AI-Driven Market Transformation, Emission Control Catalysts Market to Grow by USD 4.01 Billion (2024-2028) Boosted by Global Automotive Sector - Technavio Report
NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global emission control catalysts market size is estimated to grow by USD 4.01 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 5.68% during the forecast period. Growth in global automotive sector is driving market growth, with a trend towards emerging markets to provide significant prospects for ECCs. However, growing popularity of evs poses a challenge. Key market players include AeriNOx Inc., Ashland Inc., BASF SE, Catalytic Combustion Corp., CDTi Advanced Materials Inc., Clariant International Ltd., CORMETECH Inc., Cummins Inc., DCL International Inc., DieselNet, Evonik Industries AG, Honeywell International Inc., Ibiden Co. Ltd., Johnson Matthey Plc, S and P Global Inc., Solvay SA, Tenneco Inc., Topsoes AS, Toyota Motor Corp., and Umicore SA. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report Market Driver The Emission Control Catalysts (ECCs) market is anticipated to experience significant growth, particularly in developing countries. APAC is the largest market for light- and medium-weight vehicles, accounting for over 50% of the global automotive market. China, as a leading country in APAC, is a key consumer and sourcing hub for raw materials. Japan, a mature automotive market and leading producer, also contributes to the market. India, now a top-five automotive market, and Thailand are other significant players. Rapidly increasing automotive production in APAC, driven by rising disposable income and low labor costs in countries like Vietnam and Indonesia, will likely boost ECC demand, benefiting manufacturers during the forecast period. The Emission Control Catalysts (ECC) market is experiencing significant growth due to increasing emission standards for both mobile and stationary sources. Automobile manufacturers and the mining industry are major consumers of ECCs, particularly catalytic converters for automobiles and SCR systems for power generation plants. The automotive sector, including lighter vehicles and hybrid vehicles, is driving demand for gasoline auto catalysts and diesel engines catalysts. Harmful chemicals like nitrogen oxides, hydrocarbons, and carbon monoxide are being effectively controlled through the use of PGMs in ECCs. The industrial sector, including the mining industry, is also addressing industrial emissions and environmental issues by implementing ECCs. Financial incentives such as stimulus packages, purchase bonuses, and tax savings are encouraging the adoption of ECCs. Rapid industrialization and rising oil prices are further boosting the ECC market. The market for ECCs is expected to continue growing as stricter emission standards are implemented and the need to reduce environmental pollution becomes increasingly important. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This emission control catalysts market report extensively covers market segmentation by 1.1 Mobile emission- The Emission Control Catalysts (ECCs) market is experiencing significant growth due to increasing regulations aimed at reducing automobile emissions. Nearly all new vehicles sold globally are now equipped with these catalysts, with platinum-based autocatalysts particularly popular in diesel-powered vehicles. Environmental conservation efforts and stricter regulations are driving market growth. The automotive industry's focus on advanced emission control catalysts and technologies is also contributing to market expansion. However, the decline in diesel vehicle sales and the rising popularity of electric vehicles (EVs) may hinder market growth. Despite this, increasing EV demand, charging infrastructure development, government subsidies, and declining EV prices are expected to drive the global demand for EVs, which could create new opportunities for ECCs in this segment. Stringent regulations and consumer awareness regarding sustainability continue to increase the adoption of ECCs in automobiles, making the automotive industry the key contributor to the market's considerable growth during the forecast period. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The Emission Control Catalysts (ECC) market refers to the production and sale of catalysts used to reduce harmful emissions from mobile sources, such as automobiles, and stationary sources, including power generation plants and industrial processes. Emission standards continue to evolve, driving demand for advanced catalytic converters that neutralize harmful hydrocarbons, nitrogen oxides, and CO2 emissions. Mobile sources, particularly automobiles, are significant contributors to urban air pollution, making emission control a critical issue in metropolises with high vehicular populations. Catalytic converters, often made of metals like Platinum, Rhodium, and other metals, play a crucial role in automotive emission control. In the industrial sector, Lean NOx Traps and other technologies are used to minimize stationary emission. Battery electric vehicles and internal combustion engines both face unique emission control challenges. Harmful chemicals, such as sulfur dioxide and particulate matter, also require specific catalytic solutions. The market for ECC is expected to grow significantly due to increasing urbanization, stringent emission norms, and the ongoing shift towards cleaner energy sources. Market Research Overview The Emission Control Catalysts (ECC) market encompasses the production and application of catalytic converters and related technologies used to reduce harmful emissions from mobile and stationary sources. Mobile sources include automobiles, particularly those with internal combustion engines, which emit nitrogen oxides, hydrocarbons, and carbon monoxide. Stationary sources include power generation plants, industrial processes, and mining operations, which release harmful chemicals and contribute significantly to industrial emissions and air pollution. Emission standards, set by governments and regulatory bodies, drive the demand for ECCs. Catalytic converters, such as three-way catalysts, gasoline particulate filters, diesel oxidation catalysts, and diesel particulate filters, are essential components in reducing these emissions. Platinum group metals (PGMs) and rare earth oxides are primary materials used in catalytic converters. The automotive sector, urbanization, and rapid industrialization have led to increasing concerns about environmental issues, including CO2 emissions, air quality, and health hazards. Governments and automobile manufacturers are investing in lighter vehicles, hybrid vehicles, and battery electric vehicles to reduce emissions. Financial incentives, such as purchase bonuses and tax savings, encourage consumers to adopt these technologies. Oil prices and the availability of renewable energy sources also impact the ECC market. Stringent emission standards and the shift towards cleaner technologies are expected to drive market growth. SCR systems, which use ammonia or urea to reduce NOx emissions, are gaining popularity in power stations, chemical plants, and stationary diesel engines. TiO2, V2O5, WO2, and zeolites are commonly used in SCR technology. Trade and economics, labor, stimulus packages, and other factors influence the ECC market's growth and development. The mining industry, metal production, and other industries also contribute to emissions and the demand for ECCs. Overall, the ECC market is essential in addressing environmental concerns and ensuring compliance with emission standards. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/
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