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Catalytic converters are generally composed of precious metals such as palladium, rhodium, and platinum. These converters are exhaust accessories, used to control the exhaust emission that contains harmful gases. They are widely used in Automobiles. Recent development in catalytic converter involves the use of non-noble materials for manufacturing of low-cost catalytic converter, which can withstand high exhaust chamber temperature. Companies are investing heavily in the innovation of advanced catalytic converter that will extensively reduce the toxicity of exhaust emissions and improve fuel efficiency for vehicles.
Based on product, the market is segmented into two way oxidation catalytic converter (TWOCC), a three-way oxidation-reduction catalytic converter (TWORCC), and a diesel oxidation catalyst (DOC). Three-way oxidation-reduction catalytic converter is the most efficient and commonly used converter. It oxidizes carbon monoxide and hydrocarbons and reduces nitrogen oxides.
Based on materials, the market is segmented into palladium, rhodium, and platinum. In global market manufacturing, palladium and rhodium are preferred types of materials. More than 80% of category shares are managed by them. The market for platinum is significantly fallen due to the high cost associated with it.
Based on the end-use industry, the market is segmented into electronics, automobiles, mechanical, and others. The automobile sector dominates the market as 80% of the catalytic converter market was accounted for the automobile. Mechanical and automobile industries being fueled by the factors such as rising population, increased urbanization, better connectivity are expected to lead the market.
The major market driver for the catalytic converter system market is the regulation of fuel efficiency and stringent emission around the globe to fuel the demand for catalytic converters. Demand for the catalytic converter in the market is affected by the factors such as improving infrastructure, average miles are driven, a growing number of vehicles on the road, and growing concern about vehicle maintenance. A substance such as CO2 and NOx particles from the vehicle is polluting the environment. Presently there are two types of catalytic converters available for reducing NOx emissions from diesel engine vehicles they are Selective Catalytic Reduction (SCR) and Lean NOx-Trap (LNT).
The global increase in demand for battery electric vehicles is altering the catalytic converter system market. Due to rising concerns over global warming and air pollution, the government is promoting the BEV market. BEVs are driven by the electric motor to propel the vehicle; these vehicles are not equipped with catalytic converters. Thus, an increase in usage of BEVs may hinder the market for catalytic converters.
Key Market Driver -
Regulation of fuel efficiency and stringent emission to fuel the demand
Key Market Restraint -
Globally increasing the sales of battery electric vehicle
Some of the major companies that are present in the catalytic converter system market are BASF Catalysts LLC, Marelli Holding Co., Ltd., Futaba Industrial Co., Ltd., Tenneco Inc., Benteler International AG, HJS Emission Technology GmbH & Co. KG, Yutaka Giken Company Limited., BOSAL, Eberspacher, Jetex Exhausts Ltd., Sango Co., Ltd., and Standard Motor Products Europe Ltd.
The catalytic converter system market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific has dominated the market with the largest market share and is expected to uphold its dominant position during the forecast period. This region holds the major market because of the increase in urbanization, high demographic growth, improvement in the standard of living, and expansion of the industrial sector. With a high increase in the rate of air pollution and global warming, countries such as India, China, and Japan have implemented stringent vehicle emission norms. India is shifting towards implementing BS-VI and China towards implementation of China VI, which is equivalent to the emission norm Euro VI of Europe. Europe holds the second-largest share in the catalytic converter market due to the presence of prominent automotive manufacturing companies in this region. For development activities and rapid research, emission norms such as Euro VI are implemented in the European market for creating a high demand for the catalytic converter. All these norms are being promoted to fulfill the environmental standards of the respective countries. These factors are expected to leverage the growth of the market in that particular region.
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