Automotive Catalytic Converter Market 2019 to Reflect Impressive Growth Rate of 5% by 2023 | Global Key Players - FAURECIA SA, MAGNETI MARELLI S.P.A, TENNECO INC., BASF, amongst others.

The global automotive catalytic converter market is expected to register a CAGR of around 5%, during the forecast period. Some of the major factors driving the growth of the market are enactment of stringent emission norms, and growing automotive industry in Asia-Pacific region, especially in countries, such as India, China, Thailand, and Japan. However, the growing penetration of electric vehicles is expected to hinder the growth of the market.

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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. Two ways converters were installed in vehicles prior to 1990s but, since they do not reduce nitrogen emissions, three ways converters came into picture. Since then, three ways converters have occupied the highest market share and are expected to continue dominating the industry during the forecast period too.

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

Major Players –
FAURECIA SA, MAGNETI MARELLI S.P.A, TENNECO INC., BASF, amongst others.

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Enactment of Stringent Emission Norms
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.
In 2013, in the United States, carbon dioxide emissions averaged 369 grams per mile, which were down by 7 grams per mile from the 2012 figure. As per the US EPA, for 2014, 2015, and 2016, adjusted CO2 emission values went down to 369 g/mile, 361 g/mile, and 359 g/mile, respectively. This standard further reduced the emission standard to 352 g/mile (preliminary) for the vehicles for MY 2017.
The US EPA and NHTSA are taking initiatives to support the production of environment-friendly vehicles, (from passenger vehicles to commercial vehicles), to ensure improved fuel economy and reduced carbon emissions. Through these initiatives, the government is planning to reduce about 3,100 million metric tons of CO2 emissions and save about 6 billion barrels of oil by 2025.
Additionally, the EU has also set emission standards to regulate the CO2 emission levels of passenger cars and commercial vehicles. Transport emissions have increased in recent years and now account for around one quarter of the EU’s total GHG emissions. The average carbon emissions, based on laboratory tests, of a new car registered in the EU in 2016 was 118.1 grams per kilometre (g/km), well below the 2015 target of 130 g. As a result, the European Commission, European Parliament, and EU member states are preparing to extend the light-duty vehicles’ CO2 regulation to 2025u20132030. Consequently, to meet the aforementioned standards, the adoption of catalytic converters is increasing and is expected to witness the same trend during the forecast period.

Platinum Accounts for the Largest Market in Material Type
The PGMs that include platinum, palladium, and rhodium are the most widely used catalysts in automotive catalytic converters. Out of the global platinum demand ~40% of the demand arises from the automotive industry for the usage in the catalytic converter. Owing to its excellent resistance to corrosion even at high temperatures and high catalytic performance, it is being extensively used in the automotive catalytic converters.

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This release was published on openPR.