Rising Demand for Rhodium Keeps Companies on the Cutting Edge of Innovation in Automotive Catalytic Converter Market

In a recent report on the global automotive catalytic converter market, Transparency Market Research states that technology and innovation are the two most important features responsible for the growth of the worldwide automotive catalytic converter market. The report is titled “Automotive Catalytic Converter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021” and is available on the company’s website.

Automotive catalytic converters eliminate major harmful compounds – namely, carbon monoxide, nitrogen oxide, and hydrocarbons from the exhaust systems of vehicles. Automotive catalytic converters are used in a wide variety of applications, including trucks, generator sets, locomotives, motorcycles, buses, forklifts, mining equipment, engine-fitted devices, and airplanes.

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According to the report, the surging production of vehicles, the implementation of stringent emission norms, and the emerging markets of the Middle East and Africa, Asia Pacific, and Latin America are pushing the automotive catalytic converter market to expand at a 7.3% CAGR from 2015 to 2021. In 2014, the value of the automotive catalytic converter market stood at US$105.5 bn and this is projected to increase to US$172.8 bn by 2021. On the flip side, the absence of demand for automotive catalytic converters in electric vehicles and high expenditure of research and development activities are forecast to hamper the growth of the market.

The global market for automotive catalytic converters has been studied based on type, material, and geography.

The automotive catalytic converter market is divided by type into three-way oxidation-reduction catalytic converters, two-way oxidation catalytic converters, and diesel oxidation catalysts. The segment of three-way oxidation-reduction catalytic converters has emerged as the leading contributor in the automotive catalytic converter market in terms of revenue with a share of 45% in 2014.

By material, the market for automotive catalytic converters has been categorized into palladium, rhodium, and platinum. In 2014, rhodium held the largest share in terms of revenue, accounting for a 40% share in the automotive catalytic converter market.

Browse the full Automotive Catalytic Converter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at http://www.transparencymarketresearch.com/automotive-catalytic-converter-market.html

Geographically, the automotive catalytic converter market comprises Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Europe is presently one of the prominent markets for automotive catalytic converters, driven mainly by the strong presence of several prominent automobile manufacturers. The rising demand for premium car brands such as BMW, Volkswagen, and Mercedes-Benz has also contributed toward the demand for automotive ancillaries such as catalytic converters. The Asia Pacific automotive catalytic converter market is anticipated to gain much prominence over the course of the forecast period thanks to an improvement in the lifestyle in most developing countries in the region. Rising vehicle penetration has been brought on by the increase in consumer disposable income. Stringent emission norms in the automobile manufacturing industry are also likely to drive the automotive catalytic converter market in Asia Pacific by 2021.

Magneti Marelli S.P.A., Calsonic Kansei Corporation, BASF Catalysts LLC, Clean Diesel Technologies, Inc., Faurecia SA, Eberspaecher GmbH Holding & Co. KG, Tenneco Inc., and Benteler International AG are some of the top companies competing in the global automotive catalytic converter market. The players are evaluated in the report based on attributes such as company outlook, financial performance, business strategies, product portfolio, and recent developments. The report also uses a SWOT analysis to determine the strengths, weaknesses, opportunities, and threats of the prominent players.

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This release was published on openPR.