U.S. Automotive Catalyst Market Outlook (2018 to 2032)
Synopsis
The above chart is U.S. Automotive Catalyst Market Outlook (2018 to 2032)
Market Dynamics
the us automotive catalyst market is undergoing a dramatic transformation as vehicle fleets move towards either electrification or alternative powertrain systems. this shift in consumer demands has naturally had an effect on the market for automotive catalysts, with the transition to new technologies and usage models.
over the next 12 years, the us automotive catalyst market will continue to evolve. it is expected that traditional gasoline and diesel powered vehicles will remain the standard for the foreseeable future, although their share of the us automotive catalyst market could shrink to approximately 30%. the gain in market share will come from the increased demand for electric vehicles and fuel efficient hybrid vehicles. this in turn, will lead to increased demand for catalytic converters that are capable of working with these new powertrains.
at the same time, the availability and application of advanced emissions control technologies, such as active oxidation catalysts (aocs), three-way catalysts (twc), and particulate matter filters (pmf) are gaining momentum in the us automotive catalyst market. specifically, the increased use of diesels and their associated high nox emissions, is driving the increased application of advanced catalysts such as aocs in both gasoline and diesel powered vehicles. additionally, improved tbems and ulev iii standards in the us are driving the increased use of twcs. finally, the development of pmf technologies is driven by the recent epa light truck my2021 standards, which will begin to become effective in my2022.
the rapid pace of technological advancement is providing new opportunities for us automotive catalyst producers to compete in a rapidly evolving market. as a result, it is becoming increasingly important for automotive catalyst producers to actively develop content for the emerging technologies, such as the above-mentioned aoc, twc, and pmf. furthermore, with the increased prevalence of electric and hybrid vehicles, automotive catalyst producers will have to focus on providing lighter solutions and more efficient catalytic converters in order to maintain a competitive edge.
overall, the us automotive catalyst market is projected to grow over the next 12 years, with the transition to greener technologies representing a major driving force in the market's development. with new emissions standards and the continued development of advanced emissions control technologies, us automotive catalyst producers will have to adjust their product lines and maintain their competitive edge in order to remain competitive in an increasingly competitive market.