The light-duty vehicle segment is projected to grow at the highest CAGR in the automotive catalyst market

Posted on 2021-10-18 by MarketsandMarkets in Chemicals // 0 Comments

CITY, Country, 2021-Oct-18 — /EPR Network/ —

The automotive catalyst market is estimated to be USD 12.35 billion in 2018 and is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from 2018 to 2023. Automotive catalysts are catalysts installed on vehicles to convert harmful exhaust gases, such as NOx, hydrocarbons, CO, and other particulate matter into relatively safe chemicals, such as nitrogen, carbon dioxide, and water. The demand for these catalysts is increasing because the emission standards implemented by governments across the globe are becoming increasingly stringent. This market intelligence report segments the automotive catalyst market on the basis of vehicle type and type, in terms of value and volume.

Stringent emission standards and the stress on fuel efficiency are key factors anticipated to drive the automotive catalyst market. Companies operating in this market are focused on the adoption of various strategies, such as new product launches, expansions, and acquisitions to cater to the rising demand for automotive catalysts in various regions worldwide. Key players in the automotive catalyst market include BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), CDTi Advanced Materials (US), Tenneco (US), and IBIDEN (Japan).

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Besides new product launches, companies have adopted the expansions strategy to increase their market shares and distribution networks. These strategies accounted for a significant share of the total growth strategies adopted by key players in the automotive catalyst market between 2015 and 2017.

Active Players in the automotive catalyst Market

Umicore (Belgium), one of the key players in the automotive catalyst market, develops automotive emission systems for light-duty and heavy-duty vehicles. The catalysts are used in a wide range of powertrains, including gasoline and diesel engines, natural gas, and alternative fuels, and are increasingly critical in engines supporting mild and full hybrid vehicles. The company operates through the Energy & Surface Technologies, Recycling, and Catalysis divisions. In June 2017, the company took over the heavy duty diesel businesses of Haldor Topsoe. This acquisition aided the company to tap into to the customer base in Europe and China as well as acquire the emission control technology for heavy duty diesel applications. In March 2017, the company acquired ORDEG based in South Korea, which was a joint venture between Samkwang Glass and OCI Company. This acquisition is expected to help meet the needs of Korean catalyst customers. In January 2017, the company opened a plant in Thailand for emission control catalysts in Thailand. The expansion aided the company to meet the unmet needs of the fast growing market of Southeast Asia.

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BASF is one of the world’s largest chemical companies operating in business segments, namely, chemicals, functional materials & solutions, oil & gas, performance products, and agricultural solutions. The company also has other businesses, such as fertilizers, the sale of raw materials, engineering & other services, and rental income & leases. The company has a strong presence in the automotive catalyst market, with a diversified product portfolio and a vast consumer base. In December 2017, the company expanded its mobile emission catalyst production site in Ṥroda Ṥl¹ska, Poland. This expansion added 14,000 square meters to the manufacturing site and resulted in the addition of new production lines.

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