Catalytic Converters In The Driver Seat For Big Coin

Million Insights finds the global automotive catalytic converter market size was valued at $111.00 billion in 2014 and is projected to reach $272.95 billion by 2024. Growth is attributed to strict government and institutional norms applied for emission control, a rapidly growing automobile industry, the environmental impact caused by automobile emissions, and advancements in the product technology.

 

Catalytic converters are components 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. A converter consists of a ceramic honeycomb core coated with the catalyst metal and is installed in the vehicle’s emission mechanism.

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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 and electric vehicle demand is expected to challenge the automotive catalytic converter market over the forecast period, as these vehicles do not use an inbuilt converter. 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.

 

The product can be segmented by product, material and technology. Based on product, these converters can be segregated into three-way catalysts (TWR), selective catalytic reduction (SC), diesel oxidation catalyst (DOC), lean Nox catalyst(LNC) and lean NOx trap (LNT). Two and three-way oxidation and diesel oxidation catalysts are expected to capture a sizeable market share because their inherent reduced emission feature.

 

Based on material, the market can be sub-divided into palladium, platinum, rhodium and others. Platinum components are predominantly used but owing to the price rise in this type palladium and rhodium catalysts are expected to gradually capture the market share. Converters can use two techniques for conversion of harmful emissions, namely coil on plug ignition and simultaneous ignition.

 

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 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 because low production costs, availability of skilled labor, and increasing capabilities of the units and rise in demand.

 

Key players in catalytic converters are Tenneco Inc., Faurecia SA, Benteler International AG, BASF Catalysts, MagnettiMarelliSPA, Calsonic Kansei Corporation, Clean Diesel Technologies and Katcon. Other vendors include Sango, Yutaka, Bosal International. Companies are enhancing their offerings in a bid to meeting global emission standards across different countries, thereby maintaining their competitiveness. Strategy focus is oriented towards acquiring expertise in global regulations compliance, cost effective solutions and optimal vehicle performance.

 

Need more facts and figures? Then browse the “Global Automotive Catalytic Converter Market” report. 

 

Million Insights

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https://www.millioninsights.com

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