Global Automotive Catalysts Market: Outlook
Automotive catalysts are catalysts that are used to coat exhausts in automobiles to reduce emissions. The technology was developed in the 1970s, as a result of norms and policies restricting the emission of pollutants such as carbon monoxide, nitrogen oxides, and hydrocarbons from engines. These gases lead to environmental pollution and they are extremely hazardous to human health. Carbon monoxide combines with hemoglobin in the bloodstream, which leads to reduction of oxygen-active sites. This, in turn, leads to asphyxia.
Nitrogen oxide can lead to formation of smog and acid rain, which is irritating to the eyes, the respiratory system, and the skin. Aromatic hydrocarbons are carcinogenic compounds that can lead to formation of cancerous cells in the human body. Zeolites or metal substrates and cordierite are automotive catalysts, which are usually available in the form of monolith ceramics.
Catalysts produced currently are called three-way catalysts, which are advanced systems of emission treatments for vehicles running on gasoline. These systems are specifically used to reduce emissions of carbon monoxide (CO), nitrogen dioxide (NO2), and hydrocarbons (HC) in the atmosphere. Demand for such systems has been continuously rising owing to rapid increase in the number of on-road vehicles all over the world.
Moreover, norms and policies related to the emission of exhaust gases have been made more stringent by regulatory authorities across the world, especially in regions such as Europe and North America. Increasing demand for automobiles and stringent laws and norms with respect to the emission of exhaust gases are anticipated to drive the demand for automotive catalysts market in the near future.
Global Automotive Catalysts Market: Key Segments
Based on vehicle type, the automotive catalysts market can be segmented into heavy-duty vehicles and light-duty vehicles. Currently, the market is dominated by the light-duty vehicles segment. This can be attributed to the large share held by light-duty passenger cars, in terms of volume, in overall automobile sales and increasing usage of automotive catalysts for passenger cars.
The light-duty vehicles segment is anticipated to expand at a rapid pace during the forecast period, owing to increasing sales of passenger cars. On the other hand, the heavy-duty vehicles segment is projected to expand at a steady pace during the forecast period.
Based on product, the automotive catalysts market can be segmented into platinum, palladium, and rhodium. Currently, the palladium segment holds a major share of the automotive catalysts market. It is likely to continue its dominance during the forecast period.
Palladium has gained significance as an oxidation catalyst over the last few years. This is largely due to rapidly increasing year-on-year automobile sales. Also, cost efficiency of palladium over its counterparts is a major factor driving the demand for palladium as an automotive catalyst. The palladium segment is anticipated to expand at a rapid growth rate during the forecast period.
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Global Automotive Catalysts Market: Regional Outlook
Based on region, the global automotive catalysts market can be segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacfic is likely to dominate the global automotive catalysts market during the forecast period, owing to increasing demand for automobiles in the region. The automotive industry in Asia Pacific is anticipated to expand at a significant growth rate during the forecast period. This, in turn, is driving the automotive catalysts market in the region.
This can be majorly attributed to economic growth of some of the developing countries in the region such as China and India, which are major markets for automotive. Moreover, the disposable income of people in these countries has risen over the last few years, which has augmented sales of automobiles in these countries. The automotive catalysts market in Asia Pacific is projected to expand at a steady pace during the forecast period.
Global Automotive Catalysts Market: Key Players
Key players operating in the global automotive catalysts market are BASF, Umicore, Cummins, Tenneco, Cataler, Johnson Matthey, Heraeus, and INTERKAT.
This post was originally published on Analytics News