Global Environmental Catalyst Market Growing at a CAGR of around 5% between 2015 and 2020
Zion Research has published a new report titled “Environmental Catalyst (Mobile Emission) Market for Light Duty Vehicles, Heavy Duty Vehicles, Motorcycles and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020.” According to the report, the global environmental catalysts market was valued at approximately USD 6.5 billion in 2014 and is expected to reach around USD 9.0 billion by 2020, growing at a CAGR of around 5% between 2015 and 2020. In terms of volume, global refinery catalysts market stood at approximately 1.90 million tons in 2014.
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Environmental concerns about industrial emissions to air and water have been continually growing. Environmental catalysts and technologies help reducing emissions from stationary sources and industrial processes. Catalyst can be divided into two types such as homogeneous and heterogeneous substances. Heterogeneous catalyst mainly used to eliminate environmental pollutants includes carbon monoxide, nitrogen oxide and other organic compound as it’s applied to industrial process. Furthermore, catalyst significantly contributed to prevent the air pollution generated by vehicles and emission from power plants & boiler.
The demand is of environmental catalyst increasing with increasing awareness among the end users regarding global warming and its adverse effects on the environments. Emissions from vehicles are the major source of air pollution. Automotive sector is rapidly growing across the world. This is expected to increase air pollution in the years to come. Various environmental regulations are being introduced by different countries and their regulatory institutes for effective emission control to safeguard the eco system. This is expected to propel the growth of environmental catalysts market. Catalysts are highly consumed in environmental remediation and to prevent pollution.
On the basis of application environmental catalysts market can be segmented as light duty vehicles, heavy duty vehicles, motorcycles, others (industrial emission reduction catalysts). Light duty vehicles accounted for the largest share of the global environmental catalysts. In 2014, light duty vehicles accounted for over 60% share of the total volume consumed in 2014. Others segment is expected to post fastest growth rate during the forecast period. Environmental catalysts are mainly added to fuels such as diesel, petrol, gasoline, etc. Emission control catalysts are mainly applied in the three-way catalytic converters (TWC), diesel particulate filters (DPF) & diesel oxidation catalysts (DOC), stationary & mobile NOx removal by means of SCR (selective catalytic reduction) and oxidation catalysts for volatile organic compounds (VOC).
Asia Pacific accounted for largest market share of the global environmental catalysts market in 2014. It accounted for around 30% share of the total volume consumed in 2014. Asia Pacific was closely followed by North America and Europe respectively. Asia Pacific is also expected to be the fastest growing market for environmental catalysts owing to rapidly growing automotive market. North America and Europe accounted for significantly large share of the global environmental catalysts in terms of volume consumption. Stringent environmental regulations in the regions have been remained major market driving force for the environmental catalysts market.
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Some of the key industry participants in global environmental catalysts market include CRI, Axens, BASF SE, ECT, Applied Catalyst, EmeraChem, Treibacher Industrie AG, Johnson Matthey, etc.
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