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The global automotive catalyst market is forecast to reach USD 19.22 Billion by 2028, according to a new report by Reports and Data. The market is projected to witness a considerable growth during the forecast period. One of the primary factors propelling the expansion of the market is the continuous expansion of the automotive industry and increasing buying power of individuals in regions like the Asia Pacific. The rise in production of automotive is making it essential to manage the pollutants released from it, which in turn is positively impacting the demand for the catalyst.
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To maintain the market dominance, various strategies are opted by industry players. One of this mentionable strategy are new product launches. In February 2017, Toyota announced the commercial availability of its new exhaust purifying catalyst- FLAD®2 substrate. The specialty of this new launch is reduced use of non-renewable resources, i.e., it requires 20% less metals as compared to other catalysts used in the automotive industry. The implementation of these initiatives by the industry players are also impacting the market positively. Stringent government environmental regulations and emission standards also act as a significant growth factor for the market. As an instance, under regulations like EU Regulation No 443/2009, the CO2 emission limits for vehicles have been set to no more than 130 grams of carbon dioxide per kilometer driven. These regulations, in turn, increases the demand for the catalyst.
In context to region, North America occupies a prominent market share. Factors like the presence of major automobile companies in this region, stringent regulations being imposed by the Environmental protection agencies are boosting the growth of the market in this region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-catalyst-market
Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented the global automotive catalyst market according to Product Type, Raw Materials, Engine Type, Application, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Raw Materials type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Engine Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Key Takeaways of the Market Study:
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The post Automotive Catalyst Market Estimated to Reach USD 19.22 Billion by 2028 appeared first on Market O Graphics.
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