The
global Automotive Catalytic Converter Market size is
anticipated to reach USD 277.53 billion by 2030, expanding at a CAGR of 8.6%
over the forecast period, 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.
Related Press
Release@ Automotive Catalytic Converter Market Report
Automotive Catalytic Converter Market Report Highlights
- 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 47.3% 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.
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Automotive Catalytic Converter Market Segmentation
Grand
View Research has segmented the global automotive catalytic converter market on
the basis of product, material and region
Product Outlook (Revenue in USD Million, 2017 - 2030)
- Two-Way
Oxidation
- Three-Way
Oxidation-Reduction
- Diesel
Oxidation Catalyst
Material Outlook (Revenue in USD Million, 2017 - 2030)
- Platinum
- Palladium
- Rhodium
Regional Outlook (Revenue in USD Million, 2017 - 2030)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin
America
- Brazil
- Mexico
- Middle East
and Africa
- United Arab
Emirates (UAE)
- Saudi
Arabia
- South
Africa
About Us:
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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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