The catalytic converter market was valued at USD 42.4 billion in 2018 and is expected to grow at an annual rate of 8.10 percent to USD 73.1 billion by 2025. Due to higher vehicle production than other areas such as North America and Europe, Asia Oceania is expected to lead the catalytic converter market throughout the forecast period. Catalytic converter demand will be fueled further by increased passenger car demand and tightening emission standards, particularly in European and North American countries.
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During the projected period, the SCR category is expected to be the major contributor to the catalytic converter market.
SCR technology has a number of advantages, including a roughly 90% reduction in NOx compared to LNT, which is why it is widely used in diesel vehicles across the world. Due to continuous emission regulations such as Euro 6 and Tier 3, SCR has a maximum installation rate in European and North American countries. Diesel passenger cars and light commercial vehicles are widely used in Europe. As a result, it has a greater SCR installation rate for various vehicle types than other regions such as Asia Oceania and North America. Furthermore, in industrialised countries, newer trucks and buses must meet permitted NOx limits and be equipped with SCRs. Furthermore, due to present and forthcoming stringent emission requirements in developing countries like as China, India, and Thailand, global demand for SCRs is predicted to rise dramatically by 2022 across all diesel vehicle types.
Asia During the projection period, Oceania is expected to account for the greatest market share.
With around 54–56 percent of overall car manufacturing, Asia Oceania has the largest market share. Because of increased urbanisation, increasing GDP, and industrialization, China, India, and Japan are the greatest automobile production hubs. Vehicle emissions have increased dramatically as a result of increased vehicle production. As a result, only a few countries, like China, Japan, and India, have enacted automobile emission standards. China and India, for example, are currently using China IV and BS IV, respectively. They do plan to implement China VI and BS VI, which are equal to Euro VI, by 2020. As emission standards become more stringent, there will be a growing demand for various aftertreatment devices. China and Japan are the leading catalytic converter producing countries in Asia and Oceania.
Drivers
The need for catalytic converters is being fueled by strict pollution and fuel efficiency requirements all over the world.
Automobile exhaust emissions have become a major contributor to air pollution and environmental issues. Rising car production has resulted in increased global emissions.
Catalytic converters’ aftermarket is growing.
Factors such as increasing average vehicle age, improving infrastructure, increasing number of vehicles on the road, average miles driven, catalytic converter replacement cycle, and increased concern about vehicle maintenance all influence aftermarket demand for catalytic converters.
Restraints
Battery electric vehicle sales are on the rise.
The global market for battery electric vehicles has exploded. The BEV market is being driven by factors such as increased worries about global warming and air pollution, as well as federal and state government support to reduce air pollution. The vehicle is propelled by an electric motor in a BEV. As a result, these vehicles lack an exhaust system and catalytic converters.
This market research report divides the catalytic converter market into three categories: type, application, and geography.
Catalytic Converter Market, By Type
• Three-way catalytic converter (TWCC)
• Four-way catalytic converter (FWCC)
• Diesel oxidation catalyst (DOC)
• Selective catalytic reduction (SCR)
• Lean NOx trap (LNT)
Catalytic Converter Market, By Application
• Gasoline vehicles
• Diesel vehicles
Restraints
Battery electric vehicle sales are on the rise.
The global market for battery electric vehicles has exploded. The BEV market is being driven by factors such as increased worries about global warming and air pollution, as well as federal and state government support to reduce air pollution. The vehicle is propelled by an electric motor in a BEV. As a result, these vehicles lack an exhaust system and catalytic converters.
Opportunities
Catalytic Reduction using Nanoparticles
To limit the emission of hazardous gases from the engine, catalytic converters use precious metals as catalysts. Platinum, palladium, and rhodium are the most common of these metals. Nanotechnology is one of the methods that scientists have discovered to improve the converter’s performance.
RDE (Real Drive Emission) testing are now available.
The Portable Emission Measurement System (PEMS) is used in the Real Drive Emission (RDE) test to quantify dangerous pollutants from exhaust gas, such as NOx, released by an automobile while driving on the road. The RDE test is critical for reducing the gap between certified vehicle emission levels and real-world outcomes.
Players in the Market
The market for catalytic converters is dominated by the global players and comprises several regional players. Some of the key players in the catalytic converter market are Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Johnson Matthey (UK), Umicore (Belgium), Futaba (Japan), BAEF (Germany), CDTI Materials (US), and Benteler International (Austria). Faurecia is anticipated to be a dominant player in the catalytic converter market. Faurecia adopted the strategies of expansion, new product development, partnership, and mergers & acquisitions to retain its leading position in the catalytic converter market. Strengthening the product portfolio and global presence by building customer relationships, Faurecia has left a mark not only in the current market but also in emerging markets such as India. This is the strategy that Faurecia is following to maintain its leadership in the catalytic converter market.
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