The global Auto Catalyst Market is expected to reach USD 15.80 billion by 2024, according to a new report by Grand View Research, Inc. Implementation of stringent regulations pertaining to emission control limits is expected to remain a key driving factor for global Auto Catalyst Market over the forecast period.
The growth in the automotive ancillary market on account of increasing average life of vehicles the on road is expected to drive the demand for auto catalysts. Demand for diesel vehicles is expected to have a positive impact on the market growth over the forecast period. Volatile prices of precious group metal (PGM) is expected to remain a key driving factor for global Auto Catalyst Market over the next eight years.
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Further key findings from the study suggest:
- Global Auto Catalyst Market demand was 109.77 million units in 2015, and is expected to exceed 150 million units by 2024, growing at a CAGR of 3.8%from 2016 to 2024
- Light duty vehicles-gasoline emerged as the leading application segment and accounted for 71.5% of total units in 2015. Growing demand for gasoline powered light-duty passenger cars across the world is expected to remain a key driving factor for this segment over the forecast period.
- Asia Pacific was the leading regional market with demand share exceeding 50% in 2015. However, in terms of revenue, Europe led the global auto catalysts industry on account of relatively lower prices in Asia Pacific. Adoption of stringent emission control regulations such as Euro VI coupled with the growing demand for diesel powered vehicles is expected to drive the regional market growth over the forecast period.
- Asia Pacific is expected to witness the highest growth of 3.9% over the forecast period on account of emission control regulations implemented in China, Japan, and India, which are in line with the Euro VI regulations. In addition, increasing automobile production on account of growing demand for passenger and commercial vehicles particularly in India, China, Indonesia, and Thailand is also expected to have a positive influence on the market growth.
- Some leading companies operating in the global Auto Catalyst Market include Johnson Matthey PLC,BASF SE, Umicore SA, Corning Incorporated, Heraeus Holding GmbH, Faurecia SA, Bosal International N.V., Cummins Emission Solutions, Inc., IBIDEN Co., Ltd., Solvay SA, and Cataler Corporation.
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