NEW YORK , July 1, 2022 /PRNewswire/ -- The "Automotive Catalyst Market by Product (palladium, platinum, rhodium, and others), Application (light-duty vehicle and heavy-duty vehicle), and Geography (APAC, Europe , North America , South America , MEA, APAC, Europe , North America , South America , and MEA) - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The automotive catalyst market share is expected to increase by USD 1.70 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.39%. 63% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the automotive catalyst market in APAC. Market growth in this region will be faster than the growth of the market in regions. The increasing vehicle production will facilitate the automotive catalyst market growth in APAC over the forecast period.
Automotive Catalyst Market: Segmentation Analysis
The automotive catalyst market report is segmented by Product (palladium, platinum, rhodium, and others), Application (light-duty vehicle and heavy-duty vehicle), and Geography (APAC, Europe , North America , South America , MEA, APAC, Europe , North America , South America , and MEA).
Revenue Generating Segment: The automotive catalyst market share growth in the palladium segment will be significant for revenue generation. The increasing demand for gasoline-powered vehicles in India , China , and other developing countries will drive the demand for palladium catalysts during the forecast period. In China, the widespread use of light-duty gasoline vehicles will drive the demand for palladium catalysts, as palladium catalysts are more cost-effective than other catalysts.
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Automotive Catalyst Market: Key Market Dynamics
Market Driver - Increasing vehicle production is one of the key factors driving the growth of the global automotive catalyst market. The global automotive industry will register a moderate growth rate during the forecast period. The demand for automotive catalysts has increased 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. Globally, increasing vehicle production will drive the demand for automotive catalysts during the forecast period. Moreover, the global automotive market is expected to grow at a steady rate during the forecast period. Stringent regulations on controlling nitrogen oxide emissions in Europe and North America have a positive influence on the market. The US EPA's Ozone Transport Region (OTR) NOx Cap and Allowance Trading Program regulates nitrogen oxide emissions.
Market Challenges - The fluctuation in raw material prices is a major challenge for global automotive catalyst market growth. Prices of metals are subject to fluctuations. South Africa is the major revenue contributor to the global platinum group metal (PGM) market, and the value of the rand compared to the US dollar exchange plays an important role in the dynamics of the market. An increase in the value of the rand will affect operations and production costs, thereby reducing the profit margins of vendors. Moreover, labor strikes in South Africa -based mining companies resulted in the South African rand falling against the US dollar and UK pound in March 2015 . Approximately 70% of the palladium supply is concentrated in Russia and South Africa . As a result, suppliers have control over prices. Prices of palladium, an industry-driven metal, had increased due to the lower output of the miners. The rise in palladium prices is mostly due to reduced platinum production in South Africa , and global economic factors will lead to a price hike during the forecast period. These prices are expected to fluctuate during the forecast period.
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Automotive Catalyst Market: Vendor Analysis
The automotive catalyst market is fragmented and the vendors are deploying growth strategies such as automotive catalysts with integrated downstream capacities to compete in the market.
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Get ready to achieve excellent business outcomes from this exclusive Automotive Catalyst Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -
What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
What is the current trend taking place in the market space?
Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
What are market drivers, restraints, and challenges impacting demand & growth of the market?
Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?
The competitive scenario provided in the Automotive Catalyst Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Automotive Catalyst Market Forecast Report - Buy Now!
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Leading companies, competitive strategies, consumer engagement scope
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Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
3.4 Market outlook: Forecast for 2020 - 2025
5.3 Palladium - Market size and forecast 2020-2025
5.4 Platinum - Market size and forecast 2020-2025
5.5 Rhodium - Market size and forecast 2020-2025
5.6 Others - Market size and forecast 2020-2025
6.3 Light-duty vehicle - Market size and forecast 2020-2025
6.4 Heavy-duty vehicle - Market size and forecast 2020-2025
8.3 APAC - Market size and forecast 2020-2025
8.4 Europe - Market size and forecast 2020-2025
8.5 North America - Market size and forecast 2020-2025
8.6 South America - Market size and forecast 2020-2025
8.7 MEA - Market size and forecast 2020-2025
12.2 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email:media@technavio.com Website: www.technavio.com/
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