The automotive catalyst market is estimated to witness a CAGR of 4.67% to reach US$12.238 billion in 2024 from US$9.305 billion in 2018. Automotive Catalysts are widely used in the exhaust system of the automobiles to control pollutants and optimize industrial production processes. The automotive catalyst is a simple device that uses basic redox reactions to reduce the car pollutant, as it converts nearly 98% of the harmful fumes into less harmful gases by using simple oxidation and reduction method to convert the harmful and unwanted fumes. The catalytically active materials consist of a combination of oxides and precious metals such as platinum, palladium, and rhodium incorporated into a porous structure which allows intimate contact with the exhaust gas. The process to convert the gases are divided into two stages which use a different material, as in the first stage the catalyst uses platinum and rhodium to reduce the nitrous oxide and in the second stage catalyst made up of platinum and palladium decreases the emission of carbon mono oxide and unburned hydrocarbons.
Increasing emission standards across the globe to reduce carbon dioxide and other harmful gases release are driving the automotive catalyst market growth. Burgeoning automotive production is fueling the demand for catalytic converters which in turn is positively influencing the automotive catalyst market growth. The market is expected to grow at a good rate owing to the rising demand for hybrid vehicles. However, the cost of manufacturing and installing an increase in the cost of the vehicle.
The major players profiled in the automotive catalyst market are CATALER CORPORATION, BASF SE, Johnson Matthey, Umicore AG & Co., KG Heraeus Holding, INTERKAT Catalyst GmbH, Tenneco Inc., Continental AG, Clariant, SUMITOMO METAL MINING CO., LTD., and MITSUI MINING & SMELTING CO., LTD.
The automotive catalyst market has been analyzed through the following segments:
By Vehicle Type