Automotive Catalyst Market to Reach $31.81 Bn, by 2025, at 4.2% CAGR: Allied Market Research
PORTLAND, Oregon, October 29, 2018 /PRNewswire/ --
Enactment of emission control regulations by various government bodies and increase in production of automobiles would fuel the growth of the automotive catalyst market
Allied Market Research published a report, titled, Automotive Catalyst Market by Metal Type (Platinum, Palladium, Rhodium, and Others), Engine Type (Gasoline and Diesel), and Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, and Motorcycle): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers in-depth analyses of the automotive catalyst industry by closely monitoring the industry trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape. According to the report, the global automotive catalyst market was valued at $22.60 billion in 2017 and is projected to reach $31.81 billion by 2025, registering a CAGR of 4.2% from 2018 to 2025.
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Proactive measures by the government to control emissions and surge in production of automobiles drive the growth of the global automotive catalyst market. However, rise in penetration, and production of electric vehicles coupled with high cost of platinum, palladium, rhodium, and other metals used as automotive catalysts are expected to hamper the market growth. Moreover, initiatives by the governments of various countries to control pollution levels and bring innovation in emission control technologies for improving fuel efficiency are expected to provide lucrative opportunities for the automotive catalyst market.
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Others segment (Pt-Pd, Pt-Rh, & Pd-Rh) to dominate, Rhodium segment to exhibit the fastest growth through 2025
Among metal types, the others segment, which comprises Pt-Pd, Pt-Rh, and Pd-Rh, captured 52% of the total market share in 2017 and is expected to maintain its dominance during the study period. This is due to the growing adoption of precious metal mixtures such as Pd-Pt, Pd-Rh, Pt-Rh, and others in automotive catalysts, which enables manufacturers to use these metals efficiently. However, the rhodium segment would grow at the fastest CAGR of 6.0% through 2025 because of its greater ability to reduce high nitric oxide (NO) compared to other metals. The report also analyzes other metals such as platinum and palladium.
Gasoline segment to hold the largest share, diesel segment to grow rapidly through 2025
The gasoline segment dominated the global market in 2017, capturing about 71% of the total market share. This segment is expected to continue its dominance during the forecast period, as the adoption of gasoline-powered passenger cars and light commercial vehicles is high in developed countries. On the other hand, the diesel segment would witness the fastest CAGR of 5.6% through 2025, owing to government initiatives to promote the use of diesel-powered public transport vehicles.
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Light commercial vehicles segment to grow the fastest through 2025
Among vehicle types, the passenger car segment held the largest share of 42% in 2017 and is expected to dominate the market through 2025. This is attributed to the surge in adoption of passenger cars due to infrastructural developments. However, the light commercial vehicle segment would exhibit the fastest growth of 5.9% CAGR during the study period due to rapid developments in the underdeveloped regions, which require better transportation infrastructure. The other vehicle types analyzed the report are heavy commercial vehicles and motorcycles.
Asia-Pacific to be the largest contributor, LAMEA to grow the fastest by 2025
In 2017, Asia-Pacific accounted for 51% share of the total revenue and is expected to maintain its lion's share through the forecast period. This is attributed to factors such as growing population and increasing demand for automobiles in the region. However, Latin America, Middle East and Africa (LAMEA) would exhibit the fastest CAGR of 5.5% through 2025 on account of continuous developments, advancements in technology, and supportive government policies for emission control in the region. The other regions analyzed in the report are Europe and North America.
Industry Frontrunners
The leading companies analyzed in the report include BASF SE, Johnson Matthey, Umicore, Tenneco Inc., CDTi Advanced Materials, Inc., Cummins Inc., Eberspächer, Ecocat India Pvt. Ltd., Klarius Products Ltd., Clariant, and others.
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