Automotive Catalytic Converter Market Outlook to 2024: Top Manufacturer Analysis, Industry Overview and Forecast Report

Posted on 2021-11-05 by researchinsights in Automotive // 0 Comments

San Jose, California , USA, Nov 05, 2021 — /EPR Network/ —

The Automotive Catalytic Converter Market report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. It also provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.

Market Insights

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. Catalytic converters a component used in automobiles to convert harmful emissions comprising carbon monoxide, nitrogen oxide, and hydrocarbons into less harmful gases such as carbon dioxide, nitrogen or water. Generally, the product consisting of a core made up of a ceramic honeycomb structure coated with the catalyst metal is installed in the emission mechanism of the vehicle.

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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.

Automakers also face the challenge of reducing the negative effect of these components on the automobiles’ fuel efficiency. Some catalyst converters lead to unwanted chemical reactions producing by-products such as sulfur oxides that prove to be environmentally harmful, thus challenging product quality. Mining techniques used in the extraction of raw materials such as palladium, platinum, rhodium result in a considerable amount of environmental pollution. Regulations for emissions limits as well as jurisdictions are not uniform across different countries as a result of which design of catalytic converters and production processes cannot be standardized.

Automotive Catalytic Converter Product Outlook (Revenue, USD Billion, 2014 – 2024)

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

Automotive Catalytic Converter Material Outlook (Revenue, USD Billion, 2014 – 2024)

Platinum
Palladium
Rhodium

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Key Players Analysis covered in these report

Tenneco
Faurecia
Benteler International
BASF Catalysts
Calsonic Kansei Corporation
Clean Diesel Technologies and many others

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