Catalytic Converter Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Three Way Catalytic Converter (TWCC), Four-Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR), Lean Nox Trap (LN

A catalytic converter is a device used as exhaust emission control device which reduces toxic gases and pollutants from an internal combustion engine into less-toxic pollutants by a catalyzing a redox reaction. These converters are usually used with internal combustion engines fueled by either gasoline, diesel-including lean-burn engines as well as kerosene heaters and stoves.

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Catalytic Converter Market: Key Insights
Catalytic Converter Market Size 2021, by manufacturer, region, types, and application, forecast is analyzed and researched on the basis of the comprehensive analysis of the global market. The report focuses on key market-related aspects including market segmentation, geographic segmentation, market dynamics, and other market growth factors. The report contains detailed analysis of the distinct industrial growth strategies, which helps to determine the dominant segments and to know about different factors. The scope of various segments and applications that could potentially affect the Catalytic Converter market in the future has been further analyzed in the report.

Catalytic Converter Market: by Product Type, Technology Type, and Application Overview
In terms of type, the market segment is expected to register a high CAGR in the Catalytic Converter market during the forecast period. Catalytic Converter Market to Global Analysis and Forecast by Product Type, Technology Type, and Application Covid-19 Impact and Global Analysis - by Type (Three Way Catalytic Converter (TWCC), Four-Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR), Lean Nox Trap (LNT)); Vehicle Type (Passenger Car, Heavy Commercial, Light Commercial Vehicle, Truck, Bus); Material (Palladium, Platinum, Rhodium); Off-Highway Vehicle (Agriculture Tractors, Construction Equipment, Mining Equipment) and Geography of global Catalytic Converter Market In terms of end user, the clinics segment is anticipated to hold a major market share during the forecast period.

Catalytic Converter Market: Competition Landscape and Key Developments
BASF SE, BENTELER International, CDTi Advanced Materials, Continental AG, Eberspächer, Faurecia, Johnson Matthey, Magneti Marelli S.p.A, Standard Motor Products Europe, Tenneco Inc. are key companies operating in the global Catalytic Converter market. The leading market players are continuously focusing on tapping prevailing business opportunities through the expansion and diversification of their market presence as well as acquisition of new customer base.

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Impact of COVID-19 Pandemic on Catalytic Converter Market:

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the world. As of January 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. According to the latest WHO figures updated on January, 2021, there are ~83,322,449 confirmed cases and 1,831,412 total deaths globally.

The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemicals & materials industry is one of the major industries that is suffering from serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. Although, China is the global hub of manufacturing and largest raw material supplier for various industries, it is also one of the worst affected countries.

The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various chemicals and materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products.

Additionally, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemicals & materials industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.

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