The global automotive catalytic converter market size is
expected to reach USD 272.95 billion by 2024 according to a new report by Grand
View Research, Inc.
In 2015, the global automotive
industry experienced a relatively strong growth and profitability, with annual
sales reaching pre-recession levels, especially in the U.S., China, India,
Japan, and South Korea. This is anticipated to favorably impact the global
automotive catalytic converter market over the forecast period. Stringent
emission norms by governments and regulatory authorities worldwide have further
strengthened industry growth.
Catalytic converters are
constituted of precious metals such as platinum, palladium, or rhodium. These
metals are used as catalysts and are enclosed in a muffler-like package, which
is attached at the exhaust end. Researchers are increasingly working towards
the development of advanced catalytic converters that extensively reduce the
toxicity of the exhaust emissions as well as improve vehicle fuel efficiency.
However, high R&D costs
pertaining to the development of innovative and efficient converters is
expected impede industry growth over the next eight years. Moreover, increasing
adoption of hybrid and electric vehicles is expected to challenge market
growth.
North America automotive catalytic converter market
revenue by product, 2014 - 2024 (USD Billion)
Browse full research
report on Automotive Catalytic Converter Market: http://www.grandviewresearch.com/industry-analysis/automotive-catalytic-converter-market
Further key findings from the report suggest:
- Three-way oxidation-reduction catalytic converters
have a value addition over their two-way catalyst counterparts as they
perform three simultaneous chemical conversions. They carry out the
oxidation of carbon monoxide & un-burnt hydrocarbons to water
&carbon dioxide, along with the conversion of oxides of nitrogen to
nitrogen &oxygen. Three-way type converters accounted for over 35% of
the industry share and are expected to maintain their dominance over the
forecast period.
- Diesel oxidation catalyst converters are exclusively
used in diesel engine vehicles and are expected to witness a steady demand
over the forecast period. They are equipped with diesel particulate
filters in order to eliminate particulates from the exhaust emissions.
Manufacturers and associations have stepped up their R&D activates to
develop new, innovative products such as the four-way catalytic converter.
- Platinum tends to be a good oxidation catalyst as a
result of which it was extensively used in such automobile components in
the past. However, on account of the high cost associated with platinum,
it is increasingly being replaced by palladium and rhodium. Rhodium
exhibits greater efficiency towards the removal of toxic exhaust emissions
and is thereby expected to witness a surge in demand over the next eight
years. Rhodium accounted for over 40% of the industry demand and is presumed
to continue its dominance over the forecast period.
- Stringent emission standards such as the Bharat Stage
V & VI in India that are based on the European Standards EuroV and
EuroVI have made installation of catalytic converters obligatory for
automobile assemblers. This is done to inhibit the issue of harmful
exhaust emissions. Europe dominated the global automotive catalytic
converter industry contributing to over 30% of the global revenue in 2015.
The presence of several prominent automotive manufacturers in Europe is
expected to generate a steady demand in the region over the forecast
period.
- Key industry participants include BASF Catalysts,
Faurecia, Magneti Marelli, SMPE and Tenneco. Vendors are gradually
adopting innovative distribution strategies such as e-commerce retailers
and offer online catalogs apart from directly supplying to automobile
assemblers.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-automotive-catalytic-converter-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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