LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global emission control catalysts (ECCs) market is expected to reach USD 12.8 billion by 2021, growing at a CAGR of almost 10%.
This research report titled ‘Global ECCs Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global ECCs market is expected to grow rapidly owing to the increasing demand from the increasing regulatory compliance pressure in the automotive segment. Europe accounted for 52% of the share in the global ECCs market in 2016. The market growth in the region is driven by regulatory compliance pressures. Among the types of ECCs, palladium holds the largest share, accounting for 60% in the market.
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Technavio’s analysts categorize the global ECCs market into three major segments by metal. They are:
Global ECCs market by palladium catalyst
Palladium is a shiny, silvery-white rare metal. It is widely used in automotive, jewelry, and other industrial applications. It is used as an ECC and plays a crucial role in making modern cars more efficient and environment-friendly.
According to Hitesh Bhatia, a lead specialty chemicals research analyst from Technavio, “The demand for palladium in catalytic converters in the automobile segment is expected to increase during the forecast period. Automobile catalytic converter is one of the largest applications of palladium. Environment-friendly innovations, such as catalytic converters and fuel cells, have aided the growth of palladium catalysts in automotive applications.”
Global ECCs market by platinum catalyst
Platinum reduces the emissions of sulfur, phosphorus, and lead. The metal is preferred in automotive applications owing to its high melting point, greater strength, and corrosion resistance. The increasing production of light- and heavy-duty diesel trucks is anticipated to drive the market growth in key regions, such as China, India, and Japan.
“The high cost of platinum when compared with palladium and reduced activity for the conversion of NOx and low thermal resistance when handling high-temperature loads in catalytic converters are some of the notable factors hindering the acceptance of platinum in ECCs,” says Hitesh.
Global ECCs market by rhodium catalyst
Rhodium is the most expensive catalyst available for emission control applications. However, the price is justified as it offers the highest catalytic activity for the efficient removal of NOx from the exhaust.
A combination of both palladium and rhodium catalytic converters are being introduced in the market. This enables a trade-off between the performance and justifies the cost. The fact that these precious metals have no clear substitutes shields them from the threat of substitutes as the demand grows. The demand is mainly driven by stringent emission standards for OEMs the tightening standards aftermarket.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Johnson Matthey
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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