Tighter legislation for the reduction of toxic emissions is anticipated to drive the automotive catalyst market
The automotive catalyst market is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from USD 12.35 billion in 2018. One of the significant factors driving the growth of the automotive catalyst market is the increasing emission standards. Strict emission control standards in emerging countries in the Asia Pacific and South America to reduce environmental pollution are expected to drive the automotive catalyst market. However, growth of electric vehicles can curtail the growth of the automotive catalyst market in emerging economies.
The light-duty vehicle segment is projected to be the largest vehicle type segment of the automotive catalyst market
Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the automotive catalyst market in 2018, in terms of value and volume. Light-duty vehicles, such as passenger cars lead automotive production across the globe. In recent years, automotive manufacturers have been focusing on lower vehicle emissions, which, in turn, has created a demand for automotive catalysts.
The rising demand for automotive catalysts from the APAC region is a major factor driving the automotive catalyst market
The automotive catalyst market in the APAC region is projected to be the largest during the forecast period, in terms of value and volume. India and China are the key markets for automotive catalysts in the APAC region. The increasing demand for automotive catalysts for passenger cars is projected to fuel the growth of the automotive catalyst market in the region.
Break-up of primary interviews is given below:
- By Company Type: Tier 1 – 27%, Tier 2 – 46%, and Others – 27%
- By Designation: %, C-Level -18%, Director level – 36, and Others -46%
- By Region: North America – 28%, APAC – 27%, Europe – 18%, South America – 18%, and the Middle East & Africa – 9%
Key companies profiled in this market research report include BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), and Tenneco (US).
The automotive catalyst market has been segmented on the basis of vehicle type, type, and region. This report covers the automotive catalyst market, in terms of value and volume, and forecasts its market size till 2023. The report includes market segmentation based on vehicle type (light-duty vehicles, heavy-duty vehicles), type (palladium, platinum, rhodium), and region (APAC, Europe, North America, the Middle East & Africa, and South America). Key countries considered for market analysis in these regions include China, India, Japan, South Korea, the US, Canada, Mexico, Germany, Spain, Italy, the UK, France, Brazil, Argentina, Iran, and South Africa. The report also provides company profiles and competitive strategies adopted by the key players in the automotive catalyst market.
Reasons To Buy the report
The report will help market leaders as well as new entrants in this market in the following ways:
- This report segments the automotive catalyst market and provides the closest approximations of revenue numbers for the overall market and its subsegments across different regions.
- This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report helps stakeholders identify competitors and gain insights to improve their positions in the market.
- The competitive landscape section includes new product developments, expansions, agreements, acquisitions, and joint ventures.