Diesel Oxidation Catalyst Market Expected to Grow at a CAGR of 2.9%
USA, Rockville MD, June 15, 2022 (GLOBE NEWSWIRE) — The global diesel oxidation catalyst market is valued at US$1.4 billion in 2021 and is expected to reach US$2.8 billion by 2032, growing at a CAGR of 2.9% between 2022 and 2032.
According to Fact.MR, a market research and competitive intelligence provider, Global Diesel Oxidation Catalysts consumption has grown at a CAGR of approximately 3.1% over the past half-decade.
Diesel Oxidation Catalysts (HDD) help diesel engines emit less pollution. HDD’s catalytic processes result in a cleaner, safer environment, as well as reduced greenhouse gas emissions and ozone depletion. Heavy Diesel Catalysts (HDD) are an important part of the Selective Catalytic Reduction (SCR) system. The primary role of HDD catalysts is to convert unburned hydrocarbons, carbon monoxide and nitrogen oxides into less hazardous gases.
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Heavy trucks, buses, locomotives, all-terrain vehicles and marine vessels are all equipped with these devices. HDD catalysts are systems used in heavy duty diesel engines to remove harmful pollutants.
According to Fact.MR, the global diesel oxidation catalyst market is expected to grow at a CAGR of nearly 3% through 2032.
What are the main challenges facing diesel Producers of oxidation catalysts?
Manufacturers of heavy-duty diesel catalysts usually face problems due to the high manufacturing cost. In addition, some disadvantages of heavy diesel catalysts make adoption by the end user difficult, such as the fact that their production cycle generates hazardous substances and has an impact on the environment.
The polymers used in stain resistant coatings are generally non-biodegradable, which causes environmental issues. The overall benefits of heavy-duty diesel catalysts in a range of applications, however, go beyond the small limitations.
In addition, after the China V chain, the activity reduced the production of heavy diesel catalysts for some of the players, including Umicore.
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Key segments covered by the Diesel oxidation catalysts Industry survey
- Diesel Oxidation Catalyst Market by Type:
- Hydrocarbons (HC)
- Carbon monoxide (CO)
- Nitrogen oxides (NOx)
- Particulate matter (PM)
- Diesel Oxidation Catalyst Market by Applications:
- Diesel Oxidation Catalyst Market by Region:
- North America
- Asia Pacific
- Middle East and Africa
- South America
In order to retain the competition, the leading market players in the diesel oxidation catalyst market are emphasizing on improving the quality of their products.
BASF SE, Umicore SA, Corning Incorporated and Bosal International NV are among the companies involved. Manufacturers such as Johnson Matthey PLC, Cataler Corp and DLC International are also involved in the production of automotive catalysts.
- In April 2022, the Southwest Research Institute showcased its CAT-DEF technology at the WCX World Congress Experience in Detroit. The SAF-funded research solution significantly reduced NOx emissions in heavy-duty diesel engines to meet California Air Resources Board (CARB) mandated standards for future standards.
- In December 2021, BASF announced its intention to create an entity under the name BASF Automotive Catalysts and Recycling, which will be engaged in mobile emission catalysts, automotive catalyst recycling and associated precious metal services.
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The key players in the Diesel oxidation catalysts Market
- BASF SE
- Umicore AG
- Corning Incorporated
- Bosal International NV Johnson Matthey PLC
- Cataler Corp.
- International DLC
Main takeaways from Diesel oxidation catalysts Market research
- The diesel oxidation catalyst market is expected to grow at an absolute dollar opportunity of over US$1 billion between 2022 and 2032.
- The United States accounted for a global share of more than 32% in 2021, and it is also expected to maintain its global dominance throughout the analysis period.
- The two major players in the global diesel oxidation catalyst market accounted for over 50% share in 2021.
The global diesel oxidation catalyst market is driven by a number of reasons including increasing demand for vehicles and hence increasing emissions from such cars. The HDD catalyst market is also driven by the stringent emission standards of regulatory agencies to manage automotive emissions. Additionally, increased awareness of environmentally friendly technologies is helping to expand the market. However, commodity price volatility may limit the growth of this market throughout the projection period.
Various growth factors, such as an increase in the number of vehicles on the road, stricter pollution regulations, and a growing demand for fuel-efficient automobiles. Government restrictions aimed at reducing automobile emissions are also fueling the expansion of the market.
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