Emission Control Catalyst Market is anticipated to expand at a remarkable CAGR from 2020 to 2027 (forecast period), according to a new report by Market Research Future (MRFR). Emission control catalysts (ECC) or catalytic converters are devices which can convert toxic gases to less potent gases and reduces emissions. In light of stringent regulations pertaining to carbon emissions, prominent automotive manufacturers are integrating catalytic converters in their finished products. Increasing awareness towards minimizing carbon footprints is expected to drive market growth over the forecast period.
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Drivers and Restraints
Demand for fuel-efficient vehicles and rapid industrialization are factors expected to spur market demand. Continuous developments in catalysts are projected to benefit the market in the coming years. Rapid pace of urbanization coupled with the rise of expendable incomes of consumers are other factors which can influence market growth during the forecast period. Volatile prices of platinum metals can pose a challenge to the market.
Rise in fuel prices and skyrocketing emission rates have led to the development of ECCs which can minimize levels of hydrocarbons and nitrogen oxides. For instance, Clariant offers its own range of catalytic converters to purify gas and air. Its utilization in industrial applications can eliminate harmful pollutants such as nitrogen oxide (N2O).
In light of strict emission norms in India, Ducati, an Italian motorcycle manufacturer, has integrated a catalytic converter in its high-performance motorcycles. Furthermore, Indian Oil Company has developed a technology to convert natural gases into high-octane gasoline.
The emission control catalyst market is segmented by product, application, and region. By product, the market is segmented into rhodium, palladium, platinum, and others. The platinum ECC segment is anticipated to experience rapid growth owing to its being an oxidation-reduction catalyst. Production of diesel-fueled cars in Europe can spur segment demand in the coming years.
The palladium segment is expected a healthy growth rate during the forecast period due to increasing consumption by diesel and petrol-based engines.
Industrial, transportation, and others comprise as major market applications. The transportation segment is estimated to contribute to the market on account of light duty and heavy duty vehicle sectors. Automotive accounted for nearly 70% market demand in 2015. Continuous sales of cars and demand for catalytic converters is expected to drive segment growth during the forecast period. Uptick of electric vehicle sales can threaten its growth. The industrial application segment can also generate demand due to rapid industrialization in Asia Pacific and Latin America.
Region-wise, the emission control catalyst market covers Latin America (LATAM), North America, Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The APAC market is anticipated to expand from 2017 to 2023 due to booming general and automotive sectors. Rising demand from automobile manufacturers and adherence to stringent regulations are factors anticipated to bolster regional demand. Countries such as Vietnam, Japan, China, India, and South Korea are anticipated to contribute to market revenue in the coming years due to being home to various automotive manufacturing companies. Rise in expendable incomes of consumers is predicted to influence market revenues.
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North America can register a modest growth rate till 2023 owing to pollution concerns and ban of volatile organic compounds (VOC). The U.S. and Canada continue to contribute to regional revenue by providing catalytic converters to metals, chemicals, cement, and power sectors.
The Europe ECC market is anticipated to dominate over the forecast period owing to strict policies regarding emissions and constant expansion of the automotive industry. Germany, in particular, may play a strong role in influencing market value.
The MEA market is projected to grow steadily due to presence of various mining and oil drilling companies in the region.
Prominent market players include DCL International Inc.; Clariant; BASF SE; Solvay S.A.; and Cataler Corporation. These players are focusing on strengthening relationships with distribution partners to ensure continuous sales. Introduction of new technologies such as diesel particulate filter and its subsequent implementation in cars is anticipated to bode well for these players.
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