How Much Revenue Auto catalyst Market Will Generate Globally Till 2025?Posted by Mrudula Anil Karmarkar on March 30th, 2021 The global auto catalyst marketsize 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 market over the forecast period. The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor. 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 auto catalyst 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 market. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2861/ibb Further key findings from the report suggest:
The auto catalyst market has been segmented on the basis of application as light-duty vehicles-diesel, light-duty vehicles-gasoline, and heavy-duty vehicles. LDVs include passenger cars or light-duty commercial vehicles that are fueled either by gasoline or diesel. The overall global market for light-duty vehicles is expected to progress on account of increasing population and the growing per-capita purchase of automobiles. The demand for gasoline-powered light-duty vehicles is expected to arise from countries such as the U.S. and China. On the other hand, diesel-powered LDVs are preferred mainly in the European Union countries such as Germany, France, and Spain. Countries, such as India and South Korea, also contribute toward significant demand for diesel-powered LDVs. The dominant business players in the market have formed a high level of value chain integration and are involved in raw material production, product manufacturing, and supply activities. A large number of companies are investing in R&D activities for developing better and innovative products to withstand the growing competition. Companies are also trying to expand their product portfolio by focusing on developing newer products with superior properties to meet the growing industry demands. Moreover, players in the market are focusing on increasing their product portfolio to suit customers needs to gain a competitive advantage in various regional markets. Autocatalyst manufacturers are also product distributors and exporters across the globe. Some of the companies engaged in this part of the value chain are BASF SE; Umicore S.A.; Johnson Matthey PLC; Corning Incorporated; Cataler Corporation; DCL International, Inc.; Heraeus Holding GmbH; Tenneco, Inc.; Faurecia SA; Klarius UK Ltd.; and Bosal International N.V. Companies such as AP Exhaust Products and Cummins Emission Solutions have adopted acquisition strategies to gain market share and enhance their market offerings. Expansions & investment strategies were undertaken by companies such as BASF SE; Johnson Matthey; Umicore S.A.; and DCL International, Inc. to increase their production capacities and expand into emerging markets. Grand View Research has segmented the global auto catalyst market on the basis of application: Auto catalyst Application Outlook (Volume, Thousand Units; Revenue, USD Million; 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |