(EMAILWIRE.COM, October 20, 2021 ) The automotive catalyst market is estimated to be USD 12.35 billion in 2018 and is projected to reach USD 15.73 billion by 2023, at a CAGR of 5.0% from 2018 to 2023. Automotive catalysts are catalysts installed on vehicles to convert harmful exhaust gases, such as NOx, hydrocarbons, CO, and other particulate matter into relatively safe chemicals, such as nitrogen, carbon dioxide, and water. The demand for these catalysts is increasing because the emission standards implemented by governments across the globe are becoming increasingly stringent. This market intelligence report segments the automotive catalyst market on the basis of vehicle type and type, in terms of value and volume.

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Stringent emission standards and the stress on fuel efficiency are key factors anticipated to drive the automotive catalyst market. Companies operating in this market are focused on the adoption of various strategies, such as new product launches, expansions, and acquisitions to cater to the rising demand for automotive catalysts in various regions worldwide. Key players in the automotive catalyst market include BASF (Germany), Johnson Matthey (UK), Umicore (Belgium), Cataler (Japan), Cummins (US), Heraeus (Germany), INTERKAT (Germany), CDTi Advanced Materials (US), Tenneco (US), and IBIDEN (Japan).

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Besides new product launches, companies have adopted the expansions strategy to increase their market shares and distribution networks. These strategies accounted for a significant share of the total growth strategies adopted by key players in the automotive catalyst market between 2015 and 2017.

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