Global Automotive Catalytic Converter Market: Snapshot
The use of advanced technologies and shifting focus on product innovation have improved the performance of automotive catalytic converters. Use of innovative technologies has also reduced emission that would also escalate the demand in the automotive catalytic converters market. Rising environmental concerns is considered one of the major drivers for the growth of the automotive catalytic converters market.
The rapid growth in the automotive industry has led to increase in demand for automotive catalytic converters. Manufacturers in the automotive industry are forced to use devices that emit low pollution and adhere to the emission norms regularized by the government. Moreover, the increasing demand for electric vehicles, which is accelerating the demand in the automotive sector. This is expected to fuel the demand for automotive catalytic converters as well. This in turn benefit the market’s growth in the coming years.
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According to a recent report published by Transparency Market Research (TMR), the global automotive catalytic converter market is projected to rise at 7.3% CAGR during the forecast period 2015 to 2024. The valuation of the global automotive catalytic converter market is expected to reach US$172.8 bn by the end of 2024 from US$105.59 bn as estimated in 2014.
Strict Emission Guideline to Fuel Demand for Three-Way Oxidation-Reduction Catalytic Converter
The global automotive catalytic converter market is classified on the basis of material and type. Based on type, the market is segmented into diesel oxidation catalyst, two-way oxidation catalytic converter, and three-way oxidation-reduction catalytic converter. Among these types, three-way oxidation-reduction catalytic converter are largely used in gasoline engines. During the forecast period, this segment is likely to rise at 7.5% of CAGR. This is because this type of converter are capable of performing oxidation of hydrocarbons to water and carbon dioxide, conversion of nitrogen oxide to oxygen and nitrogen, and oxidation of carbon monoxide to carbon dioxide. Moreover, restrict emission guideline in various countries mandate the use of these converters in automobiles working on gasoline. Based on material, the global automotive catalytic converter market is segmented into platinum, rhodium, and palladium.
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Europe Emerges Dominant Due to Increasing Presence of Prominent Manufacturers
On regional front, the global automotive catalytic converter market is segmented into Europe, South America, North America, Asia Pacific, and the Middle East and Africa. Among these regions, Europe is leading the global automotive catalytic converter market. Strict regulation for emission such as Euro V and Euro VI is the key factor driving the demand in this market. Moreover, the presence of leading manufacturers in countries like Germany and the U.K. has also made the region lead the global automotive catalytic converters market.
In addition, expanding automotive sector in regions like Latin America, Asia Pacific, and the Middle East and Africa has also created profitable growth prospects for the automotive catalytic converters market. Increasing environmental concerns related to growing pollution and rising demand for better and environmental friendly electric vehicles has indirectly positively affected to growth in this market.
The report has also analyzed some of the prominent players and their contribution to the global automotive catalytic converter market. Some of the leading players are Tenneco Inc., ASF Catalysts LLC, Faurecia SA., Magneti Marelli S.P.A., and Eberspaecher GmbH Holding & Co. KG.
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