Automotive Catalytic Converter Market to Grow at a Brisk CAGR through 2025
Increasing production of vehicles and stringent rules and
regulations to control harmful vehicular emissions to drive global automotive
catalytic converter market
According to TechSci Research report, “Global Automotive Catalytic Converter Market By
Type (Two-way oxidation Catalytic Converter, Three-way oxidation-reduction
Catalytic Converter, Four-Way Catalytic Converter, Selective Catalytic
Reduction, Diesel oxidation, Lean Nox Trap), By Catalyst (Platinum, Palladium,
Rhodium, Others), By Vehicle Type (Passenger Car, Light Commercial Vehicle,
Truck, Bus, Off-Highway Vehicle (Agriculture Tractors, Construction Equipment,
Mining Equipment)), By Region, Forecast & Opportunities, 2025”, the global market for automotive catalytic
converter is expected to grow at a brisk rate during the forecast period on
account of increasing production & sales of automobiles and stringent
regulations enacted by the government to reduce GHGs. Another factor
influencing the market growth is technological advancements in the automotive
sector which has led to the development and manufacture of advanced automotive
catalytic converters. However, high cost of technology and pulsating prices are
likely to hinder the market growth.
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Global automotive catalytic converter market is segmented based on type, catalyst,
vehicle type, company and region. The type segment is further divided into two-way
oxidation catalytic converter, three-way oxidation-reduction catalytic
converter, four-way catalytic converter, selective catalytic reduction, diesel
oxidation and lean nox trap. Selective catalytic reduction catalytic converter
segment dominated the market in 2019. These are comparatively more environment
friendly as they reduce NOx in the emissions and use ammonia as
reducing the agent. These factors are the major reason behind the dominance of
this segment. The technology has expanded to light commercial vehicles and
passenger cars from being limited to only heavy commercial vehicles. This
expansion has supplemented the segment growth. On the basis of catalyst, the
market is fragmented into platinum, palladium, rhodium and others, out of which,
palladium is expected to be the dominant segment until 2025 on account of its
cost effectiveness.
Regionally, in 2019, Asia-Pacific held the dominant
position in the global automotive catalytic converter market and occupied more
than half of the global share. Major reason for the dominance of the region is
the presence of countries like China, Japan and India which are the largest
vehicle producers. Since these countries are the top vehicle manufacturers,
there arises a dire need to control harmful vehicular emissions, therefore the
region is expected to hold the largest share in the coming years as well.
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Some of the leading players in global automotive catalytic converter market include
Faurecia SA, BASF Catalysts LLC, Eberspaecher GmbH Holding & Co., Magneti
Marelli S.P.A, Tenneco Inc., Benteler International AG, Calsonic Kansei
Corporation, Standard Motor Products Europe Ltd., Clean Diesel Technologies
Inc., BOSAL Group, Futaba Corporation, HJS Emission Technology GmbH & Co.
KG, Jetex Exhausts Ltd., Johnson Matthey, Umicore, etc. The companies adopt
various strategies like product launches or mergers in order to expand their
market reach and create stronghold in the market. For instance, Clean Diesel
Technologies launched a catalytic converter in collaboration with AP Exhaust
technologies, in the year 2015.
“Global automotive catalytic
converter market is anticipated to witness significant growth in as developing
economies like India and China in the dominant Asia-Pacific region are
formulating strict vehicle emission control standards. The regulations have
grown stricter as India and China are now planning to shift to China6 and BS6
in the year 2020 from China4 and BS4. Additionally, these norms are the revised
form of previous emission limiting norms and thus, limit the CO, NOx
and particulate matter emissions to a greater extent. China6 will be implemented
in two parts, China6a in 2020 and China6b in 2023. Moreover, China 6b will be
more efficient than China 6a and will limit the emissions of hydrocarbons to
50%, NOx to 40% and PM to 33%.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Automotive Catalytic Converter Market By Type (Two-way oxidation Catalytic Converter,
Three-way oxidation-reduction Catalytic Converter, Four-Way Catalytic
Converter, Selective Catalytic Reduction, Diesel oxidation, Lean Nox Trap), By
Catalyst (Platinum, Palladium, Rhodium, Others), By Vehicle Type (Passenger
Car, Light Commercial Vehicle, Truck, Bus, Off-Highway Vehicle (Agriculture
Tractors, Construction Equipment, Mining Equipment)), By Region, Forecast &
Opportunities, 2025”, has evaluated the future growth potential of global
automotive catalytic converter market and provided statistics & information
on market size, shares, structure and future market growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in global
automotive catalytic converter market.
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