The global Automotive Catalytic Converter Market size is anticipated to reach USD 277.53 billion by 2030, expanding at a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc.
In 2015, the global automotive industry experienced a relatively strong growth and profitability, with annual sales reaching pre-recession levels, especially in the U.S., China, India, Japan, and South Korea. This is anticipated to favorably impact the global automotive catalytic converter market over the forecast period. Stringent emission norms by governments and regulatory authorities worldwide have further strengthened industry growth.
Catalytic converters are constituted of precious metals such as platinum, palladium, or rhodium. These metals are used as catalysts and are enclosed in a muffler-like package, which is attached at the exhaust end. Researchers are increasingly working towards the development of advanced catalytic converters that extensively reduce the toxicity of the exhaust emissions as well as improve vehicle fuel efficiency.
However, high R&D costs pertaining to the development of innovative and efficient converters is expected impede industry growth over the next eight years. Moreover, increasing adoption of hybrid and electric vehicles is expected to challenge market growth.
Related Press Release@ Automotive Catalytic Converter Market Report
Automotive Catalytic Converter Market Report Highlights
- Three-way oxidation-reduction catalytic converters have a value addition over their two-way catalyst counterparts as they perform three simultaneous chemical conversions. They carry out the oxidation of carbon monoxide & un-burnt hydrocarbons to water &carbon dioxide, along with the conversion of oxides of nitrogen to nitrogen &oxygen. Three-way type converters accounted for over 47.3% of the industry share and are expected to maintain their dominance over the forecast period.
- Diesel oxidation catalyst converters are exclusively used in diesel engine vehicles and are expected to witness a steady demand over the forecast period. They are equipped with diesel particulate filters in order to eliminate particulates from the exhaust emissions. Manufacturers and associations have stepped up their R&D activates to develop new, innovative products such as the four-way catalytic converter.
- Platinum tends to be a good oxidation catalyst as a result of which it was extensively used in such automobile components in the past. However, on account of the high cost associated with platinum, it is increasingly being replaced by palladium and rhodium. Rhodium exhibits greater efficiency towards the removal of toxic exhaust emissions and is thereby expected to witness a surge in demand over the next eight years.
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Automotive Catalytic Converter Market Segmentation
Grand View Research has segmented the global automotive catalytic converter market on the basis of product, material and region
Product Outlook (Revenue in USD Million, 2017 - 2030)
- Two-Way Oxidation
- Three-Way Oxidation-Reduction
- Diesel Oxidation Catalyst
Material Outlook (Revenue in USD Million, 2017 - 2030)
- Platinum
- Palladium
- Rhodium
Regional Outlook (Revenue in USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- United Arab Emirates (UAE)
- Saudi Arabia
- South Africa
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.
The latest trending report Global Automotive Catalytic Converter Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The global Automotive Catalytic Converter market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 2.7% in the forecast period of 2020 to 2025 and will expected to reach USD 18250 million by 2025, from USD 16420 million in 2019.The Automotive Catalytic Converter market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/18234-automotive-catalytic-converters-market-analysis-reportMarket segmentationAutomotive Catalytic Converter market is split by Type and by Application.
For the period 2015-2025, the growth among segments provide accurate calculations and forecasts for sales by Type and by Application in terms of volume and value.
This analysis can help you expand your business by targeting qualified niche markets.By Type, Automotive Catalytic Converter market has been segmented into Two-Way Converters, Three-Way Converters, Other, etc.By Application, Automotive Catalytic Converter has been segmented into OEM market, Replacement market, etc.Regions and Countries Level AnalysisRegional analysis is another highly comprehensive part of the research and analysis study of the global Automotive Catalytic Converter market presented in the report.
For the historical and forecast period 2015 to 2025, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global Automotive Catalytic Converter market.The report offers in-depth assessment of the growth and other aspects of the Automotive Catalytic Converter market in important countries (regions), including United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, etc.
It also throws light on the progress of key regional Automotive Catalytic Converter markets such as North America, Europe, Asia-Pacific, South America and Middle East & Africa.Competitive Landscape and Automotive Catalytic Converter Market Share AnalysisAutomotive Catalytic Converter competitive landscape provides details by vendors, including company overview, company total revenue (financials), market potential, global presence, Automotive Catalytic Converter sales and revenue generated, market share, price, production sites and facilities, SWOT analysis, product launch.
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.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/automotive-catalytic-converter-market/request-sample 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.
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.
