(EMAILWIRE.COM, October 08, 2021 ) The emission control catalysts (ECC) market size is estimated at USD 42.9 billion in 2021 and is projected to reach USD 59.8 billion by 2026, at a CAGR of 6.9% during the forecast period. The major factors driving the market are the stringent emission standards implemented by governments across the globe and increasing aftermarket for catalytic converters. Moreover, increasing power generation plants in various countries, and rising awareness among automobile manufacturers about the benefits of using catalytic converters is also influencing market growth.

The major players in the market include Johnson Matthey (UK), BASF Catalyst (Germany), Umicore (Belgium), Tenneco (US), Clariant (Switzerland), Cataler (Japan), and Heraeus (Germany). These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global ECC market.

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The Johnson Matthey is the largest producers of ECC in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa, and Asia-Pacific. In recent years, Johnson Matthey has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its leading position in the ECC market. For example, in March 2019 launched an innovative automatically regenerating ActivDPFTM diesel particulate filter (DPF) system for stationary diesel engines. This will help in delivering clean energy whenever needed. In August 2018, the company planned to construct a new 50,000 square-meter manufacturing facility for automotive catalyst in Zhangjiagang, China.

BASF Catalyst is one of the major player operating in the ECC market. The group has 30 manufacturing facilities worldwide and produces mobile as well as stationary emission catalysts for worldwide customers. The company has adopt new product launch and expansion strategies in order to broaden its product portfolio, and maintain its position in the market. In December 2018, the company announced the construction of its new mobile emission catalyst production site in Shanghai, China. This expansion added 30,000 square-meters facility which will include multiple manufacturing lines, providing a full range of emissions control technologies for heavy-duty and light-duty vehicle manufacturers.
The thermally conductive function segment accounted for the largest share of the global functional composites market in 2015. The magnetic segment of the global functional composites market is expected to grow at the highest CAGR between 2016 and 2021. Increasing application of soft magnetic composites in various applications is the key factor for the growth of the magnetic segment of the global functional composites market during the forecast period. These magnetic composites are primarily used in alternating current applications that operate at high frequencies and require different material solutions. Magnetic composites are mainly used in electromagnetic applications, such as motors, alternators, and coils, among others.

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The North American region accounted for the largest share of the global functional composites market in 2015, owing to presence of various developed industries, such as aerospace & defense, transportation, and wind energy, among others in the region. The Asia-Pacific functional composites market is projected to grow at the highest CAGR during the forecast period due to increased demand for functional composites from consumer goods & electronics and transportation industries of the region. This market has the highest growth potential, as emerging economies in the Asia-Pacific region are expected to be key markets for various end-use industries that use functional composites. Other potential regions for functional composites include the Middle East & Africa, and South America.
The global functional composites market is expected to have significant potential for growth in the near future. Some of the major players involved in the manufacturing of functional composites are 3M Company (U.S.), Applied Materials, Inc. (U.S.), Momentive Performance Materials Inc. (U.S.), Kyocera Corporation (Japan), E.I. du Pont de Nemours and Company (U.S.), Covestro AG (Bayer AG, Germany), and Air Products and Chemicals, Inc. (U.S.), among others. These major players have adopted various development strategies to strengthen their positon in the global functional composites market. New product launches/product development, expansions, mergers & acquisitions, joint ventures, and agreements/collaborations are some of the key strategies undertaken by these major companies. These strategies are expected to help market players in capitalizing increased revenue in the market during the forecast period. The market players are expected to grow their business in the future by customizing their existing product portfolios to meet domestic needs of the customers, thereby creating a huge revenue earning opportunities for the market players.

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