Automotive Catalytic Converter Market by Type (Two-Way Oxidation Catalytic Converter, Three-Way Oxidation-Reduction Catalytic Converter, and Diesel Oxidation Catalyst), Catalyst (Platinum, Palladium, and Rhodium) - Global Opportunity Analysis and Industry
Automotive Catalytic Converter Market report by Allied Market Research, projects that the global automotive catalytic converter market size is expected to reach $183.4 billion by 2022, registering a CAGR of 7.7% from 2016 to 2022. In the year 2015, Europe dominated the global market and contributed over 30% of the overall market and anticipated to continue leading the market during the forecast period.
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A catalytic converter is a device used in exhaust system of vehicles which primarily functions to remove all the gasses, including carbon monoxide, nitrogen oxide, and hydrocarbon, which are harmful for environment from the overall exhaust system of the vehicles. The vehicle manufacturers primarily focus on elimination of harmful emissions as well as improve the efficiency of vehicles. The increased demand for the catalytic converter is driven by stringent emission standards worldwide to protect the environment and prevent the hazardous effects of global warming. Furthermore, the increase in number of vehicles across the globe navigate the demand in the market.
By type segment, three-way oxidationreduction catalytic converter dominated the market in 2015, with the market share of over 38% in overall revenue of the market. The demand for three-way oxidationreduction catalytic converter is navigated in the market with the increase in demand for ultralow emissions in the vehicles. These converters carry out the oxidation of carbon monoxide and unburnt hydrocarbons to water and carbon dioxide, along with the conversion of oxides of nitrogen to nitrogen and oxygen, and therefore, these are anticipated to dominate the market during the forecast period.
By catalyst type, the highest market share was attributed by rhodium automotive catalytic converter which accounted for about 44% of the share in the segment. The efficiency toward the removal of toxic exhaust emissions drives the rhodium market for automotive catalytic converters. Henceforth, the rhodium automotive catalytic converter is expected to grow with the highest growth rate i.e., over 8% CAGR during the forecast period.
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Europe dominated the market in 2015, accounting over 30% of the total market revenue, and is expected to maintain its dominance during the forecast period, followed by North America and Asia-Pacific. This is accredited to the presence of various automotive manufacturing facilities, ongoing R&D, and upcoming emission norms such as Euro-V and Euro-VI emission standards.
The key market players use novel concepts & ideas, improve manufacturing techniques, and improve the current set of products, besides enhancing their profitability to gain a competitive edge over the other market players. The key players profiled in the report include are Faurecai SA, BASF Catalysts LLC, Eberspaecher GmbH Holding & Co., Magneti Marelli S.P.A, Tenneco Inc., Benteler International AG, Calsonic Kansei Corporation, SMPE Ltd., and Clean Diesel Technologies Inc.
AUTOMOTIVE CATALYTIC CONVERTER MARKET POTENTIAL BENEFITS FOR STAKEHOLDERS
• The study provides an in-depth analysis of the automotive catalytic converter market trends, with current and future perspective, to elucidate the imminent investment pockets in the market
• Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market
• Porter’s Five Forces analysis of the key market players are provided to illustrate the business strategies adopted by buyers and suppliers
• The report provides information regarding key drivers, restraints, and opportunities with their impact analysis during the forecast period
• Various operating segments of the market are carefully analyzed to measure the potential of the emerging market
• The quantitative analysis of the market during 2014-2022 is provided to elaborate the market potential
Automotive catalytic converter reduces the emissions in the automobiles by removing toxic compounds such as carbon monoxide, nitrogen oxide, and hydrocarbon from the exhaust system of vehicles. The manufacturers are engaged in the development of advanced catalytic converters that extensively diminish the toxicity of the emissions as well as improve automobile efficiency.
Growth in adoption of stringent emission norms and rise in vehicle production & sales worldwide are the major factors that drive the market growth. Increase in demand for electric & hybrid vehicles and high R&D expenditures restrain the market growth. Increase in vehicle penetration in the emerging nations is projected to provide lucrative opportunity to the market from 2014 to 2022.
The most popular and efficient catalytic technology currently is the three-way oxidationreduction catalytic converter. Currently, they occupy the major market share, owing to their ultralow emission. The analysis also shows that these converters are expected to generate the maximum revenue during the forecast period. Diesel oxidation catalytic converters are exclusively used in diesel engine vehicles, and are expected to witness a steady demand. The diesel oxidation catalytic converter market is expected to grow during the forecast period, owing to its higher efficiency of about 90% and elimination of diesel odor and visible particulates (soot).
Rhodium catalyst generates the highest revenue in the market in 2015, as it is the most expensive of the three metals, and has by far the highest activity for the removal of oxides of nitrogen from the exhaust. Platinum and palladium industries are anticipated to show high growth rate, owing to the growth in demand for palladium in automotive sector for manufacturing catalytic converters in vehicles.
North America and Europe are the most potential regions for manufacturers to increase their revenue and market share in the global automotive catalytic converter market, as the regions are automotive hub for many OEMs, including General Motors and Ford Motors.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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