Chemicals (360) | Catalysed growth

Research evidence excerpt

Chemicals (360) | Catalysed growth

t.

Off-road and non-road DPF, DOC, SCR, retrofit systems Construction, mining, agricultural, and industrial equipment require robust

machinery systems for high-load diesel engines. Demand is regulation-led, especially

in regions adopting tighter non-road standards.

Motorcycles, two-wheelers, Oxidation catalysts, three-way catalysts, small- Important in Asia and other emerging markets with large two-wheeler

small engines, utility engines engine catalyst systems fleets. Tightening standards support demand, while electric two-wheelers

are a medium-term headwind.

Marine, rail, and other mobile SCR, DOC, DPF, specialty catalysts Smaller but technically demanding. Demand is driven by port air-quality

engines rules, marine NOx limits, retrofit programs, and large-engine compliance

requirements.

Aftermarket, replacement, Replacement catalysts, DPF Supported by vehicle parc growth, aging fleets, emissions inspection

retrofit, and recycling cleaning/replacement, retrofit SCR/DPF, PGM regimes, and precious-metal recovery. Recycling is strategically important

recycling because mobile catalysts are a major source of secondary platinum-group

metals.

Source: company data, Kepler Cheuvreux

Once perceived to be in terminal decline as battery electric vehicles (BEVs) gained momentum,

the mobile emissions-control market has staged a significant revival. This is not only due to the

slower-than-expected adoption of full electric vehicles, but also because many applications,

including heavy-duty vehicles in non-road and road, remain difficult to electrify. Hydrogen as a

fuel-cell alternative has also yet to gain meaningful market share.

Even in light vehicles, changes in political policy (e.g. in the US) and consumer preferences are