Press release
Industrial Catalytic Converters Market Comprehensive Shares, Historical Trends And Forecast By 2027
Industrial catalytic converters are devices used to control the emission of toxic and harmful pollutants from exhaust gasses by converting them through a redox reaction. A redox reaction consists of either an oxidation reaction or a reduction reaction. As many countries have stringent norms pertaining to environmental safety, every industrial exhaust system should contain catalytic converters.Get | Download Sample Copy with Graphs & List of Figures:
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Industrial catalytic converters find application in several industries, such as refinery, steel, and manufacturing, where the emission of toxic gasses is high. These devices are mainly used to convert harmful exhaust gasses, such as CO (carbon monoxide), HC (hydrocarbons), and NO (nitrogen oxides), among others into less toxic and harmful gasses, such as CO2 (carbon dioxide), N2 (nitrogen), and others.
Regional Outlook
The Asia Pacific region holds a majority of the market share as compared to other regions, followed by Europe and then North America – both of which are expected to grow at the same rate. The demand for industrial catalytic converters in countries, such as China, India, and South Korea in Asia Pacific is expected to grow, owing to the continuous growth of chemical and textile industries in the region.
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Europe is seen as a potential market for the industry, due to the upcoming emission standards for the reduction of carbon monoxide from various industries. Also, Europe and North America show promising opportunities for the industrial catalytic converters market, as the regions are chemical manufacturing hubs. The demand for industrial catalytic converters is anticipated to grow at a CAGR of around 8% globally over the forecasted period, which can be attributed to the increase in demand from textile and manufacturing industries.
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Market Participants
Examples of some of the market participants in the industrial catalytic converters market identified across the value chain are Bosal, Katcon, Ningbo Kesen Exhaust Gas Cleaner Manufacturing Co. Ltd., Wuxi Weifu Lida Catalytic Converter Co. Ltd., Catalytic Products International, Dcl International Inc., Standard Teco. Limited, Teco Limited, and AP Exhaust Products.
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