Automotive Catalytic Converter Market to Exhibit 15% CAGR by 2027; Stringent Emission Standards to Favor Growth

The global automotive catalytic converter market size is projected to reach USD 71.6 billion by 2027. It is set to gain traction from the rapid industrialization, urbanization, and the development of road infrastructures. These factors are aiding the automotive industry to expand worldwide. Fortune Business Insights™ published this information in a recent report, titled, “Automotive Catalytic Converter Market Size, Share & COVID-19 Impact Analysis, By Product Type (Two Way Oxidation, Three Way Oxidation Reduction, Diesel Oxidation Catalyst), By Material Type (Platinum, Palladium, and Rhodium) and By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2027.” The report further mentions that the market stood at USD 73.8 billion in 2019. However, it would exhibit a CAGR of 15% during the forecast period between 2019 to 2027. The market is expected to decline significantly in 2020 due to the COVID-19 impact and hence the 2019-2027 CAGR is very high.

Researchers Find Compressing or Stretching Key Material to Boost its Cleansing Power

In June 2017, the scientists at Stanford University and SLAC National Accelerator Laboratory conducted a new study that unveils that a small amount of stretching or squeezing is capable of providing a big boost to the performance of the catalytic converters. The discovery focuses on cerium oxide, also known as ceria. It is a spongy industrial catalyst that is commonly used in the automotive catalytic converters, various green-energy applications including solar water splitters and fuel cells, as well as in self-cleaning ovens. The study further revealed that cerium oxide releases and stores oxygen similar to a sponge. By compressing and stretching this catalyst for a few percent surges its oxygen storage capacity dramatically. It proves that oxide materials can be transformed into better catalysts.

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https://www.fortunebusinessinsights.com/catalytic-converter-market-102046

Increasing Pollution to Skyrocket Demand for Automotive CatCon  

The prominent automotive manufacturing hubs, such as Europe and Asia Pacific are presently facing a few challenges. As automobiles account of the majority of environmental pollution, the governments of several countries have started implementing strict rules and laws on the manufacturers to control the rising emission of fuel. Besides, during combustion, the release of exhaust emission results in global warming. Highly visible signs of pollution such as rising cases of respiratory diseases, smog, and low visibility have led the regulatory bodies to curb the vehicular emissions.

To overcome these challenges, many automakers are equipping their vehicles with technologically advanced automotive catalytic converters. They are also striving persistently to develop innovative products to keep up with the given emission standards. However, the current outbreak of Covid-19 pandemic may affect the market severely as the production and sales of automobiles have declined. People are shifting more towards purchasing necessary goods, rather than spending money on such products. It may hamper the automotive catalytic converter market growth in the near future.

Key Players Aim to Develop New Products as Per Stringent Emission Standards

The market is highly competitive with the presence of numerous automotive catalytic converter manufacturers. They are trying to strengthen their positions by developing cost-effective and novel automotive catalytic converters to meet the changing norms as per the governments. Many research institutions are conducting thorough studies to aid the automakers in lowering the impact of vehicles on the atmosphere.

Fortune Business Insights™ presents a list of all the companies operating in this market. They are as follows:

• Marelli Holdings Co., Ltd. 


• FUTABA INDUSTRIAL CO., LTD.


• Benteler International AG


• Tenneco Inc.


• HJS Emission Technology GmbH & Co. KG


• Yutaka Giken Company Limited.


• BOSAL


• Eberspächer


• Jetex Exhausts Ltd


• Sango Co., Ltd


• BASF Catalysts LLC


• Standard Motor Products Europe Ltd.

A Significant Industry Development-

• January 2017: Tenneco Automotive India planned to invest around Rs 50 crore to build a new plant at Sanand, Gujrat. This new plant will be used to develop ride control products. The company has also bagged a sizeable order from its new customer, Hyundai Motor India.

Further Report Findings-

• Based on product type, in 2019, the three way oxidation reduction catalytic converter (TWORCC) segment held 60.7% automotive catalytic converter market share. It would remain dominant throughout the forecast period on account of its increasing usage in the automotive industry. This is because they are capable of performing three simultaneous chemical conversions.


• Asia Pacific procured USD 54.0 billion in terms of revenue in 2019 backed by the rising disposable income of people, high demographic growth, improvements in the standards of living of the masses, and rapid urbanization. The region would lead the market in the coming years.


• Europe is expected to remain in the second position owing to the introduction of stringent norms and regulations by the governments to curb emission and save the environment form air pollution.  

The global market can be segmented in the following way: