As cited by the research report titled ‘Global Emission Control Catalyst Market Size study, by Type (Palladium, Platinum, Rhodium), Application (Mobile sources (off road, and on road), and Stationary Sources), Regional Forecasts 2021-2027’, available with MarketStudyReport, global emission control catalyst market was worth USD 38.9 billion in 2020 and is projected to grow with a CAGR of 6.9% during the study period, eventually accumulating USD 62.06  billion by the year 2027.
 

With increasing public awareness regarding growing pollution levels, more emission laws are being implemented, which in turn have augmented the demand for sophisticated catalytic converters. This is majorly driving global emission control catalyst market growth.
 

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In addition, expanding industrial and automotive sector is also augmenting industry development over the assessment period. Growing demand for quicker, lighter, and low-fuel-consumption cars primarily due to stricter emission laws is positively swaying the industry dynamics as well. 
 

Speaking of negatives, lack of expert technicians along with rising utilization of EVs which are likely to bolster the overall vehicle production rate in the coming years, which could impede global emission control catalyst industry progression over the projected timespan.
 

On the basis of type, global emission control catalyst industry is segmented into platinum based, palladium based, rhodium based, and others (vanadium, ruthenium, and iridium). While the application range includes, stationary sources and mobile sources (off road, and on road).
 

The geographical analysis of the industry is studied for the major regions like North America, Asia Pacific, Europe, Latin America, and the rest of the world.
 

Europe is expected to capture significant market share over the projected timeframe, on account of its expanding automotive & transportation sector. Moreover, favorable government policies have compelled the automakers to use devices that help in reducing emissions, thereby propelling the industry growth in the region.
 

Meanwhile, Asia Pacific market is anticipated to exhibit substantial growth rate over the estimated timeline of 2021-2027, owing to growing investments in the automobile & industrial sector and rising population in the region.
 

Prominent players swaying global emission control catalyst industry trends are Hitachi Zosen Corporation, DCL International Inc., Cormetech Inc., Clean Diesel Technologies Inc., Bosal Nederland BV, Heraeus Group, Cataler Corp, Tenneco Inc., Umicore NV, Johnson Matthey plc, and BASF Catalysts Germany GmbH.