Global Automotive catalyst market has been valued $ 12.35 billion in the year 2019 and it is estimated to reach $15.73 billion by the year 2026, with a CAGR of 5.0% from a forecast period of 2021 to 2026. Automotive catalyst is an alternative most commonly used in the system of automobiles to drain out the hazardous and harmful toxic gases like nitrogen oxides, carbon dioxide, and hydrocarbons, and more gases produced in the engine. The main purpose of the catalyst is used to draw out the exhaust gases into less harmful and hazardous gases and also helps to control the noise, enhance the good engine performance, and improvise the consumption of fuel in vehicles.
Market Drivers and Restrains:
Demand for Automotive catalyst is increasing due to the rise in the awareness about need to reduce pollution, and stringent regulations and emission standards by governments of various countries are the factors to have huge growth for the automotive catalyst market, In addition the developing advancement in emission control technologies is also an another factor to drive the growth of the market. The automotive catalysts are most commonly used in the automobiles to improve the performance of the vehicles. The manufacturing companies use different materials to manufacture the automotive catalyst including Palladium, Platinum, Rhodium, and ceramics. Automotive catalysts find extensive employment in passenger cars, light-duty vehicles, and heavy-duty vehicles. The main drawback is high cost of the product, and shifting preference for electric vehicles across the globe, eliminating the need for automotive catalysts are the main factors harming the growth of the automotive catalyst market.
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Report is segmented as:
Automotive catalyst Market is segmented on the basis of by type, Vehicle type:
*Automotive catalyst Market is segmented on the basis of by type into Platinum, Palladium, Rhodium, and And Others.
*Automotive catalyst Market is segmented on the basis of Vehicle Type into Light-Duty Vehicles and Heavy-Duty Vehicles.
Automotive catalyst Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Asia Pacific has the dominant share in the Automotive catalyst Market because in the Asia Pacific region countries like India, china are rising population and growing consumer disposable income and also due to rise in the automobile production are the major factor to have huge share for Automotive catalyst Market in the Asia Pacific region, next Europe is the second largest region to have respectable share in the Automotive catalyst Market. Followed by North America is the expected for a growth in the automotive catalyst market due to growing efficiency and durability of auto catalyst in this region.
Impact of COVID-19 on Automotive catalyst Market
Covid -19 pandemic has affected their enterprise in each and every quarter and it has lowered the demand for Automotive catalyst in the Market. The big unfold of corona virus throughout the world the governments has applied lockdown in countless nations, due to the lockdown in many countries the automobile industries has shutdown this lead to decrease the growth of the Automotive catalyst market.