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The global automotive catalyst market is expected to record a value of US$18.21 billion in 2024, increasing at a CAGR of 7.20%, during 2020-2024. The factors such as growing production of motor vehicles, exploration of automotive aftermarket, rapid urbanization, accelerating economic growth and emission control regulations by government would drive the growth of the market. However, the market growth would be challenged by the growing penetration of electric vehicles and the fluctuating prices of precious group metal. A few notable trends may include rising application of emission control catalyst in automobiles, increasing R&D spending in automobiles, innovation in automotive catalyst and adoption of nanotechnology.
The global automotive catalyst market has witnessed lucrative growth in the past few years owing to the increased application in vehicles. Light-duty vehicles and heavy-duty vehicles have been the two main segments of automotive catalyst market, in terms of vehicle type. Light-duty vehicle catalysts have been in high demand owing to the increased production and sales of passenger cars. While, heavy-duty vehicle catalysts have showed steady growth, due to their increased application in heavy duty trucks and buses.
The fastest regional market was Asia Pacific, owing to the increased government initiatives regarding emission control, which resulted in the increased application of catalysts in automobiles. Europe and North America also contributed significantly to the global market, due to the increased technological innovation in emission technologies for fuel efficiency. Further, the outbreak of COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector, which might have an unfavourable impact on the growth of the global automotive catalyst market in the initial phase of the forecasted period.
Scope of the report:
- The report provides a comprehensive analysis of the global automotive catalyst market.
- The major regional markets (Asia–Pacific, Europe, North America and ROW) have been analyzed.
- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (BASF, Cummins, Tenneco, Johnson Matthey, Clariant AG and Umicore ) are also presented in detail.
Key Target Audience:
- Manufacturers of Automotive Catalysts
- Traders, Distributors, and Suppliers of Automotive Component Parts
- Regional Manufacturers’ Associations and General Automotive Associations
- Government and Regional Agencies and Research Organizations
- Investment Research Firms