Global Automotive Catalyst Market 2019-2023

Global Automotive Catalyst Market 2019-2023

  • December 2018 •
  • 131 pages •
  • Report ID: 5114975 •
  • Format: PDF
About this market

PGMs are extensively used as automotive catalysts to reduce emissions of various hazardous gases such as oxides of nitrogen, carbon dioxide, and carbon monoxide from vehicles. PGMs help reduce vehicular emissions that contain hazardous pollutants. These metals are generally used to manufacture cars that are fuel efficient and environment-friendly. Sustainable innovations such as fuel cells and electronic components in vehicles would have been impossible without PGMs. Platinum, palladium, and rhodium are PGMs used as automotive catalysts. Platinum is used as a catalytic converter in cars, trucks, and buses. It is efficient in converting emissions from the vehicle’s engine into less harmful waste products. The increasing automotive production in these countries will drive the use of PGMs during the forecast period. The automotive catalyst market to grow at a CAGR of almost 4% during the forecast period.

Market Overview
Increasing vehicle production
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.
Fluctuations of raw materials prices
Prices of metals are subject to fluctuations. An increase in the value of rand will affect operations and production costs, thereby reducing profit margins of vendors. 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.
For the detailed list of factors that will drive and challenge the growth of the automotive catalyst market during the 2019-2023, view our report.

Competitive Landscape
The automotive catalyst market is fragmented owing to the presence of several established and regional vendors. To be competitive and hold the lead in the market, either cost leadership or innovation should be used to attain the maximum share in the market. Hence, the vendors opt for M&A or joint venture. The key players are taking advantage of this and acquiring the small players to increase their market share and improve their presence globally.