5% CAGR growth by 2023 Automotive Catalytic Converter Market| Major Players – Ballard, Ceres, Delphi, Doosan Fuel Cell, Hydrogenics, Nedstack, Nuvera, Toshiba, Plug Power, SFC, Watt Fuel Cell, amongst others

Market Analysis:

Catalytic converters are used to reduce exhaust emissions from ICEs. They convert exhaust emission, such as CO, HC, and NOx into less harmful gases, such as CO2 and N2, and also H2O. Three ways converters have occupied the highest market share and are expected to continue dominating the industry during the forecast period too.

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The demand for and adoption of catalytic converters in the automotive industry has been consistently increasing with the growing automotive industry. With the growing environmental and health concerns and, the government across the world are enacting stringent emission norms to control and reduce carbon emissions and growing automotive industry in Asia-Pacific region, especially in countries, such as India, China, Thailand, and Japan. To meet the aforementioned standards, the adoption of catalytic converters is increasing and is expected to witness the same trend during the forecast period. The PGMs that include platinum, palladium, and rhodium are the most widely used catalysts in automotive catalytic converters. However, the growing penetration of electric vehicles is expected to hinder the growth of the market.

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Market Segments:
Automotive Catalytic Converter Market is segmented by:
1. Type: Two Way Catalytic Converter, Three-way Catalytic Converter, Others (Diesel Oxidation Catalyst, SCR System, Lean NOx Catalyst etc.)
2. Material Type: Platinum, Paladium, Rhodium, Others
3. Vehicle Type: Passenger Cars, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial Vehicles)
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• April 2018: Tenneco Inc., an auto parts manufacturer has agreed to acquire Federal-Mogul from Icahn Enterprises L.P. in cash and stock deal valued at USD 5.4 billion
• September 2017: BASF’s Huntsville, Ala., facility produced its 400 millionth catalytic converter

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