Latest News:- Automotive Catalyst Market: Light-duty vehicle is expected to lead the Application segment during 2023-2027

Automotive Catalyst Market to grow at a CAGR of 3.3% during 2023-2027

The Automotive Catalyst Market is expected to grow at a CAGR of 3.3% during 2022 and 2027. During this period, the market is also expected to show a growth of USD 2469.21 million. In the automotive industry, the annual production of vehicles necessitates the utilization of various catalysts. The recycling of automotive catalysts offers significant benefits, including the conservation of natural resources, cost savings from reduced mining activities, and environmental protection. Notably, the concentration of precious metals, such as platinum, palladium, and rhodium, in catalyst converter scrap is significantly higher than in their natural ores. The recovery of these metals from used catalysts not only meets the demand for new production but also contributes to the increasing percentage of recycled platinum, palladium, and rhodium in new catalyst converters. This trend is anticipated to propel the growth of the automotive catalyst market during the forecast period. 

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The Light-duty vehicle subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Light-duty vehicle subsegment will lead the Application segment during 2023 and 2027 The light-duty vehicle segment, encompassing passenger cars, light commercial vehicles, and two- or three-wheelers, held a significant share in the global automotive catalyst market in 2022. Regulatory compliance, driven by the Clean Air Act and increasingly stringent and universalized emissions rules, has necessitated advancements in catalyst technology. Traditional platinum and palladium oxidation catalysts, effective in converting carbon monoxide and unburnt hydrocarbons, have been surpassed by three-way catalysts. These advanced catalysts address the evolving emission standards, which now include limits on oxides of nitrogen. While platinum remains a suitable material for automotive catalysts, escalating raw material prices have led manufacturers to consider cost-effective alternatives, such as palladium.

Here are the various ways based on which the market is segmented: 

• Application
  • Light-duty vehicle
  • Heavy-duty vehicle
• Product
  • Palladium
  • Platinum
  • Rhodium
  • Ruthenium and others
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish increasing vehicle production

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Catalyst Market is a significant segment of the Emission Control industry, focusing on the production and application of Catalytic Converters in reducing harmful emissions from Internal Combustion Engines (ICE). The primary function of an Automotive Catalyst is to convert CO (carbon monoxide), HC (hydrocarbons), and NOx (nitrogen oxides) into less harmful gases like CO2 and water vapor. The EU-28 has stringent regulations on CO2 emissions, driving the demand for advanced catalyst technologies. Raw materials like Alumina, Zeolites, and Semiconductors are essential for catalyst production. The semiconductor market's growth, driven by the electronics industry, positively impacts the Automotive Catalyst Market due to the shared use of semiconductors in catalyst production. Ground-level ozone and NOx are major environmental concerns, making the reduction of these gases crucial. The Automotive Catalyst Market is expected to grow due to increasing environmental regulations and consumer awareness. The market's future looks promising, with ongoing research and development focusing on improving catalyst efficiency and reducing manufacturing costs.

Market Research Overview

According to Technavio, the global automotive catalyst market is a segment of the larger automotive components and accessories market, which encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive components and accessories market is projected to expand at a moderate rate. A key growth driver is the rising integration of electronic components in automobiles, with the number of electronic control units (ECUs) increasing significantly over the past decade. Technavio determines the market size for the global automotive components and accessories market by aggregating the revenues of manufacturers in this sector.

The Automotive Catalyst Market is experiencing significant growth, fueled by the increasing vehicle production. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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