The rapid progress of exhaust emission control systems, the increased demand for reducing toxic fumes, and the government's emphasis on clean air are some of the key factors driving market growth
New York, November 11, 2021/PRNewswire/--Reports and Data released its latest report, titled "Automotive catalyst market size, share and analysis, by product type (two-way catalytic converter, three-way catalytic converter) , Diesel oxidation catalyst), according to raw materials (rhodium, platinum, palladium), according to engine type (diesel, gasoline, other), according to application (heavy vehicles, light vehicles), and according to region forecast to 2028."
According to reports and data, the global automotive catalyst market in 2020 is worth 13.63 billion U.S. dollars and is expected to reach 19.22 billion U.S. dollars by 2028, with a compound annual growth rate of 4.3% in the forecast period of 2021-2028.
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Automobile catalyst or catalytic converter is a kind of exhaust emission control device, which effectively converts pollutants and toxic gases found in exhaust gas into less toxic pollutants through oxidation-reduction reaction. Automotive catalysts are widely used in all types of internal combustion engines and stationary applications, such as for the control of volatile organic compounds (VOC) and nitrogen oxides (NOx) emissions. Automobile catalysts are used to reduce the toxicity of pollutants and gases emitted by vehicles. Increasing attention to reducing emissions of gases harmful to human health and the environment, and implementing more and more stringent regulatory policies to reduce the impact on human health and the environment, these are some of the key factors that are expected to drive market revenue growth during the forecast period .
According to national regulations and policies related to carbon dioxide, nitrogen oxides and hydrocarbons produced by engines, it is required to install automobile exhaust catalysts in vehicles. These gases can cause suffocation, irritation of the skin and respiratory system, and gases such as nitrogen dioxide can cause photochemical smog and acid rain. The introduction of electronic carburetor systems and catalysts in the exhaust system of automobile engines is expected to open up growth opportunities. Automotive catalysts are usually provided in the form of monolithic ceramic and metal substrates. Three-way converters are widely used in vehicle emission control systems in countries around the world. The increase in global production of automobiles powered by gasoline and other types of fuels has led to extensive research and development activities to improve the efficiency of known catalysts and develop newer and more effective models, which are expected to further drive the market's revenue growth during the forecast period.
Technological progress and R&D activities have led to the introduction of more advanced gas analysis systems and automobile exhaust catalysts, which can more effectively reduce harmful gases and particulate by-products in automobile exhaust. Increasing attention to addressing growing concerns about clean air and the implementation of stricter regulations and CO2 emission standards for passenger cars powered by gasoline and diesel engines are other factors that are expected to continue to promote the growth of automotive catalyst demand and market fuel revenue growth continue.
However, the high cost of automotive catalysts and the rapid adoption of electric vehicles around the world are key factors that are expected to hinder market growth to a certain extent during the forecast period.
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In addition, many automobile manufacturers have announced that they will stop producing and selling gasoline and diesel vehicles. In addition, it is expected that the use of gasoline and diesel vehicles will be banned from 2030, and some hybrid vehicles will continue to be on the road before 2035. In addition, the switch to renewable energy and more environmentally friendly vehicles is another major factor that is expected to lead to a steady decline in vehicle sales. Vehicles powered by fossil fuels. The leaders in electric vehicle (EV) sales are China, the United States and Europe. In the first half of 2021, sales increased by 160% year-on-year to 2.6 million vehicles, accounting for 26% of new sales in the global automotive market. These are some of the key factors that are expected to have a negative impact on market growth during the forecast period.
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Cause unemployment and financial crisis
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Significant growth in revenue from the three-way catalytic converter division:
Since the three-way catalytic converter has the additional ability to reduce nitrogen dioxide and nitrogen monoxide emissions and oxidize exhaust gas pollutants such as hydrocarbons and carbon monoxide, the preference for three-way catalytic converters is increasing, and the revenue of the three-way catalytic converter sector is expected Will grow significantly. Three-way catalytic converters are widely used in vehicle emission control systems in the United States, Canada and other countries. In these countries, vehicle emission regulations require the use of three-way converters in gasoline-powered vehicles.
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The Rhodium division will account for the largest revenue share:
Because it is widely used in automobile exhaust systems to effectively meet strict emission standards, it has high efficiency in converting nitric oxide into nitrogen, and manufacturers who prefer automobile rhodium as automobile catalysts.
The Asia-Pacific region will achieve strong revenue compound annual growth rates:
Due to the rapid development of the automotive industry and the increase in personal disposable income, the demand for high-end cars is increasing, the increasing attention to environmental protection, and the strict enforcement of regulations to control toxic vehicle emissions.
Major companies in the market include:
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As far as this report is concerned, Reports and Data has segmented the global automotive catalyst market based on product types, raw materials, engine types, applications and regions:
Product type outlook (quantity, thousand tons; revenue, billion U.S. dollars; 2018-2028)
Raw material outlook (quantity, thousand tons; revenue, billion U.S. dollars; 2018-2028)
Engine type outlook (production, thousand tons; revenue, billion US dollars; 2018-2028)
Application outlook (quantity, thousand tons; revenue, billion US dollars; 2018-2028)
Regional outlook (quantity, thousand tons; revenue, billions of dollars; 2018-2028)
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