well as the oxidation of ammonia.
• The SCR process uses a catalyst to inject the liquid-reducing agent, normally automotive-grade urea, known as Diesel Exhaust or DEF Fluid, into the exhausts of diesel engines.
• However, automakers are hesitant to adopt SCR technology in diesel vehicles due to the need for additional space under the hood and the need for an additional tank to hold the reducing agent, which needs to be refilled.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• Energy-intensive nature of platinum processing is a significant challenge restricting market growth. 
• An energy-intensive process that has increased production costs is the transformation of platinum ore into pure platinum.
• To produce just one troy ounce of pure platinum, it takes approximately 6 months and 10 to 12 tons of ore.
• The way this works is to crush the platinum-enriched ore, pour it in water, and introduce air so its particles can bond with oxygen and rise to the surface.
• Separation of platinum from this mixture involves complex reactions using nitric acid and hydrochloric acid, resulting in the production of pure platinum.
• Hence, these factors are expected to drive market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The mobile emission segment will account for a major share of the market's growth during the forecast period. Emission Control Catalysts demand is being driven by the increasing popularity of diesel cars, in particular those using catalysts based on platinum. Furthermore, the key driver for market growth in this sector is expected to be increasing environmental restoration and conservation activities. To stay ahead of the competition, auto manufacturers will focus on developing technologically advanced emission control catalysts and innovative technologies. In order to ensure the conservation of the environment, a number of governments worldwide have introduced stringent rules for reducing and controlling engine emissions as well as harmful emissions. Hence, these factors are expected to drive segment growth during the forecast period.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio