The emission control catalysts market was predicted to garner revenue worth about USD 8 billion in 2013. It is estimated to be occupied at 60 percent by Asia Pacific and Europe. The market is projected to grow at about 10 percent CAGR during 2014 to 2019. The mentioned phase is also termed as the forecast period. The said expansion is anticipated to be caused by the emission control catalysts market of Europe.
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North America is expected to notice second highest expansion. The emission control catalysts market has been observing increased demand owing to escalation in harsh policies of emission control. Also, the augmented manufacturing units of processing and expanding industry of automotives in emergent nations are propelling high demand for the emission control catalysts market. The market is analyzed under three categories. These include applications, kinds and geographies.
On the basis of applications, the emission control catalysts market is segmented into industrial, automotives and others. ‘Others’ is divided further into marine, locomotives and food. The kinds sector is fragmented on the basis of palladium, platinum, rhodium and others. ‘Others’ consists of tungsten and vanadium. The geography sector of the emission control catalysts market is segmented into Europe, North America, Asia Pacific and rest of the world.
Emission control catalysts are broadly applied in automotives and manufacturing processing units. Increased demand for emission control catalysts from various manufacturing and application sectors mentioned above is predicted to drive demand for the market. Increased operations of battery electric automobiles and activity failure owing to toxicity are some of the primary hindrances for the emission control catalysts market.
Information Source: ptanewsroom