The automotive industry is one of the largest and most complex markets in the world, and as a result, it faces many challenges. One of these challenges is emission control, or the ability to reduce the amount of pollution produced by vehicles. With global emissions levels rising, companies are looking for ways to reduce their impact on the environment. The emission control catalysts market is expected to grow at a compound annual growth rate (CAGR) of 7.8% from 2016 to 2026, according to a report by MarketsandMarkets.
The major
factors driving the ECC market include growth of the global automobile industry
and increasing harmful emissions from various industries.
The emission
control catalysts market is expected to grow at a CAGR of 7.3% during the
forecast period 2017-2021, owing to factors such as growth of the global
automobile industry and increasing harmful emissions from various industries.
Emission
control catalysts are used in various industrial processes to reduce harmful
emissions. These catalysts help to reduce the amount of pollutants released
into the atmosphere. The market for emission control catalysts is driven by the
rising awareness about environmental issues and stringent regulations imposed
by various authorities worldwide. The increasing demand for low-emission
vehicles is also expected to drive the growth of the emission control catalysts
market.
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Introduction
Catalysts
are essential in the emission control market and their share is increasing
every year. By 2026, the market is expected to grow by almost 18% to reach
$59.8 billion. The growth of the market is mainly due to the increase in the
demand for green technologies and concerns about global warming.
Market
Dynamics
The emission
control catalysts market is expected to grow at a CAGR of 5.9% over the next
five years to $. billion by 2025.
The market
for emission control catalysts is growing as governments across the globe are
mandating stringent emission norms for vehicles. This is in line with the
global trend of increasing adoption of electric vehicles and decreasing
dependence on fossil fuels. In addition, the growth of green infrastructure is
also favoring the use of emission control catalysts. The increasing demand for
these products is being fueled by rising investments in R&D and product
launches by key players in the market.
Some of the
key players in the emission control catalysts market include BASF SE, Chevron
Phillips Chemical Company, Evonik Industries AG, and Honda Motor Co., Ltd.
These companies are aggressively pursuing growth opportunities in emerging
markets such as China and India, which are witnessing high growth rates for
electric vehicles and green infrastructure.
Drivers
The emission
control catalysts market is expected to grow at a CAGR of 6.8% during the
forecast period 2016-2021 owing to rising demand from the oil & gas, power
and automotive sectors.
According to
a study by MarketsandMarkets, the emission control catalysts market is
projected to grow from $. billion in 2016 to $. billion by 2021, at a CAGR of
6.8%. The increase in oil & gas production, increasing awareness about
climate change, and stringent government regulations are some key factors that
are driving the growth of the emission control catalysts market.
The oil
& gas sector is expected to account for the largest share of the emission
control catalysts market during the forecast period 2016-2021, followed by the
power and automotive sectors. The increasing popularity of electric vehicles is
also contributing to the growth of the emission control catalysts market.
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Restraints
The emission
control catalysts market is segmented on the basis of product and application.
The product segment includes HCFC-22, HFC-23, HFC-134a, FC-210 and Others while
the application segment includes automotive, industrial and others.
Considering
restraints, Europe is the most dominant region in terms of market share
followed by Asia Pacific and North America. China is the fastest growing
regional market for emission control catalysts. Major companies such as BASF
SE, Dow Chemical Company, Mitsubishi Chemical Corporation and PPG Industries
Inc are engaged in the production of these products.
Major
players are concentrating their efforts on R&D to enhance their product
portfolio in order to tap new growth opportunities. Along with this, they are
also focusing on expanding their product portfolio into new applications such
as aerospace and defense.
Opportunity
The emission
control catalysts market is expected to grow at a CAGR of around 7% over the
forecast period, reaching USD. billion by 2025. This is mainly due to the
increasing number of vehicles that are compliant with stringent emissions
regulations in various parts of the world. Other factors such as rising demand
from the automotive industry for low-emission and sustainable technologies are
also fueling the growth of this market.
The various
types of emission control catalysts are used in various industries such as
refineries, petrochemicals, power generation, and transportation. These
catalysts help to reduce the emissions of pollutants such as methane and
nitrogen oxide. The use of emission control catalysts helps to improve air
quality and protect the environment.
Forecasts
The emission
control catalysts market is expected to grow at a CAGR of 7.6% over the next
five years, according to a new report by MarketsandMarkets. The market is
projected to reach $. billion by 2022.
The key
factors driving the growth of the emission control catalysts market include
increasing awareness about climate change and the need to develop
environmentally friendly technologies. Additionally, stringent regulations
pertaining to air quality are also motivating vendors to invest in emission
control catalysts.
Some of the
major vendors in the emission control catalysts market are Novozymes (Denmark),
BASF SE (Germany), Du Pont De Nemours & Co. (US), Sinopec Chemical Corp.
(China), and AkzoNobel N.V. (The Netherlands).
Conclusion
The global
emission control catalysts market is expected to grow at a CAGR of 7.5% during
the forecast period, 2026-2029. The growth is attributed to the increasing
focus on environmental matters and stringent regulations in key regions such as
North America, Europe, APAC, and RoW. In addition, increase in usage of
advanced technology for oil refining will also drive the market growth.
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