USD 12.45 billion
Report ID:
SQMIG25A2141 |
Region:
Global |
Published Date: July, 2001
Pages:
157
|Tables:
116
|Figures:
77
Automotive Catalyst Market size was valued at USD 12.45 billion in 2019 and is poised to grow from USD 12.8 billion in 2023 to USD 18.98 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
Automotive catalyst is used in the exhaust system of vehicles to control the emission of harmful gases, such as hydrocarbons, carbon oxides, nitrogen oxides, and other particulate matter, into the atmosphere. It helps convert harmful gases into less toxic gases such as nitrogen and carbon dioxide. Platinum, palladium, rhodium, and other rare and expensive metals are used as catalysts in automobiles, which increases the cost of the automotive catalyst. However, manufacturers are inclined towards adopting nanotechnology to enable them use expensive metals efficiently. The governments of developed countries have established emission control standards to control release of pollutant from vehicles into the atmosphere. For instance, Euro 6, European emission standards is a European government initiative for emission control in the European region.
Factors such as emission control regulations by government and increase in the production of automobiles fuel the growth of the automotive catalyst market. Automobile manufacturers produce vehicles with emission control technologies to meet the stringent regulations set by the government. However, rise in penetration, and production of electric vehicles hinders the growth of the automotive catalyst market. In addition, high cost of precious metals such as platinum, palladium, and rhodium used in automotive catalyst restrains the growth of the market. Furthermore, government initiatives regarding emission control in developing nations and innovation in emission technologies for fuel efficiency are anticipated to provide remarkable future growth opportunities to the automotive catalyst market.
US Automotive Catalyst Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.45 billion
Largest Segment
Light-Duty Vehicle
Fastest Growth
Light-Duty Vehicle
Growth Rate
5.4% CAGR
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Global Automotive Catalyst market is segmented on the basis of product type, engine type, application, raw material, and region. By product type, the Automotive Catalyst Market is segmented into Two-way catalytic converter, Three-way catalytic converters, diesel oxidation catalyst. By engine type, the Automotive Catalyst Market is bifurcated into diesel, gasoline, others. By application, the Automotive Catalyst Market is segmented into heavy-duty vehicle, light-duty vehicle. By raw material, the Automotive Catalyst Market is segmented into rhodium, platinum, palladium. By region, the Automotive Catalyst Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Automotive Catalyst Market Analysis by Product Type
Among the product type segments, three-way catalytic converters had the largest revenue share in the global market in 2021 and is expected to grow at the fastest rate during the forecast period. This is due to its growing popularity and preference over two-way catalytic converters due to the additional benefit of controlling nitrogen dioxide (NO2) and nitric oxide (NO) emissions, which two-way catalytic converters cannot do. Increasing nitrogen dioxide and nitric oxide emissions have previously resulted in acid rain, a major environmental concern. This, combined with effective emission reduction using three-way catalytic converters, is propelling revenue growth in this segment.
The diesel oxidation catalyst segment had the second-largest revenue share in the global market in 2021 and is expected to grow at a significantly high rate during the forecast period. This is due to increased demand for diesel-powered vehicles in countries around the world, as well as increased demand for diesel oxidation catalysts to reduce emissions from diesel-powered vehicles.
Automotive Catalyst Market Analysis by Raw Material
Among the raw material segments, rhodium held the largest revenue share in the global market in 2021 and is expected to grow at the fastest rate during the forecast period. The high revenue share contributed by the rhodium segment is due to properties such as higher activity towards nitrogen removal from exhaust emissions when compared to other metals, more effective oxidation of carbon monoxide and hydrocarbons, and lower cost when compared to other metals such as platinum, which results in rhodium being preferred by major automotive catalyst manufacturers.
In 2021, the palladium segment accounted for the second-largest revenue share in the global market, and it is expected to grow at a significantly high and consistent rate during the forecast period. This is due to product characteristics such as cost-effectiveness in comparison to other metals, good thermal stability, and the efficiency of this metal for hydrocarbon oxidation, which drives revenue growth in this segment.
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Asia Pacific dominated the global automotive catalyst market. Increasing regulations pertaining emission control limits implemented by China's State Environmental Protection Administration (SEPA) to curb vehicular pollution is anticipated to boost the demand for automotive catalyst in Asia Pacific. Moreover, these regulations will limit the use of increased PGMs in the coating of an automotive catalyst substrate. This, in turn, is likely to make auto catalyst expensive in the coming years and, therefore, increase market revenue share.
Europe was the second-largest contributor to the production of automobiles. The country accounted for an output of 22 million motor vehicles. Europe automotive catalyst market is likely to register second-highest CAGR. The implementation of Euro VI and VII guidelines is expected to boost the demand for automotive catalyst in the region.
North America is expected to experience slow growth in terms of volume due to the increasing average life of vehicles. This can be attributed to the growing efficiency and durability of automotive catalyst, which helps them last through the lifecycle of the vehicle. However, the prices of automotive catalyst in North America are considerably high, which, in turn, is likely to contribute to the market value of automotive catalyst in the region. The demand for HDVs is expected to be growing in countries such as India, Brazil, China, South Korea, and Russia. Heavy-duty vehicles are mostly diesel-powered and emit harmful exhaust gases in comparison to light-duty vehicles. The higher content of platinum PGM used in automotive catalyst for HDVs is expected to increase the price of autocatalyst catering to this segment.
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Automotive Catalyst Market Drivers
Automotive Catalyst Market Restraint
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Global Automotive Catalyst Market is highly competitive with the presence of several international and local players across the globe. Product diversification, advancement, merger & acquisition and quality enhancing are the leading key strategies opting through prominent market players
Automotive Catalyst Market Top Player’s Company Profiles
Automotive Catalyst Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global automotive catalyst market is witnessing a healthy growth during the forecast period owing to high growth in technologies. The dominant business players in the market have formed a high level of value chain integration and are involved in raw material production, product manufacturing, and supply activities. A large number of companies are investing in R&D activities for developing better and innovative products to withstand the growing competition. Companies are also trying to expand their product portfolio by focusing on developing newer products with superior properties to meet the growing industry demands. Moreover, players in the market are focusing on increasing their product portfolio to suit customer needs to gain a competitive advantage in various regional markets.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 12.45 billion |
Market size value in 2031 | USD 18.98 billion |
Growth Rate | 5.4% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
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Market size
KEY MARKET INSIGHTS
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MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Automotive Catalyst Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Catalyst Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Catalyst Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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REQUEST FREE CUSTOMIZATIONAutomotive Catalyst Market size was valued at USD 12.45 billion in 2019 and is poised to grow from USD 12.8 billion in 2023 to USD 18.98 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
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Report ID: SQMIG25A2141