Synopsis of Auto Catalyst Market:
Auto Catalysts are devices that are extensively used to control emissions from the automobiles. These Catalysts convert pollutants and toxic gases from an internal combustion engine to less toxic gases through a redox reaction. Auto Catalysts are used in all types of diesel and petrol engines including lead burn engines and can also be used in kerosene heaters and stoves. Auto catalysts are mostly applied to the exhaust systems of automobiles but are also used on the electrical generators, mining equipment, forklifts, and wood stoves among others.
The growing number of vehicles throughout the globe is the major factor driving the Auto Catalyst Market Revenue. Moreover, the growing per capita disposable income in the developing regions are expected to substantially contribute to the growth of the Auto Catalyst Market. In addition to this, stringent government regulations to check the emissions from vehicles throughout the globe is further augmenting the demand for Auto Catalysts. However, the growing demand for electric vehicles is a major down side to the growth of the market.
Among the various application segments in Auto Catalyst Market, the light-duty vehicles – diesel is the leading segment and is anticipated to continue its dominance over the forecast period. The advantages such as high fuel efficiency have augmented the use of diesel cars which in turn is expected to have a positive impact on the Auto Catalyst Market. Moreover, the high price of diesel Auto Catalyst is expected to add to the revenue of Auto Catalyst Market during the forecast years.
Some of the prominent players operating in the Global Auto Catalyst Market are BASF SE (Germany), Johnson Matthey (England), Solvay (Belgium), Umicore (Belgium), Corning Incorporated (U.S.), Cataler Corporation (Japan), DCL International (Canada), Heraeus Holding GmbH (Germany), Tenneco Inc (U.S.), Faurecia S.A (France), Klarius Products Limited (U.K), and Taizhou Three-Way Vehicle Catalytic Converter Co., Ltd (China). among others.
Global Auto Catalyst Market is segmented into Application and Region.
On the basis of the Application, the market is segregated into light-duty vehicle diesel, light-duty vehicle gasoline, and heavy-duty vehicle.
The market by Region is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
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The Auto Catalyst Market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific region holds a major share of the market and is expected to be the fastest growing region with an encouraging CAGR. Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the Auto Catalyst Market. Moreover, the developing automobile industry in the region mainly in China, India, and Japan is expected to have a positive impact on the growth of the Auto Catalyst Market. Furthermore, the growing number of vehicles coupled with the adoption of stringent vehicle emission standards is also expected to add to the market growth.
North America is a dominant region in the global market, exhibiting a moderate CAGR. The presence of three big automobile companies namely General Motors, Ford, and Fiat Chrysler have further augmented the overall demand for Auto Catalyst from the automobile industry. Moreover, the regulations from the Environmental protection agency is adding to the market growth of Auto Catalyst mainly in the U.S. and Canada. However, the growing efficiency and shelf life of Auto Catalyst are likely to slow the growth of the market during the forecast years.
The European region is a lucrative market and is mainly driven by a well-developed automobile industry. Moreover, the implementation of emission standards such as Euro 5 and Euro 6 is expected to substantially add to the growth of the Auto Catalyst Market in the region. According to the European Union, a new regulation was passed in 2017, wherein more reliable emission tests have been implemented such as Real driving Emissions (RDE) and World Harmonised Light Vehicle Test Procedure (WLTP) for the light motor vehicle. This, in turn, is anticipated to be a contributing factor to the growth of the auto catalyst market in the European region.
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