Catalytic Converter Market

Catalytic Converter Market Size (2023-2028):

The Global Catalytic Converter Market was worth US$ 52.16 billion in 2022 and is anticipated to reach a valuation of US$ 83.74 billion by 2028 and is predicted to register a CAGR of 8.47% during 2023-2028.

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 emissions emphatically affecting nature, diminishing global warming.

Market Drivers:

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 vehicle producers for innovative work in order to lessen the impact of destructive gases discharged from automobiles can likewise be related to the development of the market.

Market Restraints:

The increment in popularity of electric and hybrid automobiles and high R&D expenses hinder market development. However, each factor is anticipated to have its distinct effect available during the conjecture time frame.

Market Recent Developments:

• Faurecia is most popular as an auto interior provider. In any case, the organization's second-biggest business segment is emission controls, where another "smart" exhaust converter is ready to make a big appearance. The key to the new converter is an electric heating framework that raises the effectiveness of the catalyst in any condition when the motor is cold or idling in traffic.

• BASF reuses valuable metals contained in scrap vehicle catalytic converters. They acknowledge ceramic catalytic converters, both canned and monolith.
• Ludwigshafen, Germany and Johannesburg, South Africa – BASF declared that it has effectively evolved and tried an innovative Tri-Metal Catalyst innovation that empowers partial substitution of costly palladium with lower-valued platinum in light-duty gas automobiles without compromising emanations measures.
•  The most recent segment FWC™ (Four-Way Conversion) catalyst goes above and beyond to expel Particulate Matter (PM), just as CO, HC, and NOx from fuel motor exhaust. Likewise, BASF's scope of small motor catalysts for bikes is intended to cut the greater part of the contamination from two-and four-stroke motors that depend on gas fuel.
•  Tenneco Automotive's Ultra Thinwall Substrate Catalytic Converter (UTSCC) gives enhanced emanation control performance to meet stringent emanation guidelines in the USA and Europe.
•  Walker® catalytic converters from Tenneco Automotive furnish the greatest emanation decrease joined with expanded automotive power. In any case, the way to ideal converter performance includes basic advancement in structure and materials, as well.

CATALYTIC CONVERTER MARKET REPORT COVERAGE:

Market Segmentation:

Catalytic Converter Market - By Type:

• Two-Way Oxidation Catalytic Converter
• Three-Way Oxidation-Reduction Catalytic Converter
• Diesel Oxidation Catalyst 

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.

Catalytic Converter Market - By Catalyst:

• Platinum
• Palladium
• Rhodium

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. The rhodium market for vehicle catalytic converters is relied upon to dominate the market during the forecast period.

Market Reginal Analysis:

The Global Catalytic Converter Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

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, rising automobile manufacture, and quick interest in passenger vehicles from developing economies. Advancing economies and 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 the 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.

Market Key Players:

1. Faurecia SA
2. BASF Catalysts LLC
3. Eberspaecher GmbH Holding & Co.
4. Magneti Marelli S.P.A,
5. Tenneco Inc.
6. Benteler International AG
7. Calsonic Kansei Corporation
8. Standard Motor Products Europe Ltd.
9. Clean Diesel Technologies Inc.
10. BOSAL Group
11. Futaba Corporation
12. HJS Emission Technology GmbH & Co. KG
13. Jetex Exhausts Ltd.