The Automotive Catalyst Market is estimated to be USD 12.35 billion in 2018 and is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from 2018 to 2023.
Browse 69 market data Tables and 35 Figures spread through 98 Pages and in-depth TOC on “Automotive Catalyst Market by Type (Platinum, Palladium and Rhodium), Vehicle Type (Light-Duty Vehicles, Heavy-Duty Vehicles), and region (North America, APAC, Europe, South America, and Middle East & Africa) – Global Forecast to 2023”
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Palladium segment is estimated to account for the largest share of the automotive catalyst market in 2018
Based on type, the palladium segment is estimated to account for the largest share of the automotive catalyst market in 2018. Palladium is used as an oxidation catalyst. Palladium’s use as a catalyst has grown in importance in recent years driven by factors, such as increase in automotive sales and growing regulations on emissions. It is more widely used in gasoline-based engines than in diesel engines. As palladium is less expensive than platinum, its usage is projected to increase gradually in the automotive catalyst market during the forecast period.
APAC is the largest market for automotive catalysts
The APAC region is estimated to be the largest market for automotive catalysts, in terms of volume, in 2018. China is a key consumer of automotive catalysts in the APAC region. The increasing use of automotive catalysts in passenger vehicles in the region is contributing to the growth of the automotive catalyst market. New product launches & developments and expansions are the key growth strategies adopted by the leading manufacturers of automotive catalysts in the APAC region.
BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), Tenneco (US), are the key players operating in the automotive catalyst market.
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Automotive catalysts are catalysts installed on vehicles to convert harmful exhaust gases, such as NOx, hydrocarbons, CO, and other particulate matter into relatively safe chemicals, such as nitrogen, carbon dioxide, and water. The demand for these catalysts is increasing because the emission standards implemented by governments across the globe are becoming increasingly stringent. This market intelligence report segments the automotive catalyst market on the basis of vehicle type and type, in terms of value and volume.
Stringent emission standards and the stress on fuel efficiency are key factors anticipated to drive the automotive catalyst market. Companies operating in this market are focused on the adoption of various strategies, such as new product launches, expansions, and acquisitions to cater to the rising demand for automotive catalysts in various regions worldwide. Key players in the automotive catalyst market include BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), CDTi Advanced Materials (US), Tenneco (US), and IBIDEN (Japan).
Besides new product launches, companies have adopted the expansions strategy to increase their market shares and distribution networks. These strategies accounted for a significant share of the total growth strategies adopted by key players in the automotive catalyst market between 2015 and 2017.
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