Global Catalytic Converter Market: Overview
A catalytic converter is an emission control device that reduces emissions caused due to combustion of fuel within automobiles. It assists in removing toxic compounds such as hydrocarbon, carbon monoxide, and nitrogen oxide from the exhaust system of vehicles. The converter enhances energy efficiency, safety measures, and operational efficiency of the automobiles. The catalytic converter is usually used in the exhaust systems in automobiles and is also applied to mining equipment, locomotives and motorcycles, forklifts, electrical generators, buses, and trucks. Also, it used in several wood stoves to control emissions. Catalytic converters are deployed in response to government regulation due to rising concerns about health & safety and the environment.
Global Catalytic Converter Market: Growth Factors
Owing to characteristic features offered by the catalytic converter such as improved operational efficiency, energy efficiency, and safety measures, the demand for these converters is anticipated to increase in the market in the near future. Additionally, the rise in the vehicle production & sales globally and implementation of the stringent emission norms for vehicles by the government is anticipated to foster the demand in the global market in future. Most of the key players are adopting improved strategies such as partnerships & collaborations, R&D, product launches, business expansions, and acquisitions, which will contribute to the growth in future for the global catalytic converter market. Product launch is one of the prime strategies adopted by key market players. These strategies make market players remain competitive and expand their market reach. However, the higher cost required for R&D and increased prices for electric & hybrid vehicles may hamper the global market growth.
Global Catalytic Converter Market: Segmentation
The global catalytic converter market is segregated based on the catalyst as rhodium, platinum, and palladium. Of these, rhodium catalyst is the leading segment due to increasing adoption of the catalytic converter in the automotive sector. It is expected to remain dominating in the near future. Based on the type, the global market is fragmented as three-way oxidation-reduction catalytic converter, two-way oxidation catalytic converter, and diesel oxidation catalyst.
Global Catalytic Converter Market: Regional Analysis
Geographically, the global catalytic converter market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe contributed for the largest market share due to growth in the automobiles sector. North America and Asia-Pacific are holding the largest market share, which is propelling the global market growth. Increasing disposal income and changing lifestyle in North America may open up new opportunities for the global catalytic converter market growth. Emerging economies such China and India are anticipated to grow in the global market due to changing consumer preferences for safer and greater operational efficiency.
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Global Catalytic Converter Market: Competitive Players
Leading market players in the global catalytic converter market include Jetex Exhausts Ltd., Tenneco Inc., Futaba Corporation, Calsonic Kansei Corporation, Eberspaecher GmbH Holding & Co., and HJS Emission Technology GmbH & Co. KG. Other influencing players include Clean Diesel Technologies Inc., Faurecia SA, Standard Motor Products Europe Ltd., Bosal Group, Magneti Marelli S.P.A, Benteler International AG, and BASF Catalysts LLC.