Automotive catalysts are widely used to curb the emission of toxic gases such as carbon monoxide, hydrocarbons, and nitrogen oxides. These catalysts convert the toxic gases released from automotive exhaust systems into water and less harmful gases such carbon dioxide and nitrogen by oxidation and reduction methods. Platinum, rhodium, and palladium are among some of the expensive metals used as automotive catalysts. Rising environmental pollution levels, increasing focus of automobile OEMs (original equipment manufacturers) on adopting advanced emission control technologies, and stringent government regulations for carbon emission control are the key factors propelling revenue growth of the global automotive catalyst market during the forecast period.
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Further key findings from the report suggest
- The automotive catalyst market held a market share of USD 13.63 Billion in 2020. It is projected to witness a growth rate of 4.30% during the forecast period.
- In regards to Product type, the Three-way catalytic converters segment generated the highest revenue of USD 5.55 Billion in 2018, with the fastest CAGR of 5.2% during the forecast period. Factors like its increased popularity over Two-way catalytic converters because of its additional advantage of controlling the nitrogen dioxide (NO2) and nitric oxide (NO) emission, which is not possible with Two-way catalytic converters, results in the revenue generated by the Three-way catalytic converters
- In regards to Raw Materials, the Rhodium segment yielded the highest revenue of USD 5.55 Billion in 2018, with the fastest growth rate of 5.5% during the forecast period. The revenue generated by the Rhodium segment is attributed to its traits like highest activity towards the elimination of nitrogen from exhaust emissions as compared to other metals, effective oxidation of carbon monoxides and hydrocarbons and affordability as compared to other metals like Platinum.
- In context to Engine Type, the Gasoline segment occupies the largest market share of 63.0% in 2018, with the fastest CAGR of 5.2% during the forecast period. The elevated demand for light-duty vehicles powered by gasoline, from regions like China and the US, which forms a significant portion of the automotive market, contributes to the market share occupied by this segment.
- In the context of Application, the Light-Duty Vehicle segment holds the largest market share of 67.0% in 2018, with the fastest growth rate of 5.3% during the forecast period. Factors like rising buying capacity of individuals in developing regions, associated elevated demand for passenger cars, increasing use of ride service hailing, ridesharing and related demand for fleet cars has resulted in increased use of the catalyst in Light-Duty Vehicles contributing to the market share occupied by this segment.
- In regards to region, Europe holds the second-largest market share of 31.0% in 2018, with the second-highest growth rate of 5.0% during the forecast period. Factors like the well-established automotive sector, and stringent environment protection regulations contributes to the market share occupied by this region.
- Key participants include Johnson Matthey, Umicore, BASF, Clariant, Cataler, Interkat, Cummins, CDTI Advanced Materials and Heraeus, Tenneco.
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For the purpose of this report, Reports and Data have segmented the global automotive catalyst market according to Product Type, Raw Materials, Engine Type, Application, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Two-way catalytic converter
- Three-way catalytic converters
- Diesel oxidation catalyst
Raw Materials type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Engine Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Heavy-Duty Vehicle
- Light-Duty Vehicle
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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