The global emission control catalyst for the marine market is anticipated to expand at a steady 5.5% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Growing marine fleet size, along with increasing demand for shipping transportation is expected to drive the market over the assessment period, says an FMI Press release published in GlobeNewswire.
IMO Strict-regulations
Catalytic converters remove hydrocarbons, nitrogen oxides, and carbon monoxide from exhaust fumes in marine engines. The International Maritime Organization (IMO) has implemented strict regulations for harmful emissions from vessels based on their date of engine installation. New marine engines are equipped with selective catalytic reduction catalyst (SCR) to reduce NOx emissions which are fueling the demand for marine catalysts.
Marine catalysts
Manufacturers of marine catalysts are offering a wide variety of emission control products and proprietary technologies for emission reductions in marine vessels. They are focusing on providing marine catalysts that comply with existing and anticipated emission regulations.
Driven by this, the global emission control catalyst for the marine market is expected to surpass US$ 1,531.3 Mn by the end of 2031.
China’s dominance
As per FMI, the market is predicted to be dominated by China, and the trend is projected to continue over the forecast period. Many manufacturers are designing catalysts to comply with China’s marine engine emission standard, which is expected to continue boosting sales in the market.
Key Takeaways:
- By product type, demand for diesel-based emission catalysts is expected to surge at a 5.5% CAGR over the forecast period.
- By application, sales in the fishing boat segment are projected to account for more than 54% of the total market share in 2021.
- The OEM segment is anticipated to grow at a 4.3% CAGR during the assessment period.
- Sales of emission control catalysts for marine in the U.S. are projected to increase at a 5.1% CAGR during the assessment period.
- China is anticipated to emerge as a key market in the East Asia emission control catalysts for the marine market over the forecast period.
- In Southeast Asia, demand in the Indonesian market will grow at a 6.1% CAGR through 2031.
- Japan and South Korea will collectively account for 29.3% of the total emission control catalyst for marine Market share through 2021.
“Demand for emission control catalysts is expected to be driven by stringent regulations implemented to curb the emission of SOx, CO2, and other harmful gases from different types of marine engines. In addition to this, surging demand for diesel-based catalysts for commercial vehicles will fuel sales in the forthcoming years,” says the FMI analyst.
Competitive Landscape
Key market players in the global emission control catalyst for the marine market elaborated in the report include BASF SE, Johnson Matthey, Haldor Topsoe, Heraeus Holding, Tenneco Inc., Alfa Laval, NGK Insulators, Cormetech, Cataler Combustion Corporation, and others.
Manufacturers are focusing on sustainability and are aiming to increase research & development activities for the development of new products. In addition to this, they are investing in production capacity expansions in response to a growing consumer pool. For instance:
- In January 2021, Hug Engineering introduced selective catalytic reduction solutions that abide by the IMO Tier 3 regulations on exhaust emissions for the marine industry.
More Insights into the Emission Control Catalyst
In its latest report, FMI offers an unbiased analysis of the global Emission Control Catalyst for the Marine Market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (diesel-based emission catalyst, gasoline-based emission catalyst), applications (commercial vessel, offshore support vessel, passenger vessel, powerboat, and fishing boat) and end-use (OEM and retrofit) across countries and regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and the Middle East & Africa).
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Source: GlobeNewswire
