Emission Control Catalyst Market Analysis: projected to grow at a CAGR of 7.2% during 2019 to 2027

SAN JOSE, Calif. - March 2, 2021 - PRLog -- The global emission control catalyst market (https://www.credenceresearch.com/report/emission-control-catalyst-market) is growing proficiently, projected to grow at a CAGR of 7.2% during the expected period from 2019 to 2027, starting from US$ 17.28 Bn in 2018.

Market Insights

"Growing demand attributed by tightening government legislation and adoption towards advanced technologies will upgrade the market growth during the forecast period"

The growing concern about the consequences of air pollution has led to the production of new emission-free vehicles to reduce emissions. Aided by the adoption of cleaner fuels, improvements in advanced materials are synchronized by advancements in both automotive and engineering engines, which emit very low emissions. In order to harmonize the global emission standards, regulatory authorities from developed economies like the U.S., and UK have streamlined numerous engine development mechanism and approvals such as "The Clean Air Act", "MACT Standards", and "UNECE Convention on Long Range Transboundary Air Pollution". This facilitates an improved air quality whilst economy of scale and scope, thereby reducing a significant cost for emission technologies that will expand the emission control catalyst market on a global scale.

Improved technical advances, such as the introduction of catalytic converters for the reduction of hydrocarbon and carbon monoxide emissions from gasoline vehicles, will fuel the emissions control catalyst economy in the coming years. Moreover, adoption of advanced catalyst technologies like diesel particulate filter (DPF), selective catalytic reduction (SCR), three-way catalyst (TWC), and NOx reduction and storage catalysts will up surge the market growth on a global scale.

"Growing industrialization and production of automobiles coupled with presence of top manufacturers across the globe will enhance the market"

Growing automotive production in developing economies, such as India, Japan, Mexico, and China, due to favorable government policies and increasing consumer demand for vehicles, is likely to expand the market for emission control catalysts over the next few years. In addition, huge growth in the automotive and industrial sectors is projected to fuel market growth. Moreover, presence of top automobile manufacturers and industrial players have increased their research & development (R&D), and investments towards manufacturing of catalytic converter systems. This trend is likely to play a vital role in driving the need for the use of emission control catalysts in both the industrial and automotive industries over the forecast period. For example, in October 2018, Bharat Heavy Electricals Limited (BHEL) won a contract of approximately US$ 390 million from the National Thermal Power Corporation (NTPC) to supply emission control equipment.

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