In the last few years, governments of several countries across the globe have made changes to their emission norms in order to control the emission from vehicles and industries, thereby defining the need for energy-efficient emission control technology. This has resulted in an exponential demand for emission control catalyst as a viable solution to cut down on toxic emissions generated in the automobile and other manufacturing industries.
Emission control catalyst helps in reducing the toxic effects and amount of emissions of nitrogen oxide and hydrocarbons. Emission regulations across the globe have become stricter and with industries required to adhere to the prescribed emission norms, manufacturers have increased their emission control catalyst activities as well. Growing urbanisation and the rising penetration of automobiles across the globe, especially in developing regions are the leading factors triggering high demand for emission control catalyst.
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In order to meet the compliance defined by global emission control norms, manufacturers across the globe are focussing on introducing novel application specific products that can be used to address specific requirements of consumers. Furthermore, key players in the market are channelizing their efforts towards strengthening the various channels of distribution while also focussing on direct sales. Implementation of novel technology and introduction of newer, high-quality technology with innovative features at optimal prices continues to remain the key business focus of manufacturers operating in the global emission control catalyst market. Some of the new technologies that have been implemented include NOx absorbers, catalysed filter, and diesel particular filter.
An analysis of the various trends governing the market reveals that the global emission control catalyst market is projected to witness a CAGR of 8.7% from 2018 to 2028. According to research firm Future Market Insights, the market was worth US$ 8,172.3 Mn and is expected to rise to a valuation of US$ 20,066.1 Mn by the end of 2028.
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Growing Infiltration of Diesel Engine Vehicles to Boost Adoption of Emission Control Catalyst
The growing penetration of diesel engine vehicles has resulted in a surge in demand for automotive catalysts. At present, the demand for diesel automotive is extremely high in developed regions such as North America and Europe. It has been revealed in a study that Europe gained around 40% diesel engine cars in the last five years. The rising penetration is mostly with heavy duty and light duty vehicles resulting in high emission levels. In order to curb this, the integration of emission control catalyst is increasing.
Swelling Prices of Raw Materials to Challenge Market Revenue Growth
In the last few years, there has been a noteworthy increase in the prices of raw materials that are used in the production of emission control catalysts, due to which manufacturers have been compelled to pass the additional costs to end consumers in a bid to sustain in this highly competitive market. In the recent past, the price of rhodium and platinum metals used in emission control catalyst has also surged, thus challenging revenue growth of businesses operating in this market. This is pushing manufacturers to look for ways to cut down prices through sustainable manufacturing.
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