Emission Control Catalysts Market Size, Share, Growth Analysis, By Type(Platinum-Based Catalysts, Palladium-Based Catalysts and Rhodium-Based Catalysts.), By Application(Automotive, Industrials, Stationary sources, and Others.), By Region - Industry Forecast 2024-2031

Emission Control Catalysts Market size was valued at USD 2.04 billion in 2021 and is poised to grow from USD 2.12 billion in 2022 to USD 2.83 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).

The growing awareness of the environmental impact of industrial emissions and the implementation of strict emission regulations are driving the demand for emission control catalysts in the industrial sector. The increasing stringency of emission regulations imposed by governments worldwide aim to reduce air pollution and mitigate the adverse effects of emissions on human health and the environment. As a result, industries and automotive manufacturers are compelled to adopt emission control catalysts to meet the regulatory standards, thereby driving market growth. The automotive sector is a significant contributor to the emission control catalysts market. With the rising number of vehicles on the road, there is a growing need to control and reduce emissions from combustion engines. Catalytic converters, which contain emission control catalysts, help in converting harmful gases such as nitrogen oxides (NOx), carbon monoxide (CO), and hydrocarbons (HC) into less harmful substances. The increasing production of automobiles, particularly in emerging economies, is expected to fuel the demand for emission control catalysts in the automotive sector. Industries such as power generation, chemicals, and manufacturing release pollutants during their operations. Emission control catalysts, such as selective catalytic reduction (SCR) catalysts, are used to reduce NOx emissions from industrial exhaust streams.

US Emission Control Catalysts Market is poised to grow at a sustainable CAGR for the next forecast year.