The global emission control catalyst market is expected to be valued at US$ 29.5 billion by 2033. The market is valued at US$ 13.1 billion as of 2023, and is expected to grow at a CAGR of 8.5% during the forecast period.
The market is most likely to be driven by an increase in the construction activities worldwide. The application of emission control catalyst would assist the construction firms in controlling the emission of pollutants. Apart from that, there has also been an increase in the number of waste to energy plants, which is expected to massively surge the demand for emission control catalyst.
Apart from that, unlike other types of catalyst, the usage of emission control catalyst does not lead to any side-effect. Furthermore, the cost associated is also low and also not much has to be spent on its maintenance. The robust mechanism of the emission control catalyst has attracted a lot of stakeholders, which might surge the sales of emission control catalyst.
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Most importantly, the growing automotive and automobile sector presents numerous opportunities in front of the market. For example, in December 2021, the EPA finalised the revised national GHG emissions for the period 2023-2026. The emission norms have been made stricter.
Apart from that, the automotive sector is particularly expanding in the developing countries, like India and China, which present massive opportunities. This along with an increase in the disposable income is expected to fuel the market growth. Moreover, even the automobile companies are looking for ways to cut carbon emissions, as a result of which they are making use of emission control catalysts.
However, increased adoption of electric vehicles is expected to pose a massive challenge to the market growth. The increase in sales of EV is bolstered by government norms. Furthermore, surging fuel prices is expected to have a negative impact over the market growth.
Thus, from the insights provided by FMI researchers, it can be concluded that, “increase in the construction activities, coupled with an increase in the growth of automotive sectors and many other influences are expected to surge the emission control catalyst market growth.”
Key Takeaways:
The market is expected to grow at a CAGR of 8.5% during the forecast period.
As of 2023, the market is valued at US$ 13.1 billion.
By 2033, the emission control catalyst market is projected to be valued at US$ 29.5 billion.
Based on regional analysis, Asia Pacific is expected to be the largest market.
USA market is expected to grow at a CAGR of 8.2%.
UK market is projected to grow at a CAFGR of 10.9%.
China market is anticipated to grow at a CAGR of 10.5%.
India emission control catalyst market is expected to grow at a CAGR of 8.7%.
Japan market is all set to grow at a CAGR of 6.1%.
On the basis of application, mobile equipment segment is expected to hold the largest market share, growing at a CAGR of 8.8%.
On the basis of end use, OEM segment is expected to have the highest market share, and is expected to grow at a CAGR of 8.4%.
Competitive Landscape
The major players operating in the market are focusing mainly on the activity of acquisitions. Looking at the growth of automotive and construction sectors especially in the developing countries, the manufacturers are acquiring the local players. This is owing to the fact that they would be well versed with the target market.