Catalytic oxidation uses manganese oxide materials and is considered to be an outstanding technology for both partial oxidations of petrochemical materials. Globally, rapid urbanization and industrialization have surged the emissions of volatile organic compounds (VOCs). These VOCs are prime contributors to the formation of secondary pollutants and photochemical smog. This has further led to a massive decline in air quality in several regions worldwide, thereby posing concern regarding the impact on human health and general well-being. Catalytic oxidation is regarded as one of the most promising strategies for VOC removal from industrial waste streams.
A diesel engine delivers better mileage than a gasoline engine, and it is cost-effective. Diesel oxidation catalyst helps achieve the fixed emission standards, and the rise in commercial vehicles drives the market growth. In 2019, nearly 2.7 million commercial vehicles were produced in the European Union alone. Light commercial vehicles accounted for 2,201,118 units, medium commercial vehicles accounted for 106,536, and the highest commercial vehicle production was 387,571.
Source: Bureau of Transportation Statistics, United States Department of Transportation
Source: European Automobile Manufacturers Association
One of the key restraints for the oxidation catalyst market is the growing trend of battery electric vehicles (BEV). As the oil prices are rising and individuals are getting more aware of the harmful effects of GHG emission from conventional vehicles, a significant surge in demand for EV cars is observed. Lithium-Ion batteries are used as a power source of choice for the new generation of electric, hybrid, and plug-in hybrid vehicles for energy storage, further hampering the market growth.
Source: The Edison Electric Institute
The health, performance, and safety of mining workers are jeopardized when exposed to the exhaust, considering the high levels of harmful diesel emission concentrations in confined areas. Mining is a process of obtaining resources that are of economic value from the earth’s crust. It mainly consists of iron and ferroalloys, nonferrous metals, industrial metals, and mineral fuels. The mining industry employs hundreds of laborers.
Mining provides essential power and materials for almost every industry and consumer product and supplies low-cost, reliable fuel for homes and businesses across the country. Mining contributes to economic activity in every state by supporting around two million high-paying jobs. With growing advancements in technology, the mining industry, too, is facing an exciting shift. It is witnessing the use of three-dimensional modeling and virtual reality. 3D modeling supports the mining industry by reimagining the mine more efficiently. Virtual reality is an artificially created software environment that uses real-life data. With so many mining activities going on, the oxidation catalysts are in excessive demand, owing to their property of converging hazardous gas and chemicals into cleaner gases.
| Study Period | 2020-2032 | CAGR | 6.8% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | South America | Fastest Growing Market | Latin America |
South America leads the oxidation catalysts market as it is home to the most prominent mining industry. The conversion of some large open-pit mining operations to underground operations in Chile is projected to offer enormous opportunities to the minerals processing equipment supplier, Multotec. Recently, a community in the Salt Lake City area is all set to benefit from a recent announcement from Rio Tinto that invested an additional USD 1.5 billion in its Kennecott copper mine to extend its life until at least 2032. In 2019, Latin America attracted more exploration capital than any other region in the world. It received 28% of the total global mining exploration budget. There were six countries, Peru, Mexico, Chile, Brazil, Argentina, and Ecuador, that together contributed 90% of the region’s total budget.
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The exhaust emissions from marine and boating diesel let out untreated exhaust emissions from internal propulsion engines and onboard power generators. The shipping industry offers lucrative opportunities for the oxidation catalyst market, with its remarkable involvement in many sectors. The international shipping industry is accountable for the transportation of around 90% of world trade. The United Nations Conference on Trade and Development (UNCTAD) anticipates that the operation of merchant ships provides roughly USD 380000 million in freight rates in the worldwide economy that accounts for 5% of the total world trade.
As the world’s population is on a continuous rise, the emerging economies will further expand their requirements for raw materials and goods. According to the OECD reports, the contract for new ships lifted up in the year 2017, after a duration of relatively low ordering activity in 2016. In 2017, the total contracts were approximately 80% higher than that of 2016, where monthly new contracts were below 2 million CGT, and the quarterly average was 3.5 million CGT. As per the Observatory Economics of complexity, the top exporters of Passenger and Cargo ships include Asia, with South Korea, China, and the Philippines, altogether amounting to USD 27,900 million.
The expansion of ports in the emerging economies is further bolstering the demand for oxidation catalysts. Recently, the government of Sri Lanka announced the expansion of the Port of Colombo in order to cater to the burgeoning demand for services in the international shipping industry. After extensive speculations, the development project, Colombo Port Expansion Project (CPEP), was proposed by the government. The Colombo Port Expansion Project is situated west of the existing port of Colombo that encompassed an area of almost 600 hectares. The new harbor would boast three terminals, each having 1,200m length and facilities to accommodate three berths alongside.
Furthermore, the shipbuilding industry notably contributes to the economy of the Asian countries, owing to the presence of prominent market players and prominent ports. The industry also plays a vital role in international trade; hence, the regional governments are focusing on improving their marine sector. For instance, the Government of India has allowed foreign direct investment of up to 100% under the automatic route for projects related to the construction and maintenance of ports and harbors. China is the world’s top shipbuilder, accounting for around 40% of global ship orders.
Source: UNCTAD
