The global emission control catalyst market is growing proficiently, projected to grow at a CAGR of 7.2% during the expected period from 2019 to 2027, starting from US$ 17.28 Bn in 2018.
Aided by the adoption of cleaner fuels, improvements in advanced materials are synchronized by advancements in both automotive and engineering engines, which emit very low emissions.
Moreover, adoption of advanced catalyst technologies like diesel particulate filter (DPF), selective catalytic reduction (SCR), three-way catalyst (TWC), and NOx reduction and storage catalysts will up surge the market growth on a global scale.“Growing industrialization and production of automobiles coupled with presence of top manufacturers across the globe will enhance the market”Growing automotive production in developing economies, such as India, Japan, Mexico, and China, due to favorable government policies and increasing consumer demand for vehicles, is likely to expand the market for emission control catalysts over the next few years.
Moreover, presence of top automobile manufacturers and industrial players have increased their research & development (R), and investments towards manufacturing of catalytic converter systems.
For example, in October 2018, Bharat Heavy Electricals Limited (BHEL) won a contract of approximately US$ 390 million from the National Thermal Power Corporation (NTPC) to supply emission control equipment.Get Sample Copy of This Report With Covid19 Impact Analysis: https://www.credenceresearch.com/sample-request/60218Industrial DevelopmentsIn December 2019, DRYREF™ syngas of Linde and BASF’s SYNSPIRE™ catalyst use CO2 as a feedstock, which enables the production of dry methane steam, thereby, reducing the CO2 emissions along with energy savings.
Both companies have received the appreciation of “ICIS Award 2019”, towards best process innovation.In June 2019, BASF and Sichuan Lutianhua Co., Ltd. signed a memorandum of understanding (MoU) for developing a gas production plant, which involved in reduction of carbon emissions along with increase the production efficiency of dimethyl ether (DME) as compared to conventional process.Key Market Movements:Globally, the emission control catalyst market is rising at a CAGR of 7.2% for the estimated period from 2019 to 2027.Asia Pacific to holds a largest market share for emission control catalyst market over the forecast period.