Emission Control Catalyst Market worth $30.5 billion by 2024

(IT-NEWSWIRE.COM, March 28, 2020 ) The report "Emission Control Catalyst Market by Metal Type (Palladium Platinum, Rhodium, and others), Application (Mobile Sources and Stationary Sources), Region (APAC, Europe, North America, MEA, South America) - Global Trends & Forecast to 2024" The ECC market is expected to grow from USD 21.0 billion in 2019 to USD 30.5 billion by 2024, at a CAGR of 7.7%. This growth can be attributed to the increasing demand for ECCs in passenger cars and light commercial vehicles across the globe. Also, the tightening of global emission standards and increasing stress on fuel efficiency is further anticipated to fuel demand in the ECC market.

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Increasing gasoline engines to lead the growing demand for palladium metal in the ECC market.

Based on metal type, the ECC market has been segmented into four types, namely, palladium, platinum, rhodium, and others. Palladium based ECC is mainly in demand in 2018 as it has the ability to maintain acceptable performance at sustained temperature for a lifetime. Also, the metal has a high tolerance of high temperatures better than other metals. It is more widely used in gasoline-based engines than in diesel engines. As palladium is less expensive than platinum, its usage is projected to increase gradually in the market during the forecast period

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APAC is the leading region in the ECC market.

APAC is the largest market for ECCs. Industrialization, growing population, and urbanization of APAC are boosting the ECC market. The major end-users of ECC in the region are light-duty vehicles (LDV), power plants, chemical plants, and motorcycles. The increasing use of ECC in passenger vehicles in the region is contributing to the growth of the automotive catalyst market. China is a key consumer of ECCs in the APAC. The demand from India and China is growing at an extensive rate because of the growing automotive base and the rapid expansion of the automotive industry in these countries. As a result, several leading players are expanding their manufacturing facilities in this region. For instance, in 2017, Johnson Matthey expanded its auto-catalyst production facility in Shanghai, China and in 2018 BASF, invests in new mobile emission catalysts production facility in China to meet customer demand.

The ECC market comprises significant players such as BASF catalyst (Germany), Johnson Matthey (UK), Umicore (Belgium), Corning (US), Solvay (Belgium), Tenneco (US), Cataler (Japan), Heraeus (Germany), Holdor Topsoe (Denmark), Aristo Intelligent Catalyst Technology (US), Bosal (Netherlands), Clean Diesel Technologies (US), Comertech (US), DCL International Inc. (Canada), Hitachi Zosen Corporation (Japan), IBDIEN (Austria), Interkat (Germany), Kunming Sino-Platinum Metals Catalyst (China), Nett Technologies (Japan), NGK Insulators (Japan), Shell Global (Netherlands), Sinocat (China), and Zelolyst International (US).

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Emission Control Catalyst Market worth $30.5 billion by 2024