mobile emission catalysts market value
The global mobile emission catalysts market is projected to register a CAGR of around 7.2%toreach USD 29,970.31 million by the end of 2028
Mobile emission control catalysts are the key constituents of automobiles powered by internal combustion engines. This help mitigates the harmful effects of pollutants — such as NOx, carbon monoxide, unburned hydrocarbons, particulate matter, diesel carbon particulates (soot), and greenhouse gases — released in the exhaust.
The primary factor driving the global Mobile Emission Catalysts Market value is stringent emission norms and regulations for environmental and human safety. Additionally, increasing automotive production and their harmful emissions support the growth of the global mobile emission catalysts market. According to the World Health Organization, around 4.2 million premature deaths globally are reported due to outdoor air pollution — black carbon being the major contributor. In 2017, GHGs released by the transportation sector were 29% of the global emissions, according to the U.S. Environmental Protection Agency. The high emission of GHGs has resulted in the imposition of norms by several organizations pertaining to exhaust emissions. According to the data provided by the European Union, the consumption of energy is highest in the roadways segment — standing at 82% — while 18% is in the aviation, rail, pipeline transport, and non-specific transport segments.
Covid Impact Analysis
The outbreak of COVID-19 has resulted in the shutting of factories and businesses, canceled air transport routes, and lockdowns and has negatively impacted the industry. However, with the lift of lockdown measures and trade restrictions, the demand is expected to gain pace and drive market growth.
Governments and management have imposed a number of fiscal and monetary policies across the globe to limit the damage caused by COVID-19, which is expected to result in certain relief for consumers.
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Segment Analysis
The global mobile emission catalysts market has been segmented on the basis of metal type, technology, vehicle type, and region.
On the basis of metal type, the global mobile emission catalysts market has been segmented into palladium, platinum, rhodium, and others. The palladium segment accounted for the largest market share in 2020, with the highest CAGR of over 7.80%. It is extensively used to neutralize toxic pollutants by turning them into carbon dioxide and water vapor. The growing usage of gasoline engines results in the growth of palladium in the global mobile emission catalyst market.
By technology, the mobile emission catalysts market has been categorized into Three-way conversion catalyst (TWC), Four-way conversion catalyst (FWC), Diesel oxidation catalyst (DOC), catalyzed soot filter (CSF), selective catalytic reduction (SCR), Lean GDI catalyst (LGC), electrically heated catalytic converter (E-CAT), and others. Among these, the diesel oxidation catalyst segment emerged as the fastest-growing segment during the review period.The diesel oxidation catalyst is a technology that breaks down pollutants in the exhaust stream from a diesel engine and turns them into less harmful components.
Based onvehicle type, the global market is classified intolight-duty vehicles, heavy-duty diesel, natural gas vehicles, motorcycles, utility engines, and others. The light-duty vehicles accounted for the largest market share in 2020; this is because the light-duty vehicles category comprises passenger cars, vans, and light commercial vehicles. These are affordable for middle-class consumers and there fore witness higher sales. Thereby the global mobile emission catalysts Pricing Analysis.
Key Findings of the Study:
- The global mobile emission catalysts market is projected to reach a value of USD 29,970.31 millionby 2028, with a CAGR of around 7.55%during the forecast period from 2021 to 2028.
- Asia-Pacific accounted for the largest market share in 2020; this is due to the high production and sales of automobiles in countries such as China, India, and Indonesia.
- Middle East Africa is expected to be the fastest-growing regional market registering a CAGR of over 7%.
- With the rising concern regarding energy conservation and climate change, the demand for efficient internal combustion engines to reduce toxic emissions is increasing rapidly, which is expected to favor the growth of the mobile emission catalysts market in the coming years.
- The proliferating automotive industry in Latin America and the Middle East Africa — coupled with a high focus on product innovation and novel technology development — are key opportunities in this market.
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