Emission Control Catalyst Market - Size & Share Outlook up to 2024
Sarasota, FL -- (SBWIRE) -- 07/18/2017 -- Global Emission Control Catalyst Market: Overview
Emission control catalysts are used in catalytic converters in order to reduce harmful emissions in the environment. Growing environmental concerns lead to the adoption of new materials, methods, processes, and technologies by the market players. To control a number of emissions is the top priority of governments, commercial, and industrial sectors. Catalysts are widely used in the diesel based internal combustion engines. In order to control environmental emissions, catalysts are made compulsory for automobiles as well as for industrial and power plants. Emissions occurring from heavy-duty equipment, industrial plants, and automobiles not only possess carbon dioxide but also other compounds, which includes partially burnt fuels, nitrous oxides, and carbon monoxide which are extremely hazardous to the environment. Catalysts assist in limiting the emission of hazardous compounds by changing them to non-hazardous materials then releasing it into the atmosphere.
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Global Emission Control Catalyst Market: Growth Factors
Growing awareness about reducing carbon footprints in the automotive sector and strict guidelines imposed for controlling air pollution is expected to boost the global emission control catalyst market. Emission control catalyst helps to break down solid particulates in engine exhaust systems of the industrial machinery and transportation vehicles in order to minimize the harmful pollutants into the environment; this influences the market in a positive way. However, the limited supply of the platinum metals, increasing use in jewelry and construction applications may lead to the rising in prices, which may hinder the global market. Growing focus of the catalyst manufacturers on the development of the palladium, platinum, and rhodium may open up new growth opportunities in the emission control catalyst market.
Global Emission Control Catalyst Market: Segmentation
The global emission control catalyst market is categorized into application, type, and geography. On the basis of application, the market is segmented into industrial, automotive, and others. Based on the type, the global market is categorized into rhodium, palladium, platinum, and others. Geographically, the market is fragmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Emission Control Catalyst Market: Regional Analysis
Asia-Pacific is the largest market for the emission control catalyst and will continue to do so in the near future. The presence of vigorous automotive manufacturing facilities in South Korea, Japan, China, and India anticipates opening up new growth opportunities. Stringent regulations implemented by The European Commission for the reduction of carbon emissions play a crucial role in enhancing the application of emission control catalyst in the next few years. In countries such as Iran, Taiwan, and Mexico the automobiles production has increased, the government policies are also favorable, and there is also increase in the domestic consumption of vehicles in these countries thus driving the demand of the market.
Global Emission Control Catalyst Market: Competitive Players
Major players involved in the global emission control catalyst market are Solvay S.A., Corning Incorporated, Johnson Matthey, Umicore SA, Tenneco, Faurecia, Magneti Marelli, and SMPE.
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Emission Control Catalyst Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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