The automotive industry is one of the largest and most complex markets in the world, and as a result, it faces many challenges. One of these challenges is emission control, or the ability to reduce the amount of pollution produced by vehicles. With global emissions levels rising, companies are looking for ways to reduce their impact on the environment. The emission control catalysts market is expected to grow at a compound annual growth rate (CAGR) of 7.8% from 2016 to 2026, according to a report by MarketsandMarkets.
The major factors driving the ECC market include growth of the global automobile industry and increasing harmful emissions from various industries.
The emission control catalysts market is expected to grow at a CAGR of 7.3% during the forecast period 2017-2021, owing to factors such as growth of the global automobile industry and increasing harmful emissions from various industries.
Emission control catalysts are used in various industrial processes to reduce harmful emissions. These catalysts help to reduce the amount of pollutants released into the atmosphere. The market for emission control catalysts is driven by the rising awareness about environmental issues and stringent regulations imposed by various authorities worldwide. The increasing demand for low-emission vehicles is also expected to drive the growth of the emission control catalysts market.
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Introduction
Catalysts are essential in the emission control market and their share is increasing every year. By 2026, the market is expected to grow by almost 18% to reach $59.8 billion. The growth of the market is mainly due to the increase in the demand for green technologies and concerns about global warming.
Market Dynamics
The emission control catalysts market is expected to grow at a CAGR of 5.9% over the next five years to $. billion by 2025.
The market for emission control catalysts is growing as governments across the globe are mandating stringent emission norms for vehicles. This is in line with the global trend of increasing adoption of electric vehicles and decreasing dependence on fossil fuels. In addition, the growth of green infrastructure is also favoring the use of emission control catalysts. The increasing demand for these products is being fueled by rising investments in R&D and product launches by key players in the market.
Some of the key players in the emission control catalysts market include BASF SE, Chevron Phillips Chemical Company, Evonik Industries AG, and Honda Motor Co., Ltd. These companies are aggressively pursuing growth opportunities in emerging markets such as China and India, which are witnessing high growth rates for electric vehicles and green infrastructure.
Drivers
The emission control catalysts market is expected to grow at a CAGR of 6.8% during the forecast period 2016-2021 owing to rising demand from the oil & gas, power and automotive sectors.
According to a study by MarketsandMarkets, the emission control catalysts market is projected to grow from $. billion in 2016 to $. billion by 2021, at a CAGR of 6.8%. The increase in oil & gas production, increasing awareness about climate change, and stringent government regulations are some key factors that are driving the growth of the emission control catalysts market.
The oil & gas sector is expected to account for the largest share of the emission control catalysts market during the forecast period 2016-2021, followed by the power and automotive sectors. The increasing popularity of electric vehicles is also contributing to the growth of the emission control catalysts market.
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Restraints
The emission control catalysts market is segmented on the basis of product and application. The product segment includes HCFC-22, HFC-23, HFC-134a, FC-210 and Others while the application segment includes automotive, industrial and others.
Considering restraints, Europe is the most dominant region in terms of market share followed by Asia Pacific and North America. China is the fastest growing regional market for emission control catalysts. Major companies such as BASF SE, Dow Chemical Company, Mitsubishi Chemical Corporation and PPG Industries Inc are engaged in the production of these products.
Major players are concentrating their efforts on R&D to enhance their product portfolio in order to tap new growth opportunities. Along with this, they are also focusing on expanding their product portfolio into new applications such as aerospace and defense.
Opportunity
The emission control catalysts market is expected to grow at a CAGR of around 7% over the forecast period, reaching USD. billion by 2025. This is mainly due to the increasing number of vehicles that are compliant with stringent emissions regulations in various parts of the world. Other factors such as rising demand from the automotive industry for low-emission and sustainable technologies are also fueling the growth of this market.
The various types of emission control catalysts are used in various industries such as refineries, petrochemicals, power generation, and transportation. These catalysts help to reduce the emissions of pollutants such as methane and nitrogen oxide. The use of emission control catalysts helps to improve air quality and protect the environment.
Forecasts
The emission control catalysts market is expected to grow at a CAGR of 7.6% over the next five years, according to a new report by MarketsandMarkets. The market is projected to reach $. billion by 2022.
The key factors driving the growth of the emission control catalysts market include increasing awareness about climate change and the need to develop environmentally friendly technologies. Additionally, stringent regulations pertaining to air quality are also motivating vendors to invest in emission control catalysts.
Some of the major vendors in the emission control catalysts market are Novozymes (Denmark), BASF SE (Germany), Du Pont De Nemours & Co. (US), Sinopec Chemical Corp. (China), and AkzoNobel N.V. (The Netherlands).
Conclusion
The global emission control catalysts market is expected to grow at a CAGR of 7.5% during the forecast period, 2026-2029. The growth is attributed to the increasing focus on environmental matters and stringent regulations in key regions such as North America, Europe, APAC, and RoW. In addition, increase in usage of advanced technology for oil refining will also drive the market growth.
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