Emission Control Catalyst Market

Emission Control Catalyst Market Size (2023-2028):

The emission control catalyst market accounted for 22.6 billion USD in 2022, and it is expected to reach a value of 30 billion USD by 2027, growing at a CAGR of 9.8% over the projection period (2023-2028)

Drivers and Restraints of the Emission Control Catalyst Market:

With the rising production industries, the demand for lubricants rarely goes down. Power production, automobile manufacturing, construction works, and so on require lubricants. In the past few years, technology has been growing very fast and so is the demand. Issues such as water pollution have caused changes in the industry that makes them produce lubricants and oils which are less harmful to the environment. The efficiency of vehicle engines has also improved the demand for quality lubricants. Solar power plants, wind power plants, and hydraulic power plants have increased the need for hydraulic fluids and industrial lubricants. The availability of raw materials in abundance in several regions is another factor that is driving the global emission control catalyst market.

The lack of investments in industries is slowing things down. The surge in electric vehicles is slowing down the popularity of conventional vehicles and thus demand for emission control catalysts is decreasing. During the COVID-19 pandemic, oil prices dropped to a negative value.  

EMISSION CONTROL CATALYST MARKET REPORT COVERAGE:

Emission Control Catalyst Market has been segmented into the following categories as per the research report.

Emission Control Catalyst Market - By Metal Type:

• Palladium

• Platinum

• Rhodium

• Vanadium

Emission Control Catalyst Market - By Catalytic Converter:

• Diesel Oxidation

• Selective Catalytic Reduction

• Lean NOx Trap

• Three-way Converter

• Four-way Converter

Emission Control Catalyst Market - By End-Use:

• On-Road Mobile Sources
• Off-Road Mobile Sources
• Stationary Sources

The palladium-based catalytic converter market is expected to grow between 5 to 6% in the forecast period. This growth rate is attributed to the increased usage of gasoline engines in the past few years.

Diesel oxidation as a catalytic converter has wide-scale implications. Powerplants have wide usage of diesel as fuel and with power generation eyeing offshore wind power plants, the demand for Diesel oxidation catalytic converters has increased in recent years.

Emission Control Catalyst Market - By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Emission control regulations in Europe and North America have become more stringent and manufacturers are obligated to adhere to the declared emission norms. In addition to this, they have beefed up their emission control catalyst activities as well. For instance, the European Union has different emission standards for diesel and petrol vehicles.

The Asia Pacific region is the fastest-growing market for emission control catalysts. The heavy investments in the automobile and transportation sector in countries such as China, India, South Korea, etc., have proliferated the demand for ECC.

Key Market Players:

1. _{BASF Catalyst}

2. _{Johnson Matthey}       

3. _Umicore

4. _Heraeus

5. _Tenneco

6. _Corning

Impact of COVID-19 on the Emission Control Catalyst Market:

• Many countries in the Middle East, North America, Europe, and Asia are currently facing extreme economic slowdown amidst this coronavirus pandemic, and manufacturing sectors that require heavy require lubricants have gone stagnant.

• Before the pandemic, the growth rate was forecasted to be diminutive owing to the technological shift, and post that it has suffered dearly. The oil industries of North America and the Middle East have suffered severe losses. The pandemic may bring some changes in the consumer segment of the industry which will eventually affect the demand as diesel as a fuel is no longer being seen as a top priority.

• All in all, the ECC market is stagnant and the global pandemic has added much to its woes. Despite this, the positive signs for the market is the government norms restricting industrial pollution and emission have presented several growth opportunities for the ECC industries.