Latest News- Emission Control Catalysts Market: Mobile emission is expected to lead the Application segment during 2024-2028

The Emission Control Catalysts Market is being driven by Growth in global automotive sector

The Emission Control Catalysts Market is expected to grow at a CAGR of 5.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4007.6 million. In the dynamic automotive landscape of Asia Pacific (APAC), developing countries are poised to drive significant growth in the Emission Control Catalysts (ECCs) market. With APAC accounting for over 50% of the global automotive market's volume, China leading the charge, and automotive production surging due to rising middle-class disposable income, ECC demand is set to escalate. Mature markets like Japan, a leading automobile producer, further underscore this trend. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Mobile emission
  • Stationary emission
• Type
  • Palladium
  • Platinum
  • Rhodium
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in global automotive sector
• Environmental concerns and measures to curb pollution
• Emissions and fuel economy standard frameworks

However, the market also witnesses some limitations, which are as follows:

• Growing popularity of EVs
• Energy-intensive nature of platinum processing
• Poor wages and health management for workers in mining industry

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Market Scope in Emission Control Catalysts Market Research Report

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Research Analysis Overview

In the context of environmental sustainability, emission control catalysts play a crucial role in mitigating harmful emissions from both industrial and automotive sectors. These catalysts, including Lean Nox Traps, are integral to reducing Mobile Emissions from internal combustion engines and Stationary Emissions from power generation plants. Key metals such as Rhodium and Platinum are essential components in the production of Catalytic Converters, which facilitate the conversion of Harmful Hydrocarbons and Harmful Chemicals into less harmful CO2 emissions. The market for emission control catalysts is significant, with applications in metropolises where air quality is a concern due to high vehicular populations and urbanization. Automobile manufacturers and industrial sector entities are subject to stringent Emission Standards, making the demand for efficient emission control solutions a priority. Emission Control Catalysts (ECC) are essential in the quest for reducing CO2 emissions and improving overall air quality.

Market Research Overview

The Emission Control Catalysts Market encompasses businesses involved in the production of catalysts utilized in industrial processes for pollution reduction. Market size is determined by the consolidated revenue generated from catalyst manufacturers supplying to this sector. Factors fueling market expansion include the increasing industrial output in process and discrete industries, driven by the expanding economies of developing countries, resulting in heightened demand for energy, chemicals, petrochemicals, pulp and paper, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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