Summary
Global Catalytic Converter Market Growth, Information Report, By Product (Two-Way Catalytic Converter, Three-Way Catalytic Converter, Diesel Oxidation Catalyst, Others), By Material (Platinum, Palladium, Rhodium, Others), By Application (Entry-Level Segment, Mid-Size Segment, Full-Size Segment) and By Region - Forecast to 2023
Catalytic Converter Market Growth Overview
Market Research Future (MRFR), in its new “Catalytic Converter Market Growth” report, reveals that the worldwide market of catalytic converter is expected to expand at a CAGR of 7.5% through the forecast years from 2017 to 2023. Catalytic converters can effectively reduce the elimination of harmful pollutants produced by automobiles due to the combustion of hydrocarbon-based fossil fuels. The growing concern towards the environment is encouraging automakers for integration of catalytic converters. This is identified as the primary factor that can surge the Catalytic Converter Market Growth. The expansion of the market can also be attributed to the ability of catalytic converters to extend the shelf-life of vehicles.
Key Players
The key players of Catalytic Converter Market Growth are Faurecia SA (France), Benteler International AG (Germany), Eberspächer Group (Germany), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan), Tenneco, Inc. (U.S.), Futaba Industrial Co., Ltd. (Japan), Sango Co., Ltd (Japan), Magneti Marelli S.p.An (Italy), Bosal International N.V. (Belgium) and others.
Drivers & Trends
The increasing demand coupled with production of vehicles is driving the global Catalytic Converter Market Growth multiplied. To this contrary, vehicle manufacturers are primarily focusing on various methods on the elimination of harmful emissions as well as to improve the efficiency of vehicles. Owing to these factors, there has been now stringent emission standard globally regularized by the government to protect the environment and thus preventing hazardous effects of global warming.
Segmentation
In the reports of MRFR, the global Catalytic Converter Market Growth is segmented based on product, material, application, and region.
By the mode of product, the market segmentation includes a two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst, and others. The demand for the three-way oxidation-reduction catalytic converter is steered in the market with the increase in applications for ultralow emissions in the vehicles.
By the mode of material, the market segmentation includes platinum, palladium, rhodium, and others. Rhodium accounts for 44% of the market share have more efficiency from the toxic exhaust emissions. This is driving the rhodium market for the catalytic converter to the best.
By mode of application, the market segmentation includes an entry-level segment, mid0size segment, and full-size segment.
Regional Outlook
In the reports of MRFR, regionally, the global Catalytic Converter Market Growth Size has covered significant regions of North America, Europe, Asia-Pacific, and rest of the world.
Among them, North America is displaying the largest market share having a stronghold owing to the high presence of automobile manufacturers in this region. Also, increasing technological advancements and high investments in catalytic converters in vehicles are boosting the market growth. With that, the government in this region adhere to laws and regulations over vehicle emissions.
Coming up next is the European region, which is also one of the booming market holders due to the presence of high automobile manufacturers. Rapid research and development activities in this sector have encouraged with the introduction of new catalytic converters adhering to the stringent emission norms. This is contributing a lot to the Catalytic Converter Market Growth Size to grow in the years to come.
The Asia Pacific is also on the verge to show some booming factors that would enable the market of catalytic converters to expand wisely. The emerging hub of automobile manufacturers is widening opportunities to flourish and rise in the Asia Pacific region. Key contributor regions in the Asia Pacific region are China, Japan, India, and South Korea. These countries are contributing to the best in global vehicle production with the latest developments by implementing catalytic converters.
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