Automotive catalysts are used in vehicle types, such as light-duty vehicles and heavy-duty vehicles. The automotive catalyst market is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from 2018 to 2023. The Asia Pacific and Europe are key commercial markets for automotive catalysts. The increasing demand for automotive catalysts for use in passenger cars and rising government initiatives are the major factors driving the growth of the automotive catalyst market.
The Automotive Catalyst Market in the APAC region is anticipated to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increasing demand for premium vehicles as well as the rise in spending power of consumers.
BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), Tenneco (US), and IBIDEN (Japan) are the leading companies having a presence in the region. The ongoing global recovery after the 2008 recession is further anticipated to influence the demand for automotive catalysts.
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Growing awareness about the usage of automotive catalysts in European nations is an important driver for the growth of the automotive catalyst market in Europe. Germany is the largest consumer of automotive catalysts in Europe. Stringent emission guidelines in Europe are further anticipated to propel the growth of the automotive catalyst market in the region.
Based on type, the palladium segment of the automotive catalyst market is projected to grow at the highest CAGR between 2018 and 2023, in terms of volume. This growth can be attributed to the rising demand for automotive catalysts for passenger cars. Other factors driving the palladium segment include its lower price compared to other precious metals.
Based on vehicle type, the light-duty vehicle segment of the automotive catalyst market is projected to grow at the highest CAGR between 2018 and 2023, in terms of volume. This growth can be attributed to the increasing number of passenger vehicles across the globe. The inclusion of automotive catalysts in the automotive industry has gained widespread acceptance around the world, and usage is growing further, especially in emerging economies.
APAC is estimated to be the largest market for the automotive catalyst in 2018 in terms of volume. It is also expected to continue to be the largest market by 2023, as increasing awareness is expected to drive the automotive catalyst market during the forecast period. The increasing demand for vehicles in the Asia Pacific region is anticipated to drive the automotive catalyst market.
Greater stress on low vehicle emissions as well as rise in the disposable incomes of consumers are expected to drive the automotive catalyst market during the forecast period. Automotive catalyst manufacturers are expected to expand their production capacities in emerging economies of the region to improve their overall market shares.
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