Global Environmental Catalyst Market Set for Expansive Growth Over Next 10 Years
Deerfield Beach, FL -- (SBWIRE) -- 07/26/2017 -- Zion Market Research has published a new report titled "Environmental Catalyst (Mobile Emission) Market for Light Duty Vehicles, Heavy Duty Vehicles, Motorcycles and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020." According to the report, the global environmental catalysts market was valued at approximately USD 6.5 billion in 2014 and is expected to reach around USD 9.0 billion by 2020, growing at a CAGR of around 5% between 2015 and 2020. In terms of volume, global refinery catalysts market stood at approximately 1.90 million tons in 2014.
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The environmental catalyst is widely used in different commercial sectors. Environmental catalysts play important role in protection of eco-system from different kind of pollutants and emissions from vehicles and other industrial processes. Catalysts are external substances which can be heterogeneous and homogeneous. Environmental catalysts contribute towards prevention of pollution and its adverse effects on the surroundings.
The emergence of stringent regulations such as Euro standards in Europe, National Ambient Air Quality Standards U.S. has propelled environmental catalysts market. Other countries also have their own regulatory authorities to control mobile emissions. Vehicles have remained one of the major sources of emission and air pollution. Hence, use of emission control catalysts has become mandatory in most of the regions and countries.
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Environmental catalysts are mainly added to fuels such as diesel, petrol, gasoline, etc. Emission control catalysts are mainly applied in the three-way catalytic converters (TWC), diesel particulate filters (DPF) & diesel oxidation catalysts (DOC), stationary & mobile NOx removal by means of SCR (selective catalytic reduction) and oxidation catalysts for volatile organic compounds (VOC).
On the basis of application environmental catalysts market can be segmented as light duty vehicles, heavy duty vehicles, motorcycles, others (industrial emission reduction catalysts). Light duty vehicles accounted for the largest share of the global environmental catalysts. In 2014, light duty vehicles accounted for over 60% share of the total volume consumed in 2014. Others segment is expected to post fastest growth rate during the forecast period.
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Asia Pacific accounted for the largest market share of the global environmental catalysts market in 2014. It accounted for around 30% share of the total volume consumed in 2014. Asia Pacific was closely followed by North America and Europe respectively. Asia Pacific is also expected to be the fastest growing market for environmental catalysts owing to rapidly growing the automotive market. North America and Europe accounted for a significantly large share of the global environmental catalysts in terms of volume consumption. Stringent environmental regulations in the regions have remained major market driving force for the environmental catalysts market.
Some of the key industry participants in global environmental catalysts market include CRI, Axens, BASF SE, ECT, Applied Catalyst, EmeraChem, Treibacher Industrie AG, Johnson Matthey, etc.
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