The global catalytic converter market size is estimated to develop up to USD 11.44 billion during the outlook period of 2021-2026. The vehicle catalytic converter market is likely to garner a CAGR of close to 4% during the calculated time.
Catalytic converter is a gadget utilized in the exhaust system of a vehicle for the elimination of unsafe gases, for example, carbon monoxide, nitrogen oxide and hydrocarbon from it. The catalytic converter likewise helps in improving the effectiveness of automobiles. Vehicle transportation is the biggest single source of air contamination and has risen to be classified a worldwide concern. With an expanding number of automobiles on the road, decrease of emission is crucial to have a superior air quality. Catalytic converter forms one of the most basic segments that are utilized in each vehicle manufactured, to lessen the danger of the emissions in an automobile by eliminating unsafe substances in the exhaust frameworks.
As indicated by the specialists, catalytic converters utilized in vehicles can diminish hydrocarbon emissions by around 90%, carbon monoxide emanations by roughly 85% and nitrous oxides by roughly 62%. The decrease in emanations by catalytic converters is driving the automatic catalytic converter market. In the worldwide vehicle industry, improvements in exhaust frameworks incorporate exhaust systems, manifolds, mufflers, pipes and monolith designs. These designs decrease noise created by exhaust gases by utilizing sound absorbers with catalytic converters. This, in turn, essentially lessens vehicular emission emphatically affecting nature, diminishing global warming.
Drivers and Restraints of Catalytic Converter Market:
The significant driver for the development of the global catalytic converter market can be ascribed to the introduction of stringent standards and guidelines by the legislature of different countries worldwide with the goal of ensuring the environment and forestalling the dangerous impacts of global warming. The expansion sought after for vehicles is additionally driving the development of the catalytic converter market. The tremendous ventures made by the vehicle producers for innovative work in order to lessen the impact of destructive gases discharged from the automobiles can likewise be related with the development of the market.
Increment in popularity of electric and hybrid automobiles and high R&D expense hinders the market development. However, each factor is anticipated to have its distinct effect available during the conjecture time frame.
The two-way oxidation sector is foreseen to overwhelm the worldwide market in the forecast period, attributable to the rising item request by the vehicle segment.
Rhodium fragment is anticipated to develop considerably later on, inferable from the expanding adoption of catalytic converters by the vehicle segment. This sector has risen as the biggest fragment in terms of income. Rhodium market for vehicle catalytic converter is relied upon to dominate the market during the forecast period.
Catalytic Converter Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
North America is foreseen to show a moderate pace of development in the catalytic converter market. Europe is the second biggest contributor in terms of volume and estimation of the worldwide catalytic converter market, attributable to the rising item request from the vehicle business. Asia Pacific catalytic converter market is anticipated to grow at a generous rate over the conjecture timeframe. This can be ascribed to the rising per capita pay, improved rural infrastructure, the rising automobile manufacture, and quick interest for passenger vehicles from developing economies. Advancing economies and the infrastructural advancement are driving the catalytic converters over the figure timeframe. The Middle East and Africa and Latin America are anticipated to show a drowsy pace of development over the estimated time span because of low customer spending.
IMPACT OF COVID-19 ON CATALYTIC CONVERTER MARKET:
The auto industry forecasts a huge loss of production units and revenue due to closings to combat the Covid-19 pandemic. Despite the difficult business environment, several automakers said they would not fire any permanent or temporary workers. Production is nearly stagnant as state governments have imposed closures and companies themselves have closed their factories to help break the chain of the coronavirus epidemic.
Key Players of Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Catalytic Converter Market, By Type
6.1.1 Two-Way Oxidation Catalytic Converter
6.1.2 Three-Way Oxidation-Reduction Catalytic Converter
6.1.3 Diesel Oxidation Catalyst
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Catalytic Converter Market, By Catalyst
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Catalyst
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Type
7.3.3 By Catalyst
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Catalyst
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Type
7.5.3 By Catalyst
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Type
7.6.3 By Catalyst
8. Key Player Analysis
8.1 Faurecia SA
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 BASF Catalysts LLC
8.3 Eberspaecher GmbH Holding & Co.
8.4 Magneti Marelli S.P.A,
8.5 Tenneco Inc.
8.6 Benteler International AG
8.7 Calsonic Kansei Corporation
8.8 Standard Motor Products Europe Ltd.
8.9 Clean Diesel Technologies Inc.
8.10 BOSAL Group
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures