Automotive Catalyst Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2027)
Market Overview:
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.
Market Segmentation:
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.
Market Scenario:
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 attributing to the growth of the market.
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Regional Analysis:
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.
Competitive Analysis:
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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