The global Auto Catalyst Market is expected to reach USD
15.80billion by 2024, according to a new report by Grand View Research, Inc.
Implementation of stringent regulations pertaining to emission control limits
is expected to remain a key driving factor for global Auto Catalyst Market over
the forecast period.
The growth in the automotive
ancillary market on account of increasing average life of vehicles the on road
is expected to drive the demand for auto catalysts. Demand for diesel vehicles
is expected to have a positive impact on the market growth over the forecast
period. Volatile prices of precious group metal (PGM) is expected to remain a
key driving factor for global Auto Catalyst Market over the next eight
years.
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Further key findings
from the report suggest:
·
Global Auto
Catalyst Market demand was 109.77 million units in 2015, and is expected to
exceed 150 million units by 2024, growing at a CAGR of 3.8%from 2016 to 2024
·
Light duty
vehicles-gasoline emerged as the leading application segment and accounted for
71.5% of total units in 2015. Growing demand for gasoline powered light-duty
passenger cars across the world is expected to remain a key driving factor for
this segment over the forecast period.
·
Asia Pacific was
the leading regional market with demand share exceeding 50% in 2015. However,
in terms of revenue, Europe led the global auto catalysts industry on account
of relatively lower prices in Asia Pacific. Adoption of stringent emission
control regulations such as Euro VI coupled with the growing demand for diesel
powered vehicles is expected to drive the regional market growth over the
forecast period.
·
Asia Pacific is
expected to witness the highest growth of 3.9% over the forecast period on
account of emission control regulations implemented in China, Japan, and India,
which are in line with the Euro VI regulations. In addition, increasing
automobile production on account of growing demand for passenger and commercial
vehicles particularly in India, China, Indonesia, and Thailand is also expected
to have a positive influence on the market growth.
·
Some leading
companies operating in the global Auto Catalyst Market include Johnson Matthey
PLC,BASF SE, Umicore SA, Corning Incorporated, Heraeus Holding GmbH, Faurecia
SA, Bosal International N.V., Cummins Emission Solutions, Inc., IBIDEN Co.,
Ltd., Solvay SA, and Cataler Corporation.
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@ http://www.grandviewresearch.com/industry-analysis/auto-catalyst-market/request
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
United States
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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