Emission Control Catalysts Market By Type (Platinum, Palladium, Rhodium, and Others), By Catalytic Converter (Three-way, Four-way, Lean NOx Trap, Diesel Oxidation Catalysts, Selective Catalytic Reduction), By Application (Mobile Sources (Off Road, On Road), Stationary Sources) and By Region - Trends, Analysis and Forecast till 2032

Growing automotive sectors will support market expansion.

Growing automotive industries are now a key driver of target market expansion. The ability to buy a personal vehicle has been made possible by the quick rise in urbanization, industrialization, and disposable income. This has helped the market for emission control catalysts to expand.

For example, in March 2023, The Economic Times reported that the auto components industry is predicted to grow by double digits in the upcoming fiscal year (FY) First Year. The automotive industry's overall turnover is expected to increase by 10% to 15% in FY24, according to the industry body, Automotive Component Manufacturers Association of India (ACMA). With a 23% growth, this industry reported $56.5 billion in revenue in FY22.

The growing interest in electric vehicles will limit market expansion.

The demand for electric vehicles with zero tailpipe emissions has increased due to rising air pollution and individual environmental concerns, which has impeded the growth of the emission control catalyst market. Furthermore, the International Energy Agency (IEA) estimates that in 2021, consumers worldwide will spend US$250 billion on EV purchases. The growth in EV sales is fueling electrification investments, accounting for 65% of all end-use investments in the transportation sector.