Automotive Catalytic Converter Market Sales Growth Drivers | Revenue Drivers Study | Application Analysis

Felton, Calif., USA, Dec. 21, 2020 — /EPR Network/ —

The global Automotive Catalytic Converter Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global automotive catalytic converter market size was valued at USD 111.00 billion in 2014 and is projected to reach USD 272.95 billion by 2024. The growth can be attributed to strict government and institutional norms applied for emission control, rapidly growing automobile industry, evident environmental impact caused by automobile emissions and advancements in the product technology.

Key Players:

• BASF Catalysts LLC
• Benteler International AG
• BM Catalytic Converters
• Bosal
• Calsonic Kansei
• Deccats
• Eberspaecher
• European Exhaust and Catalyst Ltd
• Faurecia
• HJS Emission Technology GmbH & Co. KG

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Growth Drivers:

Stringent regulations imposed in several North American and European countries mandating the use of converters in all vehicles are expected to elevate their demand. Growing number of automobiles, light weight as well as heavy duty vehicles in emerging markets such as China and India are expected to play an important role in shaping the market dynamics in these regions. Innovation & development of technology in the segment is fast paced, effectively catering to the requirements.

Increased hybrid & electric vehicles’ demand is expected to challenge the automotive catalytic converter market over the forecast period, as these vehicles do not use an inbuilt converter on account of the absence of any form of emission. The discovery of bio fuels which has consequently reduced emission problems is expected to hamper the growth rate over the next few years.  Raw materials used for production primarily comprise metal catalysts which are usually costly and undergo frequent price fluctuations consequently introducing uncertainty in achieving demand consistency, optimal operations and profitability.

Product Outlook:

• Two-way oxidation
• Three-way oxidation-reduction
• Diesel oxidation catalyst

Two and three-way oxidation and diesel oxidation catalysts are expected to capture a sizeable market share on account of their inherent reduced emission feature.

Material Outlook:

• Platinum
• Palladium
• Rhodium

Regional Outlook:

Developed markets such as the U.S., Canada, Germany, France and UK are at a maturity stage. However, prominent automotive companies as well as Original Equipment Manufacturers (OEMs) are located in these countries. Collaborations between these companies and converter manufacturers are expected to maintain a steady demand for the components and technology development in the sector.

Emerging economies China, India, South Korea and Japan are anticipated to grow at a high rate. This can be attributed to growing number of manufacturing facilities in Asia on account of low production costs, availability of skilled labor, and increasing capabilities of the units and rise in demand.

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