From GlobeNewswire: 2024-11-11 09:20:00

The Emission Control Catalysts market was valued at USD 48.8 billion in 2023 and is projected to reach USD 88.2 billion by 2032, growing at a CAGR of 6.8%. Technological advancements and stricter emission regulations are driving market growth, with companies investing in R&D to enhance emission reduction systems.

In 2023, the Three-Way Catalysts (TWC) segment dominated the market with a 55% share, favored for reducing CO, HC, and NOx emissions in gasoline-powered vehicles. The segment’s leadership is supported by increased vehicle production, stringent emission standards, and continuous technological enhancements.

Government regulations on vehicle emissions are fueling demand for emission control technologies, especially in Europe, North America, and Asia-Pacific. Innovations in catalyst materials like palladium and platinum are improving system performance, while the growing adoption of EVs is creating new opportunities for emission control solutions.

Asia Pacific led the market in 2023, holding a 45% share due to rapid automotive production in China and India. China’s stringent emissions regulations and large vehicle fleet contributed significantly, with India’s growing automotive sector also driving demand. Japan’s focus on green technologies further boosted the region’s dominance.

The Emission Control Catalysts market is experiencing steady growth, driven by technological advancements and regulatory pressures. With a focus on reducing harmful emissions and increasing demand for emission control systems in electric and hybrid vehicles, the market is expected to expand significantly, especially in regions like Europe and North America.



Read more at GlobeNewswire: Emission Control Catalysts Market to Reach USD 88.2 Billion