The global autocatalyst market is expected to reach USD 16.15 billion by 2025, according to a new report by Grand View Research, Inc. Globally increasing awareness along with stringent emission control rules being implemented by various governments across different regions is expected to drive autocatalyst market over the forecast period.
The global production of automobiles has been increasing in the last ten years due to the growing disposable income level, especially in the emerging markets of China, India, Russia, and Brazil. However, as the growth of autocatalyst market is directly proportional to advances in automotive sector, the rise in the production of automobiles is expected to have a positive impact on product market in the coming years.
Diesel cars accounted for a significant share in automotive markets of Asia and Europe in 2016. High fuel efficiency offered by diesel-powered engines is the primary driver that has triggered their demand in comparison to fuel efficiency offered by gasoline engines. The growing biodiesel market is expected to further boost the demand for diesel-powered vehicles in the market.
The use of diesel engines is likely to lead to the growing demand for diesel oxidation catalyst, diesel particulate filters, and other oxidation catalysts required to lower the emission levels of a vehicle. The price of catalysts for diesel-powered vehicles is four times higher in comparison to the price for gasoline engines. This factor, in turn, is anticipated to increase the revenue of autocatalyst market.
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www.grandviewresearch.com/industry-analysis/auto-catalyst-market
Further key findings from the report suggest:
Grand View Research has segmented the global autocatalyst market on the basis of application and region:
Application Outlook (Volume, Thousand Units; Revenue, USD Million; 2014 - 2025)