The growth of the global automobile industry and increasing harmful emissions from various industries fuel the demand for the Emission Control Catalysts (ECC) market to reach $ 59.8 billion by 2026.
According to the new market research report -Emission Control Catalysts Market by type, application, stationary sources and region - Global Forecast to 2026,published by MarketsandMarkets, the market is estimated at USD 42.9 billion in 2021 and projected to grow at a CAGR of 6.9% till 2026.
Some of the major players in the ECC market include BASF, Johnson Matthey, Umicore, Tenneco, Cataler, Heraeus, Bosal, Clean Diesel Technologies, Cormetech, DCL International, Hitachi Zosen, IBDIEN, Interkat, Kunming Sino-Platinum Metals Catalyst, Nett Technologies, NGK Insulators, Shell Global, Sinocat and Zelolyst International.
Automotive exhaust systems and industrial machinery release CO, NOx, HC, CO2, and particulate matter into the environment, which are major contributors to greenhouse gases (GHGs). ECCs limit emissions from automotive, industrial units, marine and other mobile and stationary sources of emission.
Platinum Group Metals - PGM metals such as platinum, palladium, and rhodium oxidise pollutants and convert them into less harmful emissions such as nitrogen and hydrogen.
Gasoline Engines To Lead The Growth
Based on metal type, the ECC market has been segmented into four types, namely, palladium, platinum, rhodium, and others. Palladium metal can maintain acceptable performance at sustained temperature for a lifetime. In addition, the metal has high toleration of high temperatures better than other metals.
APAC Leads ECC Market
APAC is the largest market for ECCs. Industrialisation, growing population, and urbanisation of APAC are boosting the ECC market. The major end-users of ECC in the region are light-duty vehicles, power plants, chemical plants, and motorcycles.
Courtesy: MarketsandMarkets. NB: Photo is representational; courtesy: BASF.