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Global Auto Catalyst Market to Grow at a CAGR of 3.6% During the Forecast Period of 2022-2027, Driven by Improvements in the Auto Catalyst Technology

According to a new report by EMR titled, ‘Global Auto Catalyst Market Report and Forecast 2022-2027’, the global auto catalyst industry attained a value of about USD 14.02 billion in 2021. The market is further expected to grow at a CAGR of 3.6% during the forecast period of 2022-2027 to reach nearly USD 17.33 billion by 2027.

The global market for autocatalysts is being driven by the rise in global pollution levels caused by the harmful emissions from diesel and gasoline-driven motor vehicles. These vehicles emit several harmful gases, namely carbon monoxide, nitrogen oxides, hydrocarbons, and particulates, among others which contribute to acid rain, low-level ozone, smog formation, and contain cancer-causing compounds. Furthermore, with the surging demand for light-duty vehicles from the commercial and residential sectors, the market for autocatalysts is expected to grow due to increasing populations and inflating disposable incomes. Furthermore, huge investments by key industry players on the improvement and development of advanced auto catalysts such as the development of a three-way catalyst to improve fuel efficiency and reduce carbon dioxide emissions at a lower temperature are further expected to invigorate the market growth of autocatalysts in the coming years.

BASF SE (ETR: BAS), a leading player in the global market for autocatalysts, recently launched a new tri-metal catalyst in March 2020. Developed in collaboration with and sponsored by Sibanye-Stillwater and Impala Platinum, the innovative technology enables partial substitution of palladium with platinum, enabling a reduction in catalytic converter costs and partially alleviating sustained palladium deficits. Furthermore, adopting the tri-metal catalyst can reduce catalytic converter costs for automakers given the increase in the palladium demand from countries like China, India, and Europe due to stringent government regulations. Such developments by leading market players are pushing the market growth of autocatalysts.

Market Analysis by Application and Region:

  • The market, based on application, can be divided into LDV-Diesel, LDV-Gasoline, and HDV.
  • The major regional markets for the product include North America, Latin America, Europe, the Asia Pacific and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by various countries' implementation of stringent governmental regulations because of rising environmental degradation.
  • Auto catalysts convert harmful gases such as carbon monoxide, nitrogen oxides, hydrocarbons, and particulates, produced from fuel combustion into harmless elements, thereby boosting the market growth.
  • A rise in demand for personal vehicles, owing to inflating disposable incomes and rising health consciousness among consumers, contributes to the market growth of autocatalysts. 
  • Rising investments into the development and improvement of autocatalysts such as three-way catalysts by leading industry players are boosting the market's growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global auto catalyst industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for applications and major regions.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global auto catalyst market are Haldor Topsoe A/S, BASF SE, Umicore S.A., Cataler Corporation, and Johnson Matthey, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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