Summary
Global Catalytic Converter Market Information Report, By Product (Two-Way Catalytic Converter, Three-Way Catalytic Converter, Diesel Oxidation Catalyst, Others), By Material (Platinum, Palladium, Rhodium, Others), By Application (Entry-Level Segment, Mid-Size Segment, Full-Size Segment) and By Region - Forecast to 2023
Catalytic Converter Market Overview
The Market Research analysts forecast the global catalytic converter market to post a CAGR of nearly 7.5% during the estimated year, according to their latest market research report. However, the growth momentum of the market is expected to rise due to increasing demand for automobiles.
Automotive catalytic converters are widely used in a passenger vehicle and commercial vehicle. The most proportion of automotive catalytic converters is used for a passenger vehicle for many benefits considering environmental concerns and several other factors.
The increasing demand coupled with production of vehicles is driving the global catalytic converter market multiplied. To this contrary, vehicle manufacturers are primarily focusing on various methods on the elimination of harmful emissions as well as to improve the efficiency of vehicles. Owing to these factors, there has been now stringent emission standard globally regularized by the government to protect the environment and thus preventing hazardous effects of global warming.
Catalytic Converter Market Segmentation
In the reports of MRFR, the global catalytic converter market is segmented based on product, material, application, and region.
By the mode of product, the market segmentation includes a two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst, and others. The demand for the three-way oxidation-reduction catalytic converter is steered in the market with the increase in applications for ultralow emissions in the vehicles.
By the mode of material, the market segmentation includes platinum, palladium, rhodium, and others. Rhodium accounts for 44% of the market share have more efficiency from the toxic exhaust emissions. This is driving the rhodium market for the catalytic converter to the best.
By mode of application, the market segmentation includes an entry-level segment, mid0size segment, and full-size segment.
Key Players
The key players of catalytic converter market are Faurecia SA (France), Benteler International AG (Germany), Eberspächer Group (Germany), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan), Tenneco, Inc. (U.S.), Futaba Industrial Co., Ltd. (Japan), Sango Co., Ltd (Japan), Magneti Marelli S.p.An (Italy), Bosal International N.V. (Belgium) and others.
Regional Outlook
In the reports of MRFR, regionally, the global catalytic converter market has covered significant regions of North America, Europe, Asia-Pacific, and rest of the world.
Among them, North America is displaying the largest market share having a stronghold owing to the high presence of automobile manufacturers in this region. Also, increasing technological advancements and high investments in catalytic converters in vehicles are boosting the market growth. With that, the government in this region adhere to laws and regulations over vehicle emissions.
Coming up next is the European region, which is also one of the booming market holders due to the presence of high automobile manufacturers. Rapid research and development activities in this sector have encouraged with the introduction of new catalytic converters adhering to the stringent emission norms. This is contributing a lot to the catalytic converter market to grow in the years to come.
The Asia Pacific is also on the verge to show some booming factors that would enable the market of catalytic converters to expand wisely. The emerging hub of automobile manufacturers is widening opportunities to flourish and rise in the Asia Pacific region. Key contributor regions in the Asia Pacific region are China, Japan, India, and South Korea. These countries are contributing to the best in global vehicle production with the latest developments by implementing catalytic converters.
Get Full Report @ https://www.marketresearchfuture.com/reports/catalytic-converter-market-2980
About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
For blog : http://mrfrblog.com/
