Market World Emission Control Catalyst Market | Página 3

Regional Insights Asia Pacific was the largest market and accounted for 32.9% of the overall volume in 2015. Large vehicle manufacturing base in India, Thailand, Japan, South Korea, Malaysia and China owing to increasing population will augment market growth. Availability of cheap raw material in countries including China and India is expected to fuel investment in these countries. Growing number of power plants and diesel engines in various countries including India and China is expected to promote industry expansion over the upcoming years. Europe is expected to grow at a CAGR of 4.3% from 2016 to 2024. Europe has established itself as a lucrative market for emission control catalyst. Fully developed industrialization has been a major driver. In order to reduce emission of carbon gas in over 11,000 power stations and manufacturing units in 31 countries of the region, European Commission has implemented the EU Emission Trading System (EU ETS) in the year 2005, which in turn will create growth opportunities. Competitive Insights Major manufacturers include BASF, Johnson Matthey, Solvay S.A., Umicore SA and Corning Incorporated. Fully developed R&D centers along with easy access to equipment in U.S., U.K. and Germany have led manufacturers to establish their manufacturing facilities in these countries, thereby capturing market share. As a part of business strategy, in March 2017, BASF launched mobile emission control catalyst manufacturing facility in Chennai (India) in order to meet the increasing demand for automobiles in India. Market Segment: Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024) • Palladium • Platinum • Rhodium • Others Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024) • Automotive • Industrial • Others