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In 2021, the Auto Catalyst Market Size reached USD 12.09 billion and is anticipated to experience substantial growth, projecting an industry value of USD 18.99 billion by 2030. This growth is indicative of a Compound Annual Growth Rate (CAGR) of 5.40% from 2022 to 2030. The market's expansion is attributed to factors such as the increasing global population and rising per capita income in developed nations, presenting opportunities for significant consumer investments in advanced transportation systems.
A notable trend driving the Auto Catalyst market is the growing demand for tools that mitigate carbon emissions. In the United States, vehicle emission standards are shaped by legislative mandates and executive regulations, including the Clean Air Act amendments. The implementation of emission standards like Euro 5 and Euro 6 in Europe is expected to contribute significantly to market growth. Furthermore, stringent government regulations globally, aimed at pollution control, have increased demand for automotive catalysts. The industry is witnessing substantial investments from manufacturers due to promising growth prospects.
The market segmentation based on application includes light-duty vehicle diesel, light-duty vehicle gasoline, and heavy-duty vehicle. In 2021, the light-duty vehicle diesel segment held the majority share, contributing around 40-50% to the Auto Catalyst market revenue. This dominance is attributed to the preference for diesel-powered vehicles in the European Union countries, such as Germany, France, and Spain. The demand for Auto Catalyst in heavy-duty vehicles is driven by their diesel-powered nature, requiring larger Platinum Group Metals (PGM) content for effective conversion of exhaust gases.
The Auto Catalyst market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2021, the Asia-Pacific market accounted for USD 5.76 billion and is projected to grow at a CAGR of 3.60% from 2022 to 2030. Factors contributing to this growth include increased automobile production in countries like India, Indonesia, South Korea, Pakistan, and China, driven by rising population and growing disposable income.
Europe holds the second-largest market share, with Germany leading in Auto Catalyst market share, and Russia experiencing the fastest growth. In North America, the United States and Canada are significant players in the Auto Catalyst market. China leads the Asia-Pacific region, with India showing the fastest growth. The stringent emission standards globally and increasing regulations in China further contribute to the growth of the Auto Catalyst market.
Major market players, including BASF SE, Johnson Matthey, Solvay, Umicore, and Corning Incorporated, are investing heavily in research and development to expand their product lines. Strategic initiatives such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations are being employed to strengthen their global footprint.
In May 2021, BASF SE announced an expansion plan for its Platinum Group Metals (PGM) refining facility in Seneca, South Carolina, to boost refining capacity for recycled precious metals from spent catalysts.
In February 2021, PPG launched premium NCP450 and NCX455 ISO-Free catalysts designed to eliminate Isocyanates, catering to small repairs with excellent bare metal adhesion and corrosion protection.
In May 2021, TFP hydrogen products launched tailored catalyst systems for hydrogen generation, addressing the rise in iridium prices and ensuring cost-effectiveness.
· Light-duty vehicle diesel
· Light-duty vehicle gasoline
· Heavy-duty vehicle
· Auto Catalyst Regional Outlook
· U.S.
· Canada
· Europe
· Germany
· France
· UK
· Italy
· Spain
· Rest of Europe
· Asia-Pacific
· China
· Japan
· India
· South Korea
· Rest of Asia-Pacific
· Latin America
· Brazil
· Mexico
· Argentina
· Rest of Latin America
· Middle East & Africa
· South Africa
· GCC Countries
· Rest of Middle East
· Market Size 2021: USD 12.09 billion
· Market Size 2022: USD 12.46 billion
· Market Size 2030: USD 18.99 billion
· CAGR: 5.40% (2022-2030)
· Base Year: 2021
· Forecast Period: 2022-2030
· Historical Data: 2019 & 2020
· Forecast Units: Value (USD Billion)
· Report Coverage: Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
· Segments Covered: Application, and Region
· Geographies Covered: North America, Europe, Asia Pacific, and Middle East
· Key Companies Profiled: 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)
In 2021, the Auto Catalyst Market Size reached USD 12.09 billion and is anticipated to experience substantial growth, projecting an industry value of USD 18.99 billion by 2030.
The global market is projected to grow at a CAGR of 5.40% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65453
Published on :
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