Portland, OR, June 20, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive catalyst market contributed $22.60 billion in 2017 and is estimated to garner $31.81 billion by 2025, growing at a CAGR of 4.2% from 2017 to 2025. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Adoption of nanotechnology in catalytic converters along with an increase in automobile production drives the global automotive catalyst market. Furthermore, emission control regulations issued by government supplement the market growth. Factors such as innovations in automotive catalyst and government initiatives for emission reduction in developing nations offer lucrative opportunities for market growth. However, the growing production of electric vehicles and the high cost of automotive catalyst restrict the market growth.
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Passenger car segment to maintain its dominance by 2025
Based on vehicle types, the passenger car segment accounted for more than two-fifths of the total revenue in 2017 and will maintain its dominance by 2025. However, the light commercial vehicle segment is expected to register the highest CAGR of 5.9% from 2017 to 2025. The report also analyzes other segments including heavy commercial vehicle and motorcycle.
Asia-Pacific region to maintain lead position by 2025
The Asia-Pacific region accounted for more than half of the market in terms of revenue in 2017 and is likely to maintain its revenue lead during the forecast period. However, the LAMEA region is expected to grow at the highest CAGR of 5.5% during the forecast period. The research also analyzes regions including Europe and North America.
Rhodium segment to grow at the highest CAGR
Among metal types, the Rhodium segment is expected to register the highest CAGR of 6% from 2017 to 2025. However, the other segment accounted for more than half of the total revenue in 2017 and will maintain its dominance by 2025. The research also analyzes other segments including Platinum and Palladium.
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Gasoline segment to maintain its dominance by 2025
Among engine types, the gasoline segment accounted for more than five-sevenths of the total revenue in 2017 and will maintain its dominance by 2025. However, the diesel segment is expected to register the highest CAGR of 5.6% from 2017 to 2025.
Leading market players
The key market players explored in the automotive catalyst market research include Clariant, BASF SE, Klarius Products Ltd., Johnson Matthey, Ecocat India Pvt. Ltd., Umicore, Tenneco Inc., Eberspcher, CDTi Advanced Materials, Inc., Cummins Inc., and others. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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