Catalytic Converter Market Value Overview

The Market Research analysts forecast the global Catalytic Converter Market Value to post a CAGR of nearly 7.5% during the estimated year, according to their latest market research report. However, the growth momentum of the market is expected to rise due to increasing demand for automobiles.

A catalytic converter is a device that controls emission that is caused by fuel combustion within automobiles. These converters also assist in removing toxic compounds including carbon monoxide, nitrogen oxide, and hydrocarbon from the exhaust system of the vehicles.

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Key Players

The key players of Catalytic Converter Market Value are Faurecia SA (France),  Benteler International AG (Germany), Eberspächer Group (Germany), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan),  Tenneco, Inc. (U.S.),  Futaba Industrial Co., Ltd. (Japan), Sango Co., Ltd (Japan), Magneti Marelli S.p.An (Italy),  Bosal International N.V. (Belgium)  and others.

Drivers & Trends

The increasing demand coupled with production of vehicles is driving the global Catalytic Converter Market Value multiplied. To this contrary, vehicle manufacturers are primarily focusing on various methods on the elimination of harmful emissions as well as to improve the efficiency of vehicles. Owing to these factors, there has been now stringent emission standard globally regularized by the government to protect the environment and thus preventing hazardous effects of global warming.

More factors such as increasing regulations on fuel emissions and fuel efficiency, rising disposable income, growing environmental concerns and change in lifestyle boost the adoption of the automotive catalytic converter and are also provenly contributing to the best in the global Catalytic Converter Market Value growth.

However, high research & development costs relating to the development of innovative and efficient converters is expected to obstruct the industry growth over the years to come. With this, the increasing adoption of hybrid and electric vehicles is expected to challenge market growth in the future.

Segmentation

In the reports of MRFR, the global Catalytic Converter Market Value is segmented based on product, material, application, and region.

By the mode of product, the market segmentation includes a two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst, and others. The demand for the three-way oxidation-reduction catalytic converter is steered in the market with the increase in applications for ultralow emissions in the vehicles.

By the mode of material, the market segmentation includes platinum, palladium, rhodium, and others. Rhodium accounts for 44% of the market share have more efficiency from the toxic exhaust emissions. This is driving the rhodium market for the catalytic converter to the best.

By mode of application, the market segmentation includes an entry-level segment, mid0size segment, and full-size segment.

Regional Outlook

In the reports of MRFR, regionally, the global Catalytic Converter Market Value has covered significant regions of North America, Europe, Asia-Pacific, and rest of the world.

Among them, North America is displaying the largest market share having a stronghold owing to the high presence of automobile manufacturers in this region. Also, increasing technological advancements and high investments in catalytic converters in vehicles are boosting the market growth. With that, the government in this region adhere to laws and regulations over vehicle emissions.

Coming up next is the European region, which is also one of the booming market holders due to the presence of high automobile manufacturers. Rapid research and development activities in this sector have encouraged with the introduction of new catalytic converters adhering to the stringent emission norms. This is contributing a lot to the Catalytic Converter Market Value to grow in the years to come.

The Asia Pacific is also on the verge to show some booming factors that would enable the market of catalytic converters to expand wisely. The emerging hub of automobile manufacturers is widening opportunities to flourish and rise in the Asia Pacific region. Key contributor regions in the Asia Pacific region are China, Japan, India, and South Korea. These countries are contributing to the best in global vehicle production with the latest developments by implementing catalytic converters.

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