The global automotive catalyst market is expected to grow by USD 1.87 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Catalyst Market 2020-2024 (Graphic: Business Wire)
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The global automotive industry will register a moderate growth rate during the forecast period. The growing population, rising disposable income and the increasing rate of urbanization has triggered the demand for automobiles, which is compelling manufacturers to produce more vehicles. This is increasing the demand for automotive catalysts, as they convert pollutants, such as nitrogen oxides, into harmless gases before releasing them into the environment. Platinum, palladium, and rhodium are the major automotive catalysts. Thus, the increasing vehicle production will drive the demand for automotive catalysts during the forecast period.
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The COVID-19 outbreak has created a serious healthcare emergency, in turn, affecting the economy of many countries. Several industries are struggling to generate revenue and remain profitable. The automotive industry is one such industry that has been witnessing a drastic reduction in the global sale of vehicles. Similarly, the automotive catalysts market is expected to have a negative impact, with the increase in containment efforts by countries through the lockdown.
Automotive Catalyst Market: Rising Demand For PGMs
The rising demand for PGMs is expected to drive the growth of the automotive catalysts market during the forecast period. PGMs are extensively used as automotive catalysts to reduce emissions of various hazardous gases such as oxides of nitrogen, carbon dioxide, and carbon monoxide from vehicles. These metals are also used in automotive components such as antilock braking systems, airbag initiators, and spark plugs. PGMs help reduce vehicular emissions that contain hazardous pollutants. These metals are generally used to manufacture cars that are fuel-efficient and environment-friendly. Sustainable innovations such as fuel cells and electronic components in vehicles would have been impossible without PGMs. Platinum, palladium, and rhodium are PGMs used as automotive catalysts.
"Factors such as the decline in platinum extraction, increasing number of M&A and JV, and stringent government regulations will have a significant impact on the growth of the automotive catalysts market value during the forecast period," says a senior analyst at Technavio.
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Automotive Catalyst Market: Segmentation Analysis
This market research report segments the automotive catalyst market by product (palladium, platinum, rhodium, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive catalyst market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing population and the rising demand for automobiles.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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