The global emission control catalyst market size is expected to experience a considerable growth during the forecast period. The growth is attributable to the rising concerns over carbon emissions in automotive that are propelling the government to impose stringent environmental regulations across the globe. This information is published by Fortune Business Insights, in its upcoming report
Dwindling Automotive Sales amid COVID-19 to Hinder Growth
The COVID-19 pandemic has led to economic turbulence across several economies of the world. Owing to the lockdown imposed by the government agencies, the automotive industry has experienced major disruptions in supply chain operations. Additionally, the halting of work has affected the production of vehicles drastically that has led to a significant downfall in the number of vehicle sales. However, the companies are commencing the operational activities with over 25% of workforce and adhering to the stringent social distancing norms that are expected to infuse the much needed boost to the automotive sector in the near future.
Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
The emission control catalysts are type of converters adopted in automotive to turn toxic substances into non-toxic ones. These catalytic converters extensively use precious metals such as palladium, platinum, and rhodium that aid in drastic reduction of carbon emissions. The emission control technologies are perceived as a top-notch solution to solve major issues such as acid rain, air pollutions, smog, greenhouse effect, and global warming across the globe.
What does the Report Include?
The global market for emission control catalyst report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Rising Automotive Carbon Emissions to Promote Growth
Daimler, a major automotive manufacturer, revealed that in 2018 the pollution levels for the Mercedes-Benz cars across Europe rose by about 7%. The rising automotive emission that has led to a severe environmental degradation is propelling the government agencies to impose stringent environmental protection regulations across the globe. For instance, the European Union regulators are forcing automotive manufacturers to cut down carbon emission to mitigate the effects of global warming that is anticipated to boost the demand for advanced emission control catalysts across automobiles. This is expected to bode well for the growth of the global emission control catalyst market during the forecast period.
Increasing Automotive Sales in Asia-Pacific to Surge Demand
Among all the regions, Asia-Pacific is expected to showcase a considerable growth in the global emission control catalyst market during the forecast period. This is attributable to the increasing sales of automotives in countries such as India and China that propels the manufacturers to develop innovative emission control catalysts in the region.
The market in Europe is projected to experience a substantial growth owing to stringent automotive regulations set by the EU to reduce carbon emissions that is likely to surge the demand for emission control catalysts in the region between 2019 and 2026.
Major Companies Sign Contract to Expand Their Product Portfolio & Boost Sales Revenue
The global emission control catalyst market is consolidated by the presence of major companies that are focusing on securing contracts to expand their product horizon and strengthen their market positions. The other key players are adopting strategies such as partnership, collaboration, and merger and acquisition that are further expected to contribute to the growth of the market during the forecast period.
March 2020 – Vitesco Technologies was awarded a major contract to supply innovative electric heating elements for diesel catalytic converters by the European vehicle manufacturer. The company aims to aid in the production of vehicles that cater to the stringent Euro 7 standard with its emission control catalyst technology.
List of the Companies Profiled in the Global Market for Emission Control Catalyst:
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