Global Automotive Vehicle Oxidation Catalyst Market
- 4100.00 Dollar US$
- Published date: February 11, 2021
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- Pune, Maharashtra, India
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Global Automotive Vehicle Oxidation Catalyst Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 4.45% from 2019 to 2027, reaching nearly US$ XX Bn.
Global Automotive Vehicle Oxidation Catalyst Market
The report study has analyzed the revenue impact of the COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Global Automotive Vehicle Oxidation Catalyst Market: Market Overview
The vehicle oxidation catalyst is utilized to convert both CO and hydrocarbons to carbon dioxide and water vapor with low to high exhaust gas temperature. Platinum group metals such as platinum, palladium, and rhodium are majorly used as a catalyst to control the emission. The catalytic converter is integrated into ignition system, combustion chambers and intake manifolds, which is utilized to control the emission of hazardous gases from the vehicles and boost the fuel economy of vehicles.
Global Automotive Vehicle Oxidation Catalyst Market: Market Dynamics
The diesel engine vehicles are banned by several nation across the globe and increasing demand of gasoline engines is because of their light weight. The governments of several nations across the world have enacted stringent regulations for pollutant gas emission due to combustion of fuel including petrol, gasoline, diesel fuel and so on. BS6 and Euro6 are the latest regulation to reduce emission of hazardous gases such as nitrogen oxide, carbon monoxide and others from the vehicle. In addition, a significant growth of automotive industry across the world with rapid urbanization, the demand of vehicles also increases, in result rising the demand for automotive vehicle oxidation catalyst. These are the major factors which anticipated to drive the growth of the global automotive vehicle oxidation catalyst market during the forecast period.
Rise in the preference toward electric vehicle for zero emission, they are powered by battery system and not required fueled powered engine vehicle, also the cost of catalyst such as palladium hinder the growth of this market. The impact of pandemic COVID-19 on world economy, also affect the automobile sector, the disruption in the product supply chain creates problems for manufacturers also hinder the growth of the market during the forecast period. These are the key factor working as restrain for global automotive vehicle oxidation catalyst market during the forecast period.
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