According to a recent report published by Allied Market Research, titled, “Automotive Exhaust System Market by Technology, Fuel Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global automotive exhaust system market size was valued at $77.33 billion in 2018, and is projected to reach $130.17 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.
Presently, Asia-Pacific dominates the market, followed by Europe, LAMEA, and North America. China dominated the Asia-Pacific automotive exhaust system market share in 2018 and is anticipated to exhibit a remarkable growth during the forecast period.
Diesel oxidation catalyst (DOC) is an emission control technology, which is used to promote organic fraction (OF) of diesel particulates as well as chemical oxidation of CO and HC. This technology also oxidizes sulfur dioxide in the diesel exhaust due to combusting of sulfur containing fuels. Diesel particulate filter that is used to physically capture the diesel particulates to prevent their release in the ecosystem. In addition, the material used in these filters are developed with high filtration efficiencies and with impressive mechanical and thermal durability. Selective catalytic reduction is an advanced active emission control technology in which a liquid-reductant agent is injected into exhaust stream of a diesel engine through a special catalyst. The reducing agent is usually urea of automotive grade also known as diesel exhaust fluid (DEF), which starts a chemical reaction to convert nitrogen oxide in to water, nitrogen, and tiny amount of carbon dioxide (CO2)
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Developed nations are taking significant efforts to reduce the emission of harmful pollutants from vehicles into the atmosphere. For instance, Kyoto Protocol, a treaty signed by the U.S. and other developed countries that binds them to the reduction of greenhouse gas emission. U.S. and other countries have also called upon the developing nations to participate in the implementation of international carbon reduction efforts. Thus, automotive exhaust systems can help to meet the harmful pollutant emission standards, which is a remarkable growth opportunity for the players operating in automotive exhaust system market.
Factors such as stringent government regulations for emission control and increase in automobile production are driving the growth of automotive exhaust market. In addition, adoption of nanotechnology in catalytic converters is anticipated propel the growth of market. However, growing electric vehicle production and high cost of automotive catalysts hinders the growth of automotive exhaust system market. Further, innovations in automotive catalysts and government initiatives in developing nations for emission reduction holds remarkable growth opportunity for the key player operating in the automotive exhaust system market.
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Key Findings of the Study:
- On the basis of technology, the Selective catalytic reduction (SCR) segment is anticipated to exhibit a remarkable growth during the forecast period.
- On the basis of fuel type, the diesel segment is anticipated to grow at the highest CAGR during the forecast period.
- Region wise, Asia-Pacific is the fastest growing region, followed by Europe, LAMEA, and North America.
The key players analyzed in this report are Johnson Matthey, BASF SE, Tenneco Inc., Eberspächer, Umicore, BENTELER International, BOSAL, Sejong Industrial Co.,Ltd., Klarius Products Ltd., Faurecia, and others.
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