Automotive Catalyst Market

Automotive Catalyst Market Size (2023-2028):

The Global Automotive Catalyst Market size was around USD 12.37 billion by revenue, at the end of 2022. It is anticipated to grow at a CAGR of 5.18 % to reach close to USD 15.92 billion by the end of 2028.

The Automotive Catalyst market is a fast-growing global market that is calculated to reach a total of USD 15.92 billion by the end of the forecast period. The rapid growth in the automotive industry is the main cause for the growth and survival of the automotive catalyst market. This ensures long-term stability, possibly escalating the growth of the automotive catalyst market.

Market Drivers and Restraints:

The automotive catalyst market is, in a way, an important subsidiary market to the automotive market. The growth of the automotive industry automatically drives the global automotive catalyst market in the aforementioned forecast period. The increase in the concern for fuel economy has resulted in the development of light-duty vehicles with higher mileage, which have extensive use of a catalyst such as palladium. However, the global concentration of the automotive catalyst market is considered a major restraint to the global expansion of the market. Also, the cost consideration of the catalyst, although used in small quantities is a concern to the growth of the global automotive catalyst market. And the competition from the emerging electric vehicle industry poses a serious and possibly the worst restraint to the global market for automotive catalysts.

AUTOMOTIVE CATALYST MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Catalyst Market - By Type:

• Platinum
• Palladium
• Rhodium
• Others

Among the mentioned types of catalysts, the palladium segment is calculated to have the largest percentage of the global automotive catalysts market value in the forecast period. The increase in the automotive industry sales fueled by the regulations over the emissions from these vehicles is another reason for the growth of the palladium segments of the global market in the automotive catalyst.

Automotive Catalyst Market - By Vehicle Type:

• Light-Duty vehicles
• Heavy-Duty Vehicles

The light-duty vehicle is going to witness the fastest growth in the automotive catalyst market. The considerable hike in the fuel economy standards implemented on light-duty vehicles is the major reason for the increase in the production of light-duty vehicles over heavy-duty vehicles, hence the increased use of automotive catalysts in this segment. The emerging middle-class economy is another reason for the increase in demand for light-duty vehicles.

Market Geographical Analysis:

• North America
• Europe 
• Asia Pacific 
• Latin America 
• The Middle East and Africa 

The Asia Pacific region had the largest market size in the global market for Automotive catalysts in the year 2018 due to the advantage of the large customer base in this region. The Asia Pacific region is expected to be the fast-growing region with the highest CAGR, over other regions, in the global market for Automotive Catalysts from 2018 to 2023, due to the increasing demand from growing industries and the scope of future opportunities, mainly in developing countries like Japan, China, and India. Europe was next in the lead in the global market for Automotive catalysts in 2019 followed by North America and is anticipated to maintain the same pace in market growth by 2024.

The low CAGR in the North American and European regions is mainly due to the regional dominance of Asia Pacific attributed to its cheap labor and resource availability, which results in the concentration of global in the Asia Pacific. The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Automotive Catalyst Market in these regions is slow-growing in nature.

Market Key Players:

1. Symrise (Germany)
2. BASF (Germany)
3. Eberspacher (Germany)
4. Johnson Matthey (UK)
5. Umicore (Belgium)
6. Cataler (Japan), Klarius Products Ltd. (UK)
7. Cummins (US)
8. Heraeus (Germany)
9. Clariant (Switzerland)
10. INTERKAT (Germany)
11. Sinocat (China)
12. N.E. Chemcat (Japan)
13. CDTi Advanced Materials (US)
14. Tenneco (US)
15. Ecocat India Pvt. Ltd. (India)
16. IBIDEN (Japan)