Growing Aftermarket for Catalytic Converters Will Boost the Demand for Emission Control Catalyst
Posted: Oct 18, 2020
The Emission Control Catalysts (ECC) Market size is expected to grow from USD 21.1 billion in 2019 to USD 30.5 billion by 2024, at a CAGR of 7.7% during the forecast period. The major factors driving the market are the stringent emission standards implemented by governments across the globe and increasing aftermarket for catalytic converters.
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The major players in the market include BASF Catalyst (Germany), Johnson Matthey (UK), Umicore (Belgium), Corning Incorporated (US), Tenneco (US), Clariant (Switzerland), Cataler (Japan), Heraeus (Germany), Haldor Topsoe (Denmark), Cormetech (US), IBIDEN (Japan), and INTERKAT (Germany). These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global ECC market.
BASF Catalyst (Germany) is the most significant player operating in the emission control catalyst market. The group has 30 manufacturing facilities worldwide and produces mobile as well as stationary emission catalysts for worldwide customers. The company has adopted new product launch and expansion strategies to broaden its product portfolio and maintain its position in the market. In December 2018, the company announced the construction of its new mobile emission catalyst production site in Shanghai, China. This expansion added 30,000 square-meters facilities which will include multiple manufacturing lines, providing a full range of emissions control technologies for heavy-duty and light-duty vehicle manufacturers.
The Johnson Matthey (UK) is one of the largest producers of ECC in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa, and Asia-Pacific. In recent years, Johnson Matthey has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its leading position in the ECC market. For example, in March 2019, it launched an innovative automatically regenerating ActivDPF diesel particulate filter (DPF) system for stationary diesel engines. This will help in delivering clean energy whenever needed. In August 2018, the company planned to construct a new 50,000 square-meter manufacturing facility for automotive catalysts in Zhangjiagang, China.
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The APAC region is projected to account for the largest share in the industrial packaging market during the forecast period.
The APAC region is projected to lead the industrial packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labour, makes this region the most attractive market for industrial packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for industrial packaging.
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