According to a recent report published by Allied Market Research, titled, Global Automotive Catalyst Market by Metal Type, Engine Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018 – 2025, the global automotive catalyst market was valued at $22,601.5 million in 2017 and is projected to reach $31,815.7 million by 2025, registering a CAGR of 4.2% from 2018 to 2025.
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At present, Asia-Pacific dominates the market, followed by Europe, LAMEA, and North America. China dominated the global automotive catalyst market in 2017, while UK is expected to grow at a significant growth rate in Europe during the forecast period (2018 – 2025).
Factors such as emission control regulations by government and increase in the production of automobiles fuel the growth of the automotive market. Automobile manufacturers are producing vehicles with emission control technologies to meet the stringent regulations set to control pollution. However, rise in penetration and production of electric vehicles hinders the growth of the automotive catalyst market. In addition, high cost of platinum, palladium, rhodium, and other metals used as automotive catalysts restricts the growth of the market. Furthermore, government initiatives regarding emission control in the developing nations and innovation in emission technologies for fuel efficiency are anticipated to provide growth opportunities in the automotive catalyst market.
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Key Findings of the Automotive Catalyst Market :
The others segment in metal type generated the highest revenue in terms of revenue for the global automotive catalyst market in 2017.
In 2017, gasoline segment was the highest revenue contributor in the engine category.
The LAMEA region is anticipated to exhibit the highest CAGR during the forecast period.
In 2017, the Asia-Pacific contributed the highest market revenue, followed by Europe, LAMEA, and North America.
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The key players analyzed in this report are BASF SE, Johnson Matthey, Umicore, Tenneco Inc., CDTi Advanced Materials, Inc., Cummins Inc., Eberspcher, Ecocat India Pvt. Ltd., Klarius Products Ltd., Clariant, and others.
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