Emission Control Catalyst Market size is forecast to reach $32 billion by 2025, after growing at a CAGR of 9.8% during 2020-2025, owing to the increasing adoption of emission control catalyst technology to reduce the toxic gases and pollutants from the volatile organic compounds (VOC). There is an upsurge in the demand for emission control catalysts as they are an essential component for various applications such as trucks, buses, forklifts, mining equipment, generator sets, locomotives, motorcycles, airplanes, and other engine-fitted devices. The emission control catalysts reduce all gaseous emissions, including carbon monoxide, unburnt hydrocarbons, and soluble organic fractions. Moreover, emission control catalyst is the most effective way to meet the stringent government regulation regarding CO2 emissions, owning to which the demand for emission control catalyst is increasing substantially during the forecast period.
By Metal Type – Segment Analysis
The palladium-based emission control catalyst segment held the largest share in the emission control catalyst market in 2019. There is a resurgence of interest in the use of palladium in automotive emission control catalysts because of cost, availability, and performance advan-tages under certain operating con¬ditions relative to more expensive noble metals. Palladium is being widely used as an oxidation catalyst in the gasoline autocatalysts (petrol-based engines) of diesel engines because of its ability to maintain acceptable performance at sustained temperatures for a lifetime. The emission control catalysts containing equivalent ratios of platinum and palladium are being launched to improve the quality of catalytic converters to curb the rising emissions. The increasing demand for palladium-based emission control catalysts coupled with its relatively low cost is anticipated to boost the demand for palladium-based emission control catalysts during the forecast period.
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By Catalytic Converter Type – Segment Analysis
The diesel oxidation catalyst segment held the largest share in the emission control catalyst market in 2019. The diesel oxidation catalysts (DOC) are most commonly used for compression-ignition such as diesel engines. This device uses oxygen in the exhaust gas stream to convert carbon monoxide to carbon dioxide and hydrocarbons to water and carbon dioxide. Also, these converters are known to perform at 90% efficiency, and they manage to remove diesel odor and reduce visible particulates. Diesel oxidation catalysts (DOC) helps to breakdown solid particulates in engine exhaust systems of the industrial machinery and vehicles to minimize the harmful pollutants into the environment due to which the demand for diesel oxidation catalysts is increasing during the forecast period.
By Application – Segment Analysis
The mobile application held the largest share in the emission control catalyst market in 2019 and is growing at a CAGR of 10.4%, as the emission control catalytic converter is a key component of most new car engines in the world today. There is an increasing demand for emission control catalysts to manufacture engines such as diesel engines, gasoline engines, small engines, and more. These cost-effective technologies are helping regions around the world meet the growing need to control air pollution from motorcycles, mopeds, scooters, lawnmowers, leaf blowers, edgers, trimmers, and chainsaws. The catalytic converter oxidizes all gases such as CO, NO, and HC to CO2, NO2, and CO2 and water. Since emission control catalysts need to have a temperature above 300°C for efficient performance, they are installed next to the engine in mobile vehicles. The increasing usage of the emission control catalyst in the mobile is anticipated to propel the emission control catalyst market during the forecast period.
By Geography – Segment Analysis
Europe region held the largest share in the emission control catalyst market in 2019 up to 30%, owing to the stringent emission regulations by the European governments in the region. The government has issued several policies relating to climate change. According to the European Council, the country are adopting regulations aimed to ensure that from 2030 onwards new cars will emit on average 37.5% less CO2 and new vans will emit 31% less CO2 compared to 2021 levels. Both cars and vans will be required to emit 15% less CO2 Between 2025 and 2029. These are EU-wide fleet targets. The European governments have adopted various vehicle emission laws to reduce pollution such as emission standards for light-duty vehicles, emission standards for heavy-duty vehicles, car labeling, fuel quality directive, and more. All these stringent emission regulations by the European government are driving the emission control catalyst market growth in the European region during the forecast period.
Drivers – Emission Control Catalyst Market
Increasing Automotive Production
The emission control catalysts are being extensively used in automotive applications to reduce harmful emissions in the environment. In 2018, According to OICA, the automotive production in India, Thailand, Indonesia, and Malaysia has increased up to 5174645, 2167694, 1343714 and 564800, i.e., 8.0%, 9.0%, 10.3%, and 12.2% higher than the previous year due to rising per capita income of the individuals which further led to the massive demand for advanced automotive machines manufacturing in the APAC region. According to the International Trade Administration (ITA), the Chinese government is expecting that automobile output will reach 30 million units by 2020 and 35 million by 2025. In 2017, according to the International Trade Administration (ITA), 1.2 million new passenger cars, SUVs, and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016. With the increase in automotive production, the demand for emission control catalysts will also increase, which acts as a driver for the emission control catalyst market during the forecast period.
Stringent Emission and Fuel Economy Regulations
Several governments across the world have imposed stringent standard emission and fuel economy regulations for fueled passenger cars. These standard regulations have compelled automotive manufacturers to increase the use of emission control catalysts to reduce the carbon footprints in the vehicles, to control air pollution, to ensure safety and performance, which is expected to boost the emission control catalyst market. The emission regulation for light-duty cars such as Corporate Average Fuel Economy (CAFÉ) and Greenhouse Gas Emission standards set fuel consumption standards for the vehicles. These regulations by the governments have made sure that the car manufacture henceforth might need to be manufacturing vehicles that obey these norms and minimize the harmful pollutants into the environment. Due to this, the demand for emission control catalysts will significantly increase in the coming years, which acts as a driver for the emission control catalyst market during the forecast period.
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Challenges – Emission Control Catalyst Market
Increasing Government Initiatives For Battery Electric Vehicles (BEV)
Various governments are taking initiatives to opt for electric mobility, each with their schemes. The U.S. Department of Energy launched The EV Project and the Charge Point America project. During the tenure January 2011 and December 2013, this combined project installed nearly 17,000 alternating currents (AC) Level 2 charging stations for residential and commercial use and over 100 dual-port DC fast chargers in 22 regions across the United States. In June 2017, Clean Energy Ministerial launched a campaign EV30@30 to accelerate the utilization of electric vehicles across the globe. This led to an increased number of electric vehicles and is anticipated to further increase the manufacturing of electric vehicles in the coming years. All these government initiatives promoting the use of battery electric vehicles may hinder with emission control catalyst market growth during the forecast period.
Covid-19 Impact on The Emission Control Catalyst Market
Due to the Covid-19 outbreak, the automotive industry has been hit by a triple whammy: factory closures, supply chain disruption, and a collapse in demand. The automotive industries are facing issues such as delays in receiving emission control catalysts from the manufacturers due to the restriction on import and export of commodities. The pandemic is having a huge impact on the automotive industry. The production of automobiles has been disruptively stopped, contributing to a major loss in the total automotive sectors. With the decrease in automotive production, the demand for emission control catalysts has significantly fallen, which is having a major impact on the emission control catalyst market.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the emission control catalyst market. In 2019, the market of emission control catalyst has been consolidated by the top five players accounting for xx% of the share. Major players in the emission control catalyst market are BASF catalyst, Johnson Matthey, Umicore, Corning, Solvay, Tenneco, Cataler, Heraeus, Holdor Topsoe, Aristo Intelligent Catalyst Technology, Bosal, Clean Diesel Technologies, Comertech, DCL International Inc., Hitachi Zosen Corporation, IBDIEN, Interkat, Kunming Sino-Platinum Metals Catalyst, Nett Technologies, NGK Insulators, Shell Global, Sinocat, and Zelolyst International.
Acquisitions/Technology Launches
In May 2019, Corning opened a new manufacturing site in China. The new Hefei facility is equipped to produce substrates and particulate filters for automotive emissions control, with initial production, focused on meeting customer orders for the company’s gasoline particulate filter (GPF) product line, Corning DuraTrap GC filters. This will help the company to meet the growing demand for ECC.
In March 2019, Johnson Matthey launched an innovative, automatically regenerating Activ DPF diesel particulate filter (DPF) system for stationary diesel engines. This will help in delivering clean energy, without depending on a filter monitoring system. This new development will help the company to meet the need of customers in the automobile industry.
In December 2018, the BASF catalyst expanded its production capacity for mobile emission at its Pudong site in Shanghai, China. The company has expanded its production facility by more than 30,000 square-meters. This will help the company to meet the continuously rising demand for ECC.
Key Takeaways
Europe dominates the emission control catalyst market, owing to the increasing demand for emission control catalysts from the automotive industries in the region to follow the stringent emission regulations. According to OICA, the production of heavy buses has increased by 4.3 % in 2019 in the European region.
Passive NOx adsorbers (PNA), adsorbs NOx during vehicle cold start and release it when the exhaust temperature increases, without a rich regeneration, due to which there is an increasing demand for passive NOx adsorbers based catalytic convertor for the emission control catalyst.
Fluctuating prices and limited supply of platinum group metals along with predominant consumption in jewelry and construction applications is expected to result in a price hike for platinum-based emission control catalysts during the forecast period, which will restrain the emission control catalyst market growth during the forecast period.
Due to the COVID-19 Pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as automotive has been negatively affected, which is hampering the emission control catalyst market growth.
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