The Emission Control Catalyst Market is estimated to grow at a CAGR of 6.8% from USD 21.60 billion in 2019 to USD 37.28 billion in 2027. Growing awareness of carbon footprint reduction in the automobile industry is likely to have a positive impact, despite the stringent legislation regulating air emissions.
To order to reduce the amount of toxic contaminants to the atmosphere, a pollution reduction mechanism removes the solid particulates in transport and commercial vehicles' engine exhaust systems. The national environmental standards in the USA, the European standards and the Bharat Level emission standards in India, are thus regulated and restructured in the emission reduction catalyst industry in order to exploit air emissions caused by various fields of implementation.
Top Companies Operating in the Global Emission Control Catalyst Market:
Johnson Matthey, Solvay SA, Umicore SA, Corning Incorporated, Aerinox Inc., Cormetech Inc., BASF, DCL International Inc., Shell Global, and Clariant International Ltd.
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Over recent years, the cost of adding catalytic converters over engine systems of finished vehicles has risen, like General Motors, Honda, Volkswagen and Ford Motors. This phenomenon is expected to be instrumental in increasing the use of emission reduction catalysts in vehicle engine systems over the coming years.
Increasing car production in emerging economies, including China, Mexico, and Iran due to increased domestic vehicle consumption and favorable government market development policies may encourage the use of such catalysts in the next few years. The rapid growth of the manufacturing and automotive sectors over the expected timeframe is anticipated to fuel business demand.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
The adoption of digital technologies by oil, gas, and chemical firms has been fueled primarily by cost savings and greater reliability. Many organizations in these areas saw excellent benefits from advanced market sensing, improved operational optimization, and expanded usage of "in silico" simulations. Companies' existing digital technologies provided an advantage with the abrupt entrance of COVID-19 and the accompanying shutdown of facilities and work sites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.
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The Emission Control Catalyst market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Emission Control Catalyst market.
The global Emission Control Catalyst market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Palladium
- Platinum
- Rhodium
- Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Automotive
- Industrial
- Others
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