Newstrail.com

Emission Control Catalyst for Marine Market is Reaching a Gracious Rate of 5.5% by the year 2031

The Global Emission Control Catalyst for Marine Market is expected to expand at a steady CAGR of 5.5% during the forecast period, according to Future Market Insights (FMI) in a recent market analysis between 2021 and 2031. The growing size of the shipping fleet coupled with the growing demand for shipping is expected to boost the market during the assessment period. Catalytic converters remove hydrocarbons, nitrogen oxides and carbon monoxide from marine engine exhaust.

The International Maritime Organization (IMO) has established strict standards for harmful emissions from ships based on the engine installation date. New marine engines are equipped with Selective Catalytic Reduction (SCR) catalyst to reduce NOx emissions, fueling demand for marine catalysts Patented technologies to reduce emissions in ships. They are focused on providing marine catalysts that meet existing and anticipated emissions regulations.

This is expected to bring the global emissions control catalyst to the marine market $1,531.3 million late 2031. According to the FMI, the market is expected to be dominated by China and the trend is expected to continue during the forecast period. Many manufacturers are developing catalytic converters that meet China’s marine engine emissions standard, which is expected to further boost market sales.

Get a Sample Copy of Report@

https://www.futuremarketinsights.com/reports/sample/rep-gb-14243

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 catalyst 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 marine market over the forecast period.
  • In Southeast Asia, demand in the Indonesia 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.

Emission Control Catalyst for Marine Market By Category

By Product Type:

  • Diesel-Based Emission Catalyst
  • Gasoline-Based Emission Catalyst

By Application:

  • Commercial Vessel
  • Offshore Support Vessel
  • Passenger Vessel
  • Power Boat
  • Fishing Boat

By End Use:

  • OEM
  • Retrofit

Use promo code ->> FMITODAY to get flat 20% discount

Competitive Landscape         

Key market players in the global emission control catalyst for marine market elaborated in the report includes 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 a growing consumer pool.

For instance:

  • In January 2021, Hug Engineering introduced selective catalytic reduction solutions that abide to the IMO Tier 3 regulations on exhaust emissions for marine industry.

More Insights into the Emission Control Catalyst for Marine Market Report

In its latest report, FMI offers an unbiased analysis of the global Emission Control Catalyst for 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, power boat and fishing boat) and end use (OEM and retrofit) across countries and regions (North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa).