The Automotive Catalyst Market is estimated to be USD 12.35 billion in 2018 and is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from 2018 to 2023.
Browse 69 market data Tables and 35 Figures spread through 98 Pages and in-depth TOC on "Automotive Catalyst Market”.
Automotive catalysts are catalysts installed on vehicles to convert harmful exhaust gases, such as NOx, hydrocarbons, CO, and other particulate matter into relatively safe chemicals, such as nitrogen, carbon dioxide, and water. The demand for these catalysts is increasing because the emission standards implemented by governments across the globe are becoming increasingly stringent. This market intelligence report segments the automotive catalyst market on the basis of vehicle type and type, in terms of value and volume.
Stringent emission standards and the stress on fuel efficiency are key factors anticipated to drive the automotive catalyst market. Companies operating in this market are focused on the adoption of various strategies, such as new product launches, expansions, and acquisitions to cater to the rising demand for automotive catalysts in various regions worldwide. Key players in the automotive catalyst market include BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), CDTi Advanced Materials (US), Tenneco (US), and IBIDEN (Japan).
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The light-duty vehicle segment is projected to grow at the highest CAGR in the automotive catalyst market
Based on vehicle type, the light-duty vehicle segment of the automotive catalyst market is projected to grow at the highest CAGR during the forecast period. Passenger cars lead automotive production across the globe. The increasing use of automotive catalysts in passenger cars is expected to result in higher demand during the forecast period. In recent years, automotive manufacturers have been focusing on enhancing the overall fuel efficiency of vehicles, which, in turn, has created the high demand for automotive catalysts.
Palladium segment is estimated to account for the largest share of the automotive catalyst market in 2018
Based on type, the palladium segment is estimated to account for the largest share of the automotive catalyst market in 2018. Palladium is used as an oxidation catalyst. Palladium’s use as a catalyst has grown in importance in recent years driven by factors, such as increase in automotive sales and growing regulations on emissions. It is more widely used in gasoline-based engines than in diesel engines. As palladium is less expensive than platinum, its usage is projected to increase gradually in the automotive catalyst market during the forecast period.
BASF is one of the world’s largest chemical companies operating in business segments, namely, chemicals, functional materials & solutions, oil & gas, performance products, and agricultural solutions. The company also has other businesses, such as fertilizers, the sale of raw materials, engineering & other services, and rental income & leases. The company has a strong presence in the automotive catalyst market, with a diversified product portfolio and a vast consumer base. In December 2017, the company expanded its mobile emission catalyst production site in Ṥroda Ṥl¹ska, Poland. This expansion added 14,000 square meters to the manufacturing site and resulted in the addition of new production lines.
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