Automotive Catalytic Converter Market size was valued at USD 111.00 billion in 2014 and is projected to reach USD 272.95 billion by 2024. The growth can be attributed to strict government and institutional norms applied for emission control, rapidly growing automobile industry, evident environmental impact caused by automobile emissions and advancements in the product technology. Catalytic converters a component used in automobiles to convert harmful emissions comprising carbon monoxide, nitrogen oxide, and hydrocarbons into less harmful gases such as carbon dioxide, nitrogen or water.
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Market Synopsis of Automotive Catalytic Converter Market:
Stringent regulations imposed in several North American and European countries mandating the use of converters in all vehicles are expected to elevate their demand. Growing number of automobiles, light weight as well as heavy duty vehicles in emerging markets such as China and India are expected to play an important role in shaping the market dynamics in these regions. Innovation & development of technology in the segment is fast paced, effectively catering to the requirements.
Increased hybrid & electric vehicles’ demand is expected to challenge the automotive catalytic converter market over the forecast period, as these vehicles do not use an inbuilt converter on account of the absence of any form of emission. The discovery of bio fuels which has consequently reduced emission problems is expected to hamper the growth rate over the next few years. Raw materials used for production primarily comprise metal catalysts which are usually costly and undergo frequent price fluctuations consequently introducing uncertainty in achieving demand consistency, optimal operations and profitability.
Automakers also face the challenge of reducing the negative effect of these components on the automobiles’ fuel efficiency. Some catalyst converters lead to unwanted chemical reactions producing by-products such as sulfur oxides that prove to be environmentally harmful, thus challenging product quality. Mining techniques used in the extraction of raw materials such as palladium, platinum, rhodium result in a considerable amount of environmental pollution. Regulations for emissions limits as well as jurisdictions are not uniform across different countries as a result of which design of catalytic converters and production processes cannot be standardized.
Manufacturers are constantly bringing about innovations in the design of these converters for improving the efficiency and applications in new automobile segments as well as across a wide array of engines. There are a lot of scope in eco-friendly technologies of production, catalyst conversion reactions and emissions control. Companies are innovating in the direction of four-way catalytic converters with enhanced performance, quality and compatibility with advanced engines.
The product can be segmented by product, material and technology. On the basis of product, these converters can be segregated into three-way catalysts (TWR), selective catalytic reduction (SC), diesel oxidation catalyst (DOC), lean Nox catalyst(LNC) and lean NOx trap (LNT). Two and three-way oxidation and diesel oxidation catalysts are expected to capture a sizeable market share on account of their inherent reduced emission feature.
Based on material, the market can be sub-divided into palladium, platinum, rhodium and others. Platinum components are predominantly used but owing to the price rise in this type palladium and rhodium catalysts are expected to gradually capture the market share. Converters can use two techniques for conversion of harmful emissions, namely coil on plug ignition and simultaneous ignition.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Catalytic Converter: Market Variables, Trends & Scope
Chapter 4 Automotive Catalytic Converter: Product Estimates & Trend Analysis
Chapter 5 Automotive Catalytic Converter: Application Estimates & Trend Analysis
Chapter 6 Automotive Catalytic Converter: End-use Estimates & Trend Analysis
Chapter 7 Automotive Catalytic Converter: Industrial End-use Estimates & Trend Analysis
Chapter 8 Automotive Catalytic Converter: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Automotive Catalytic Converter: Manufacturers Company Profiles
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The global automotive catalytic converter market size was valued at USD 111.00 billion in 2014 and is projected to reach USD 272.95 billion by 2024.
The growth can be attributed to strict government and institutional norms applied for emission control, rapidly growing automobile industry, evident environmental impact caused by automobile emissions and advancements in the product technology.
Generally, the product consisting of a core made up of a ceramic honeycomb structure coated with the catalyst metal is installed in the emission mechanism of the vehicle.Stringent regulations imposed in several North American and European countries mandating the use of converters in all vehicles are expected to elevate their demand.
Innovation & development of technology in the segment is fast paced, effectively catering to the requirements.Download Free Sample Report @ https://www.millioninsights.com/industry-reports/automotive-catalytic-converter-market/request-sampleIncreased hybrid & electric vehicles’ demand is expected to challenge the automotive catalytic converter market over the forecast period, as these vehicles do not use an inbuilt converter on account of the absence of any form of emission.
Regulations for emissions limits as well as jurisdictions are not uniform across different countries as a result of which design of catalytic converters and production processes cannot be standardized.Manufacturers are constantly bringing about innovations in the design of these converters for improving the efficiency and applications in new automobile segments as well as across a wide array of engines.
There are a lot of scope in eco-friendly technologies of production, catalyst conversion reactions and emissions control.
SummaryGlobal Catalytic Converter Market Growth, 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 2023Catalytic Converter Market Growth OverviewMarket Research Future (MRFR), in its new “Catalytic Converter Market Growth” report, reveals that the worldwide market of catalytic converter is expected to expand at a CAGR of 7.5% through the forecast years from 2017 to 2023.
Catalytic converters can effectively reduce the elimination of harmful pollutants produced by automobiles due to the combustion of hydrocarbon-based fossil fuels.
The expansion of the market can also be attributed to the ability of catalytic converters to extend the shelf-life of vehicles.Key PlayersThe key players of Catalytic Converter Market Growth 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.Drivers & TrendsThe increasing demand coupled with production of vehicles is driving the global Catalytic Converter Market Growth multiplied.
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.SegmentationIn the reports of MRFR, the global Catalytic Converter Market Growth 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.
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.Regional OutlookIn the reports of MRFR, regionally, the global Catalytic Converter Market Growth Size 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.
Rapid research and development activities in this sector have encouraged with the introduction of new catalytic converters adhering to the stringent emission norms.
