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The environmental catalyst market size is forecast to increase by USD 2.75 billion, at a CAGR of 4.94% between 2023 and 2028. The growth rate of the market depends on several factors such as stringent environmental regulations related to emission standards, increasing awareness of air quality, and the growing industrial activities globally.
The market report includes a comprehensive outlook on the environmental catalyst market offering forecasts for the industry segmented by Application, which comprises automotive, manufacturing industries, and others. Additionally, it categorizes Type into co oxidation catalysts, selective catalytic reduction catalysts (SCRC), VOC oxidation catalysts, and others, and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Environmental Catalyst Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Stringent environmental regulations play a pivotal role in shaping the global environmental catalyst market, driving industries to adopt innovative technologies that reduce their ecological footprint. Governments worldwide have been increasingly enacting and enforcing stringent rules to curb air and water pollution, emphasizing the need for cleaner industrial processes. For example, in the automotive sector, emission standards such as the Euro 6 in Europe and CAFE standards in the US mandate stringent limits on pollutants, compelling automobile manufacturers to incorporate advanced catalytic converters.
However, the maritime industry has also witnessed the implementation of International Maritime Organization (IMO) regulations, such as the International Maritime Emission Control Area (ECA), restricting sulfur content in ship fuels. This has spurred the demand for catalysts in exhaust gas cleaning systems, known as scrubbers, to comply with these stringent regulations. Thus, the stringent environmental regulations related to emission standards are expected to drive the growth of the market during the forecast period.
Catalysts for renewable energy are at the forefront of innovation, playing a crucial role in advancing sustainable technologies and facilitating the transition to cleaner energy sources. One prominent application of environmental catalysts in this context is in the production of hydrogen through water electrolysis. Catalysts, often based on precious metals including platinum or alternative non-precious metals such as nickel and iron, enhance the efficiency of splitting water into hydrogen and oxygen, a key process for renewable hydrogen production. Moreover, fuel cells represent another area where environmental catalysts are gaining prominence.
Moreover, in the realm of photovoltaics, catalysts are being explored for applications such as photoelectrochemical cells and solar fuel production. These catalysts aid in the conversion of solar energy into chemical energy, allowing for the storage and utilization of solar power even in the absence of direct sunlight. Thus, the increasing adoption of environmental catalysts in renewable energy applications is expected to drive the growth of the global environmental catalyst market during the forecast period.
The global environmental catalyst market faces a significant challenge in its dependency on rare and expensive materials, with platinum being a focal point due to its critical role in many catalytic applications. Platinum is a precious metal that exhibits exceptional catalytic properties, making it a crucial component in catalysts for various processes, including automotive catalytic converters and fuel cells. As global emission standards become more stringent, the demand for advanced catalytic converters has risen, intensifying the reliance on platinum. This increased demand, coupled with limited global platinum reserves and extraction challenges, has led to price volatility and supply chain uncertainties.
Further, this dependency poses challenges for manufacturers in terms of securing a consistent and affordable supply of essential raw materials, thereby negatively affecting their ability to offer competitive pricing to end-users. Thus, the volatility in raw materials prices used in environmental catalysts will pose a major challenge to the growth of the market during the forecast period.
The market share growth by the automotive segment will be significant during the forecast period. The automotive sector stands as a pivotal application domain for environmental catalysts, playing a crucial role in mitigating vehicular emissions and promoting cleaner air. Catalytic converters, a primary component in vehicles, are equipped with environmental catalysts that facilitate the conversion of harmful pollutants into less harmful substances.
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The automotive segment was the largest and was valued at USD 4.13 billion in 2018. Additionally, Umicore SA stands as a prominent global catalyst producer utilized in automotive emission systems for both light-duty and heavy-duty vehicles. The catalysts play a crucial role across various power trains, encompassing gasoline and diesel engines, natural gas, and alternative fuels. Their significance extends to engines supporting both mild and full hybrid vehicles. Prioritizing advanced technology, Umicore SA collaborates closely with customers to craft customized solutions, aiding them in the production of more fuel-efficient vehicles that align with current and future environmental legislation requirements. Thus, the growing automotive sector globally will continue to drive the growth of the market in the automotive segment during the forecast period.
Based on type, the market has been segmented into co oxidation catalysts, selective catalytic reduction catalysts (SCRC), VOC oxidation catalysts, and others. The co oxidation catalysts?segment will account for the largest share of this segment.? CO oxidation catalysts play a pivotal role in addressing air quality concerns by facilitating the conversion of carbon monoxide (CO) into less harmful carbon dioxide (CO2). These catalysts find widespread application in various industrial processes and automotive systems where CO emissions pose environmental challenges. In industrial settings, CO oxidation catalysts are employed to mitigate the impact of CO emissions from processes like chemical manufacturing and power generation. Thus, the growing use of CO oxidation catalysts will continue to drive the growth of the market in the CO oxidation catalysts segment during the forecast period.
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APAC is estimated to contribute 39% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the environmental catalyst market growth analysis during the forecast period. The environmental catalyst market in the APAC region is growing significantly, driven by a combination of rapid industrialization, robust economic growth, and evolving environmental regulations. As the world's manufacturing hub, APAC countries, notably China and India, contribute significantly to industrial output, resulting in a substantial demand for environmental catalysts. The region's industries, spanning automotive, power generation, and manufacturing, are confronted with the imperative of complying with increasingly stringent emission standards.
In addition, the region accounts for the highest number of potential first-time passenger vehicle buyers and registers high sales of SUVs, sedans, hatchbacks, and crossovers. The rapid economic growth in the region has increased the per capita income and purchasing power. The increasing number of on-road vehicles and the rising focus of regional governments on reducing vehicular emissions have compelled regulatory bodies in APAC to implement stringent emission standards to control automotive emissions. This is expected to drive the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Albemarle Corp. - The company offers environmental catalysts such as AlkyStar catalyst that produces high-quality alkylates, a clean fuels blending component, without the use of liquid acid catalysts in the alkylate manufacturing process.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including: Albemarle Corp., Axens, Babcock Power Inc., BASF SE, Catalytic Combustion Corp., Chevron Phillips Chemical Co. LLC, China Petrochemical Corp., Clariant International Ltd., CORMETECH Inc., Dorf Ketal Chemicals I Pvt. Ltd., Evonik Industries AG, Exxon Mobil Corp., Heraeus Holding GmbH, Honeywell International Inc., Johnson Matthey Plc, OMV Aktiengesellschaft, Topsoe AS, Toyota Motor Corp., Treibacher Industrie AG, Umicore SA, and W. R. Grace and Co.
Technavio environmental catalyst market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The environmental catalyst market analysis and report forecast market growth by revenue at global, regional & country levels and provide an analysis of the latest trends and market research and growth opportunities from 2018 to 2028.
Environmental Catalyst Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.94% |
Market Growth 2024-2028 |
USD 2.75 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.13 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Albemarle Corp., Axens, Babcock Power Inc., BASF SE, Catalytic Combustion Corp., Chevron Phillips Chemical Co. LLC, China Petrochemical Corp., Clariant International Ltd., CORMETECH Inc., Dorf Ketal Chemicals I Pvt. Ltd., Evonik Industries AG, Exxon Mobil Corp., Heraeus Holding GmbH, Honeywell International Inc., Johnson Matthey Plc, OMV Aktiengesellschaft, Topsoe AS, Toyota Motor Corp., Treibacher Industrie AG, Umicore SA, and W. R. Grace and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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