Auto Catalyst Market: Introduction
- Automotive catalysts are used to control the emission of major harmful compounds such as carbon monoxide, nitrogen oxide, and hydrocarbons from the exhaust systems of vehicles
- Catalysts catalyze the exhaust gases of vehicles at elevated temperatures to convert them into less toxic substances. Automotive catalysts are made from various materials including platinum, palladium, rhodium, and ceramics.
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Key Drivers of Auto Catalyst Market
- Rise in per capita GDP and disposable income of the global population has led to an increase in the number of vehicles in use. Rapid increase in the rate of motorization is boosting the demand for automotive components. Auto catalysts have become a vital part of vehicles to minimize emissions. Auto catalysts were designed to last for the entire lifespan of vehicles, but as the automotive technologies have developed, lifespan of vehicles has increased, which creates the need for replacement of auto catalysts after a specific period. Moreover, the number of accidents is increasing, which further fuels the demand for replacement auto catalysts. This increase in demand from OEMs and aftermarket segments is propelling the global auto catalyst market.
- Rise in number of vehicles has increased tail-pipe emissions, which in turn is degrading air quality levels and hampering the health of people. Amidst this heightened global environmental awareness, exhaust gas regulations have become increasingly stringent around the world. For instance, newer emission regulations such as EURO 6, BS6, and China 6 are being implemented, which mandate automakers to reduce the particulate and gaseous emissions of their vehicles without compromising engine performance or increasing the vehicle cost by integrating complicated systems. This has led to an increase in the demand for automotive emission catalysts, which trap the pollutants from exhaust of vehicles. Hence, stringent emission norms are a major driver of the auto catalyst market, globally.
Challenges in Auto Catalyst Market
- Prices of precious metals are rising worldwide, which in turn boosts the price of catalysts. Platinum is widely used precious metal in automotive catalysts due to its efficiency and corrosion-resistance in oxygen-excessive conditions. This rise in price hampers the demand for auto catalysts. Furthermore, an increase in the rate of adoption of battery electric vehicles is also restraining the global the auto catalyst market, as these vehicles do not have engines and hence produce zero emissions.
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Impact of COVID-19 pandemic on Auto Catalyst Market
- The COVID-19 pandemic has disrupted most businesses including those in the automotive sector, thus creating a shortage of raw materials and components. This has led to a decline in production and sales of vehicles, which has hampered the global auto catalyst market. However, demand for automotive catalyst across the globe is anticipated to increase as governments are easing restrictions and companies are restarting their operations with precautionary measures.
Asia Pacific to Hold Significant Share of Global Auto Catalyst Market
- Asia Pacific has emerged as an automotive hub of the world with an increasing number of automakers establishing their presence in the region and rising vehicle sales. Private automobile ownership in emerging economies such as China and India is increasing at higher pace as compared to that in other developed nations. Furthermore, stringent vehicle emission norms inspired by countries in Europe and North America are being implemented in these countries. Therefore, strong presence of automakers and stringent emission norms are contributing to the prominent share held by Asia Pacific in the global auto catalyst market.
Key Players Operating in Auto Catalyst Market
The global auto catalyst market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the auto catalyst market are:
- BASF SE
- Bosal
- Cataler Corporation
- Corning Incorporated
- DCL International, Inc.
- Faurecia
- Heraeus Holding
- Johnson Matthey
- Klarius Products Ltd
- Marelli Holdings Co., Ltd
- Tenneco, Inc.
- Umicore
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