Auto Catalyst Market , Size, Share, Growth, Trends, Insight and Industry Forecast, 2021-2027
Author : Ganesh mhetre | Published On : 15 Sep 2021
Auto catalysts are used in the automobile industry to convert the harmful emissions from vehicles into less toxic materials. It is extensively used in the exhaust systems of automobiles and can also be used in electrical generators mining equipment and fork lifts among others. The growth of automobile production across the globe is vitally affecting the growth of the auto catalyst market.
The global auto catalyst market is being driven by growing number of automobiles throughout the globe. Moreover, it is estimated that the light-duty vehicle- diesel is set to witness the highest growth due to the growing consumption of the fuel-efficient diesel cars globally.
The global auto catalyst market is segmented into application and region. On the basis of the application, the market is segregated into light-duty vehicle diesel, light-duty vehicle gasoline, and heavy-duty vehicle. The market by region is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The light duty vehicle diesel segment followed by the light-duty vehicle gasoline is anticipated to observe a higher CAGR during the forecast period. The growing per capita disposable income coupled with the shifting of the automotive manufacturing base into the developing regions are the major factor attributingto the growth of the market.
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The global auto catalyst market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at a considerably higher CAGR. The presence of the most populated countries of the world such as India and China in this region has augmented the demand for automobiles, which, in turn, is anticipated to fuel the demand for auto catalyst in the region. Moreover, the shifting of the automotive manufacturing base into the region owing to the cheap labor and encouraging government regulations is also contributing to the growth of the market.
The European region is estimated to witness a significant growth during the forecast period. The increasing use of auto catalyst owing to the strict EU regulations is driving the market growth. The implementation of Euro 6 and Euro 7 guidelines is further adding to the market growth. According to the European Union, car sales in 2017 grew by 3.6%.
The North American auto catalyst market is mainly driven by the U.S. and Canada. The presence of the developed automobile industry and increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing light-duty vehicle in the region coupled with the stringent federal emission regulations is also expected to fuel the market growth.
Some of the prominent players operating in the global Auto catalyst market are BASF SE (Germany), Johnson Matthey (England), Solvay (Belgium), Umicore (Belgium), Corning Incorporated (U.S.), Cataler Corporation (Japan), DCL International (Canada), Heraeus Holding GmbH (Germany), Tenneco Inc (U.S.), Faurecia S.A (France), Klarius Products Limited (U.K), and Taizhou Three-Way Vehicle Catalytic Converter Co., Ltd (China) among others.
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