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.
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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.
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.
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