PUBLISHER: The Business Research Company | PRODUCT CODE: 1391003
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391003
“Automotive Catalyst Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive catalyst market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive catalyst? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive catalyst market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive catalysts are chambers situated underneath vehicles, responsible for breaking down harmful gas molecules produced by the engine before their release into the atmosphere. Their primary function involves transforming detrimental compounds in engine emissions into safer gases.
The key products of automotive catalysts include two-way catalytic converters, three-way catalytic converters, and diesel oxidation catalysts. Specifically engineered for diesel engines, diesel oxidation catalysts aim to reduce emissions of carbon monoxide (CO), hydrocarbons (HC), and particulate matter (PM). These catalysts typically utilize raw materials such as rhodium, platinum, and palladium. Their applications span across heavy-duty vehicles, light-duty vehicles, and other specific industrial uses.
The automotive catalyst market research report is one of a series of new reports from The Business Research Company that provides automotive catalyst market statistics, including automotive catalyst industry global market size, regional shares, competitors with an automotive catalyst market share, detailed automotive catalyst market segments, market trends and opportunities, and any further data you may need to thrive in the automotive catalyst industry. This automotive catalyst market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive catalyst market size has grown strongly in recent years. It will grow from $17.32 billion in 2023 to $18.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed during the historical period can be attributed to several factors, including the expansion of the automotive industry, increased environmental awareness, the implementation of emission regulations, and overall economic growth.
The automotive catalyst market size is expected to see strong growth in the next few years. It will grow to $23.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period is expected to be driven by several factors, including the escalation in vehicle production, increased adoption of electric vehicles, the global trend of rising urbanization, growing per capita disposable income, and continued government support. Notable trends anticipated during this period encompass the reduction of precious metal content in catalysts, the development of lightweight catalysts, advancements in tailpipe emissions monitoring, smart catalyst technologies, and an increased focus on partnerships and collaborations within the industry.
Government initiatives aimed at emissions control are poised to significantly drive the growth of the automotive catalyst market. In India, the government has directed its focus toward various emissions control programs and initiatives. Diverse catalysts, including noble metal, base metal, and transition metal catalysts, play a crucial role in controlling exhaust gas emissions from automobiles. According to IndiaSpend, the Indian government's commitment to five new emission pledges aims to slash total carbon emissions by 1 billion tonnes and reduce the economy's carbon intensity to less than 45% by January 2022. Consequently, government efforts on emissions control serve as a substantial driver behind the growth of the automotive catalyst market.
The surge in vehicle production is anticipated to fuel the expansion of the automotive catalysts market. Vehicle production encompasses the manufacturing and assembly of various types of vehicles, addressing the production of cars, trucks, buses, motorcycles, and other motorized vehicles. Automotive catalysts play a pivotal role in mitigating harmful emissions from vehicles, ensuring compliance with environmental regulations, enhancing air quality, improving fuel efficiency, and overall vehicle performance. Notably, data from the European Automobile Manufacturers Association in November 2022 revealed a 15.1% increase, amounting to 16.4 million cars manufactured in China from January to September compared to the same period in 2021. This surge in vehicle production significantly contributes to the growth of the automotive catalysts market.
Technological advancements emerge as a significant trend gaining traction within the automotive catalyst market. Major industry players are concentrating on the development of innovative technological solutions to reinforce their positions. For example, in June 2021, Umicore, a Belgium-based materials technology and recycling group, introduced a novel automotive catalyst technology named 'Onyx.' This technology is designed to reduce the amount of platinum required in catalytic converters by employing a unique combination of materials and design, resulting in a reduction of up to 40% in platinum usage while still meeting the latest emission standards. This innovative approach underscores the shift towards technological advancements in the automotive catalyst sector.
Key players in the automotive catalysts market are embracing a strategic partnership approach to deliver circular economy solutions to their customers. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and shared success. An illustrative example is the collaboration between BASF SE, a Germany-based chemicals company, and Heraeus, a Germany-based technology company, in February 2022. Their joint effort aims to recover precious metals from spent automotive catalysts in China. This partnership is crucial for establishing efficient and effective processes for metal recovery, contributing to sustainable practices within the automotive catalyst market.
In May 2021, Elemental Holding, a US-based recycling company, acquired Maryland Core Inc., a US-based automotive catalyst recycler, for $11 million. This strategic acquisition is a part of Elemental Holding's expansion strategy in the market. Maryland Core Inc. is a notable manufacturer of automotive catalysts and various automotive parts. This acquisition aligns with Elemental Holding's strategic objectives and strengthens its position within the automotive catalysts market.
Major companies operating in the automotive catalyst market include BASF SE, Johnson Matthey, Umicore N.V., Tenneco Inc., Clean Diesel Technologies Inc., Cummins Inc., Ecocat India Pvt. Ltd., Clariant, Cataler Corporation, Interkat Catalyst GmbH, Heraeus Precious Metals GmbH & Co. KG, DCL International Inc., Solvay S.A, Eberspcher, N.E. CHEMCAT CORPORATION, Klarius Products Ltd., CDTi Advanced Materials Inc., IBIDEN Co. Ltd., Sinocat Environmental Technology Co. Ltd., Haldor Topsoe A/S, Corning Incorporated, W. R. Grace & Co., Sino-Platinum Metals Co. Ltd., N.V. Bekaert S.A., Sibanye-Stillwater, Tanaka Holdings Co. Ltd., Clariant International AG, CRI Catalyst Company LP, Catalytic Combustion Corporation, Cormetech Inc.
Europe was the largest region in the automotive catalyst market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive catalyst market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the automotive catalyst market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive catalyst market consists of sales of two-way catalytic converters, three-way catalytic converters, and diesel oxidation catalysts. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.