San Francisco, 31 December 2018, Automotive Catalytic Converter Market
Analysis By Product (Two-Way Oxidation, Three-Way Oxidation-Reduction, Diesel
Oxidation Catalyst), By Material (Platinum, Palladium, Rhodium) And Segment
Forecasts To 2024
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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Report On Automotive Catalytic Converter Market Analysis:
www.grandviewresearch.com/industry-analysis/automotive-catalytic-converter-market
www.grandviewresearch.com/industry-analysis/automotive-catalytic-converter-market
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.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the
global automotive catalytic converter market on the basis of product, material
and region:
Automotive Catalytic Converter
Product Outlook (Revenue, USD Billion, 2014 - 2024)
·
Two-way oxidation
·
Three-way oxidation-reduction
·
Diesel oxidation catalyst
Automotive Catalytic Converter
Material Outlook (Revenue, USD Billion, 2014 - 2024)
·
Platinum
·
Palladium
·
Rhodium
Automotive Catalytic Converter
Regional Outlook (USD Billion, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/
