The Catalytic Converter market Size is expected to reach $ 76.24 billion by 2025, with a compound annual growth rate (CAGR) of 8.21% from 2022 to 2028. The remarkable rise of the automotive market, increased use of gas and pollutants filters, and increasing stringency in vehicle emission control regulations are all factors contributing to the Catalytic Converter industry’s growth. The Catalytic Converter Market is predicted to increase due to the significant focus of automobile OEMs on the production of low-cost, low-emission catalytic converters for the exhaust system, as well as considerable investments in R&D. Additionally, rising population needs for performance aftermarket automobile parts, particularly in the internal combustion engine, will boost the catalytic converter market’s expansion throughout the forecast period.
Important Points to Remember
• Because of the expanding need for emission-controlling goods, the catalytic converter market in Asia Pacific is developing at the fastest rate, followed by North America and Europe.
• Palladium and rhodium are the most often utilised materials in the construction of catalytic converters, accounting for 80 percent of the market share.
• Governments throughout the world are enacting strict pollution and fuel efficiency laws, which are projected to drive the catalytic converter market forward.
• The high cost of raw materials may provide a challenge to the catalytic converter market.
Catalytic Converter Market growth will be fueled by the increasing prevalence of smaller commercial vehicle engines.
Commercial vehicle manufacturers are downsizing heavy engines in commercial vehicles with modern turbochargers to increase engine output significantly due to tight pollution rules and rising demand for fuel-efficient cars. Engines with partially deactivated cylinders are being developed by OEMs to reduce fuel consumption during operation. Advanced after-treatment systems are installed in commercial vehicles with smaller engines, including better and more expensive catalytic converters, systems that enhance exhaust gas recirculation rates, and denser particulate filters. As a result of these variables, better and more advanced catalytic converters capable of regulating vehicle emissions will be developed.
The expansion of the Catalytic Converter Market may be hampered by the introduction of electric automobiles.
The worldwide automotive catalytic converter market is calculated because its growth or fall is determined by the number of passenger and commercial vehicles (including LCVs and MHCVs) sold. A catalytic converter is required on all internal combustion vehicles to neutralise hazardous gases produced by combustion. The growing popularity of electric vehicles over internal combustion engines is posing a threat to the Catalytic Converter Market’s expansion.
Market Situation
The top players in the Catalytic Converter Market are focusing on expansion, new product development, partnerships, and mergers and acquisitions. Global players dominate the catalytic converter market, which also includes many regional players. The following are some of the market’s major players: Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Johnson Maththey (UK), Umicore (Belgium), Futaba (Japan), BAEF (Germany), CDTI Materials (US), and Benteler International (Austria) among others.
Market Size and Scope of Catalytic Converters in the World
The catalytic converter market is divided into two categories: type and application. The growth of the various segments aids you in gaining information of the many growth variables that are projected to be prevalent throughout the industry, as well as formulating distinct tactics to help discover primary application areas and differences in your target markets.
● On the basis of Type, catalytic converter market is segmented into three-way catalytic converter (TWCC), four-way catalytic converter (FWCC), diesel oxidation catalyst (DOC), selective catalytic reduction (SCR), lean nox trap (LNT).
● On the basis of Applications market is segmented into Gasoline vehicles, Diesel vehicles.
Segment Analysis in Geography
During the forecast period 2020-2025, the Asia-Pacific region is expected to account for 52.46 percent of market share in the catalytic converter market. The Asia-Pacific region produces the most vehicles, accounting for 54–56 percent of total car production. In 2018, there were 78.6 million cars sold worldwide, with 39.3 million sold in Asia-Pacific. Because of increased urbanisation, increasing GDP, and industrialization, China, India, and Japan are the greatest automobile production hubs. Vehicle emissions have increased dramatically as a result of increased vehicle production. As a result, only a few countries, like China, Japan, and India, have enacted automobile emission standards. China and India, for example, are currently using China IV and BS IV, respectively. They do plan to implement China VI and BS VI, which are equal to Euro VI, by 2020. As emission standards become more stringent, there will be a growing demand for various aftertreatment devices. China and Japan are the main countries in the APAC area for aftertreatment device sales.
Product launches, collaborations, and research and development activities
➛ Faurecia announced the launch of a new electrically heated catalytic converter in November 2017, with a 2019 debut expected. The new converter’s most notable feature is an electric heating system that boosts the catalyst’s performance even when the engine is cold or idling in traffic.
➛ Tenneco Automotive India announced a Rs 50 crore investment in the new Sanand facility in December 2017. Tenneco invested Rs 20 crore in Sanand to build its first high-level sub-assembly factory for exhaust systems to serve Ford India in the area.
➛ Diversified Environmental Catalysts Inc. (DEC) announced the acquisition of PaceSetter Exhaust Systems in February 2018. DEC’s research and development of new products will be boosted as a result of the new partnership, solidifying its position as the go-to company for first-to-market, highest-quality aftermarket exhaust components and direct-fit catalytic converters.
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