Revolutionizing Production: Industrial Catalytic Converters and the Race Towards Sustainability!
SkyQuest’s Industrial Catalytic Converter market report is an excellent analysis for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford USA, April 18, 2023 (GLOBE NEWSWIRE) — The market for Industrial Catalytic Converters is projected to achieve a value of USD 20.52 billion by 2030, with a compound annual growth rate (CAGR) of 5% during the forecast period (2023-2030). This growth is driven by government regulations, increasing industrialization, rising environmental consciousness, technological advancements, and cost savings. The surge in industrialization in developing countries such as China and India has resulted in a rise in industrial emissions, leading to an upsurge in demand for catalytic converters to reduce emissions and comply with regulations. A report by SkyQuest highlights that air pollution in China leads to 1.1 million premature deaths each year, and costs the country about 5.8% of its GDP. Similarly, air pollution in India is responsible for more than 1.6 million deaths annually, per the Lancet Commission’s report.
SkyQuest’s recent research has shown that installing catalytic converters in industrial boilers can result in energy savings of up to 5%. The increasing awareness about the impact of industrial emissions on the environment and public health has further intensified the demand for industrial catalytic converters. A survey conducted by the European Environment Agency found that air pollution is the primary environmental concern for European citizens, with 80% of them considering it a significant issue.
Browse in-depth TOC on “Industrial Catalytic Converter Market”
- Pages – 242
- Tables – 66
- Figures – 80
Industrial catalytic converters are crucial in reducing harmful emissions from industrial processes, promoting environmental sustainability, and helping industries comply with strict environmental regulations. They improve air quality and minimize the negative impact of industrial activities on human health and the environment. With the increasing awareness of environmental issues and the urgent need to address climate change, the significance of industrial catalytic converters has only grown more prominent in today’s time.
Prominent Players in Industrial Catalytic Converter Market
- BASF
- Johnson Matthey
- CDTi Advanced Materials
- Corning Inc.
- Tenneco Inc.
- Umicore SA
- Clean Diesel Technologies
- Catalytic Combustion Corporation
- DCL International Inc.
- Delphi Automotive PLC
- Eberspaecher Group
- Environmental Catalyst Technology Inc.
- HJS Emission Technology
- Katcon Global
- MagnaFlow Exhaust Products
- Oxidation Catalysts Inc.
- Ricardo Inc.
- Sinocat Environmental Technology Co. Ltd.
- StandardAero
- Wuxi Weifu Lida Catalytic Converter Co. Ltd.
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Oil Refining Application Segment to Drive Higher Sales as the Refining Process Generates Substantial Emissions
A recent analysis found that the Main Landing Gear segment played a significant role in the rapid development of the Industrial Catalytic Converter market in 2021. This trend is predicted to continue from 2022 to 2030, as the refining process generates substantial emissions, including sulfur dioxide (SO2), nitrogen oxides (NOx), and carbon monoxide (CO). A study published in the Journal of Cleaner Production recently discovered that catalytic converters were effective in reducing emissions from petroleum refining processes, including nitrogen oxides (NOx) and sulfur dioxide (SO2). The study also noted that catalytic converters were increasingly important in meeting emissions regulations and reducing environmental impacts.
According to SkyQuest, North America is expected to become a dominant player in the Industrial Catalytic Converter market from 2022 to 2030, with a projected CAGR of 7.82% during the forecast period. This growth is driven by the increasing demand for clean energy sources like natural gas and renewable energy, as well as strict regulations in the region. In the United States, the Clean Air Act (CAA) regulates industrial emissions and establishes National Ambient Air Quality Standards (NAAQS) for air pollutants. The Environmental Protection Agency (EPA) enforces the CAA and has implemented various regulations to reduce emissions from industries, including the mandatory use of pollution control equipment like catalytic converters. Additionally, the EPA has established the National Emissions Standards for Hazardous Air Pollutants (NESHAP) program, which sets emission standards for various industrial sectors and requires the use of pollution control equipment like catalytic converters.
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Three-Way Catalytic Converter Segment to Exhibit Strong Growth as it Reduce Emissions of Carbon Monoxide (CO), Nitrogen Oxides (NOx), and Volatile Organic Compounds (VOCs)
In 2021, the Three-Way Catalytic Converter segment dominated the Industrial Catalytic Converter market, and it is expected to maintain its lead from 2022 to 2030. According to a study published in the International Journal of Hydrogen Energy, Three-Way Catalytic Converters (TWCs) effectively reduce emissions of carbon monoxide (CO), nitrogen oxides (NOx), and volatile organic compounds (VOCs) from industrial processes. The study also highlighted TWCs as a promising technology for reducing emissions from various industrial sources.
The Asia Pacific region has become a significant force in the Industrial Catalytic Converter market, expected to retain its leading position until 2030. SkyQuest forecasts a considerable growth rate of 6.97% in the Industrial Catalytic Converter market for the Asia Pacific region during the forecast period, attributed to the rapid industrialization in countries like China and India. Additionally, the region is adopting sustainable technologies to reduce emissions. The Indian government’s National Clean Air Programme (NCAP) aims to reduce air pollution levels by 20-30% by 2024 through various measures, including installing pollution control equipment like catalytic converters in industries.
A comprehensive analysis of the major players in the Industrial Catalytic Converter market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Industrial Catalytic Converter Market
- BASF has announced the successful development and testing of an innovative Tri-Metal Catalyst technology, which allows for partial substitution of high-priced palladium with lower-priced platinum in light-duty gasoline vehicles without compromising on emissions standards. The adoption of this Tri-Metal Catalyst can lead to a reduction in catalytic converter costs for automakers, and help in partially rebalancing market demand for precious group metals (PGMs), thereby promoting PGM market sustainability..
- Johnson Matthey plc in London celebrated the commencement of construction at its plant in Gliwice, Poland through a groundbreaking event. The project is expected to last 18 months and will build a new line, potentially creating up to 50 new job opportunities at the Johnson Matthey plant. The investment of 50 million Euros will increase the capacity of Johnson Matthey to offer its customers small batches and spare parts of its important catalyst products, which help the automotive industry reduce harmful emissions from all kinds of vehicles..
Key Questions Answered in Industrial Catalytic Converter Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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